The Greater Phoenix tech-focused business plan “lost its way” in the ’90s and early 2000s.

The ship has since righted and these international and domestic partnerships have been invaluable.

“The tech industry has driven Arizona’s economy since the 1940s,” says Christine Mackay, Greater Phoenix Economic Council president and CEO.

“The feds wooed the tech industry back to the state after the industrial mandate was lifted. The ‘industrial mandate’ said no sensitive assets could ever be on a coast so they couldn’t be bombed like they were in Pearl Harbor.”

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Opportunities arise in Phoenix tech

In that same decade, a federal delegation met with and brought to Arizona a “little startup” called Galvin Electronics. That morphed into Motorola, which was the state’s largest employer.

Similarly, a farmer’s daughter led a chamber of commerce that approached a “little startup” about relocating to Arizona: A 3-year-old company called Intel.

The challenges resurfaced during the Great Recession of late 2007 to mid 2009, and the state lost 50% of its assessed valuations almost overnight. 

“We were never a group to take a good ‘recession’ and let it go to waste,” Mackay quips. 

“We really used that opportunity to restructure and reframe the economy in Greater Phoenix.”

Coming out of the Great Recession, the economic development community, the business community and elected officials worked diligently to ensure it would not happen again, she said. 

It paid off. 

The Arizona Office of Economic Opportunity recently released job projections for the state.

Its transition from post-recession surge (2.5% annual growth) to sustainable expansion (1.2% through 2034) reveals a maturing economy that will continue outperforming the nation while adding 454,167 jobs by 2034, according to OEO’s report.

This forecast shows the sectors that will drive growth, which face disruption, and how the state’s economic footprint nationally is expected to expand from 1.8% to 2.3% by 2034.

Programs in place

“We really spent the recession putting programs together that made us competitive on a national scale,” Mackay says. “We have really created this economy that is thriving. And I do believe that Greater Phoenix is going to be the one of the bright spots over the next few years as things modify and happen.”

Mackay said GPEC will continue to move along as it has for the last five years, and bring “new, great, advanced industry companies into Greater Phoenix.”

Thomas Maynard, GPEC’s senior vice president, business development, is “super excited about the future. There are a few things that we’re really focused on.”

The region’s advanced manufacturing boom — specifically in the semiconductor industry — is the priority, Maynard says.

“Not only that, but we have battery space with LG Energy Solution down in Queen Creek. That should be the gift that keeps on giving, in terms of new supply chain companies that are looking to grow and expand.”

He and his team are encouraged by the bio and life sciences industry, which continues to grow as the sector looks to reshore and onshore back into North America.

“Greater Phoenix has a really, really unique story to tell on that end,” Maynard says. 

“That’s what keeps us excited. More broadly, not just semiconductor or battery space, but just more of these advanced manufacturing and users that are moving here. It seems like people are wanting to build more in the United States. They’re trying to figure out where in the United States they want to do that.”

Greater Phoenix is now a major contender, he continues. 

“We’re excited to continue that trend, and hopefully we can be a resource for these folks going forward,” Maynard says.

GPEC’s staff and stakeholders are excited about Taiwan Semiconductor Manufacturing Company (TSMC), Intel and LG. “They get all the big headlines — and rightfully so — because those are the major, major investments,” he says.

Making waves

Mainstream corporations like Dutch Bros are also making waves. 

“If you’re driving along the [Loop] 202, you can see their headquarters right there in the city of Tempe,” Maynard says. 

Growing nationwide, Dutch Bros found Greater Phoenix was a fit for its headquarters. 

“We’re really excited and proud about that one,” Maynard says.

Not all the expanding corporations have brand-name recognition, however. “Many complete industry ecosystems by making electrical components that go into the utility grid, or the batteries, energy storage systems and containers that help grow our economy. They’re also making these components in our market. That is what’s really exciting.”

Mackay and Maynard say Sister Cities International plays a significant role. 

“Phoenix has really cornered the market for its Sister City program,” Maynard says. 

“They’re very impactful. They use it, not only to have those diplomatic, relationship building activities, but to enhance business attraction efforts. 

“I know the other cities, other than Phoenix, are looking toward their Sister City relationships to see how they can use that not only for diplomatic ties between those two markets, but to build the business connection. So yeah, it’s great. Greater Phoenix is on the map — whether we like it or not — from an international perspective.”

About 15% to 20% of the state’s business comes from California companies looking to relocate and are drawn to the market’s cost, location and infrastructure.

“Silicon Valley is still the main hub for semiconductor headquarters and R&D,” Maynard says.

“I would make the argument that Arizona, specifically the Greater Phoenix area, is definitely the hub for the manufacturing part of the process, of the semiconductor process, at least in the United States. 

“We do recruit, and have worked with California-based semiconductor companies that have their headquarters, or major operational hub, in Silicon Valley, but need to build a manufacturing facility where there is more room. They’re looking at markets like Greater Phoenix.”

Maynard says foreign direct investment is poured into the United States across the board. 

“Canada is our No. 1 market from an FDI perspective, which is pretty interesting when you consider that the current relationship between the United States and Canada and the rhetoric that’s happening at the federal level. I think that just proves the United States is still a great market from a consumer perspective. There are a lot of Canadians who live here in Arizona, so we’re continuing to build that bridge and that relationship between us in Canada.”

As the region looks toward the future, the AZ Big 100 — the 50 individuals and 50 companies identified by Az Business magazine’s editorial board as the biggest drivers of Arizona’s economy in the upcoming year — will be the innovators who shape the state’s economy moving forward. Meet them on the pages that follow.