Greater Maricopa Foreign-Trade Zone No. 277, managed and created by the Greater Maricopa Foreign-Trade Zone Inc (GMFTZ), just completed its second Economic Impact Study in the last 10 years. Elliot Pollock created the first Economic Impact Study in 2016, and it has now been updated for 2021. The results are significantly larger and more impactful than any of the GMFTZ Board would have estimated.
Directly from the updated Economic Impact Report: “This analysis, prepared by Rounds Consulting Group, Inc. (RCG), summarizes the economic and fiscal impacts of the construction activity and ongoing annual operations of businesses located in the Greater Maricopa Foreign Trade Zone from 2011 to 2021 and projections to 2025. Construction within the GMFTZ will yield an estimated 33,852 jobs, $1.7B in wages, $4.8B in economic output, and $319.3M in state and local tax revenues over the 14-year construction period.”
Once construction is complete and all businesses are fully operational, a total employment impact of 14,716 jobs, with annual wages averaging $50,400/job will work in the GMFTZ on a daily basis. The total annual economic output produced by operations will equal $2.4B. Each year, on average, $87.5M in state and local tax revenues will be generated by the day-to-day operations of the GMFTZ.
Graphically, these incredible numbers are captured below:
Diane McCarthy, Chair of GMFTZ is exuberant about these findings: “We had expected to be close to $1.5 Billion in impact each year since the incredible growth of the Foreign-Trade Zone during the past five years, but we never expected it to have grown to this level. My hat is off to our Board and consultants. We appreciate the tenacity and acceptance that GMFTZ has received from the Arizona Commerce Authority(ACA), Greater Phoenix Economic Council (GPEC) and the site selection community for embracing the true benefits of this FTZ. The results to our cities, schools, and infrastructure have been overwhelming. Over $87 Million in new taxes per year is a huge contribution.”
Art Othon, Vice Chair and founding member of the Board that oversees the Zone said: “We. always knew that as a jobs creator and investment driver for the West Valley, the FTZ was the perfect economic development tool to have in our collective toolbox. Now, seeing the results after 10+ years of effort is really rewarding for those of us that have been with the Zone from the beginning. I am thrilled to see what the next 10 years will bring!”
Visit www.gmftz.org to learn more.