How do you think the new presidential administration will impact Arizona’s businesses?
To help Arizona residents with figuring out how the new presidential administration will impact Arizona business, we asked business leaders and local entrepreneurs this question for their thoughts on the topic. From inbound travel restrictions to regulatory pressures on finance, there are several great things to know that may help your Arizona business to operate over the next four years.
Here are six potential ways the new presidential administration will impact Arizona business:
• Potential Revenue Boost From Consumers
• Inbound Travel Restrictions Impact Tourism
• Heightened Importance of Local Leadership
• Green Energy as a Focus
• Regulatory Pressures on Finance
• Increased Hiring and Revenue
Potential Revenue Boost From Consumers
If President Joe Biden’s proposed $1.9 trillion coronavirus relief package is approved, which includes $1,400 per-person checks for working families (on top of the $600 checks approved in December), then retail-based businesses and eCommerce sites like ours may receive a temporary revenue boost from consumers. These stimulus checks may just be enough to help retailers get through the “dark winter” with a strong Q1.
Daniel Richmond, Tic Watches
Heightened Importance of Local Leadership
It’s been my experience that our local leadership has had a much larger impact around Arizona Business more so than a presidential administration. One thing that our local leadership has done an excellent job is creating a business-friendly environment in which to attract employers coming from a less friendly location. Regardless of national leadership, there will always be an impact on local business both positive and negative. But if we are looking at the majority of the problem, having a local business-friendly environment is key to a strong and healthy economic engine.
Steven Brown, DP Electric Inc
Regulatory Pressures on Finance
The Biden administration is expected to increase regulatory pressure in sectors like the financial services industry. This shift in government regulation, which has largely been done by state governments in the past, may affect the insurance sector with federal regulators issuing new requirements that aim to protect consumers’ best interests. While states will still continue to regulate on the local level, there may be a shift towards more federal regulation for insurance and financial service industries. Definitely something to keep an eye on.
Brett Farmiloe, Terkel
Green Energy as a Focus
I believe we will see a large investment in green energy here in Arizona. As commercial construction continues to increase, we will see large investments in solar, wind, and clean energy. Sustainability will begin to be a key operating area for the innovative businesses in our state. Green Energy will become a key focus for education and job training moving forward in Arizona.
Candace Cotton, HALO Branded Solutions
Increased Hiring and Revenues
With the focus of Biden’s administration on COVID-19 measures, Arizona businesses could see a positive impact on both hiring and revenues. An increase in vaccination sites means more people can get back to work and businesses can expand back to “pre-COVID” levels. This would speed up reopening and stimulate our economy, especially travel and hospitality, once again.
Jenn Christie, Markitors
Inbound Travel Restrictions Impact Tourism
President Joe Biden issued pandemic-related executive orders in his first days in office, requiring face-coverings in national parks and requiring that international travelers self-quarantine upon arrival in the US. Making masks a requirement and imposing new restrictions on inbound travel will have an impact on tourism, which Arizona and cities like Scottsdale and Sedona rely on. While some mandates add important layers of safety, others may be unnecessary in light of required testing and existing protections. Regardless, safe travel can only help restore Arizona’s tourism industry, and it should be interesting to evaluate the impact President Biden’s initial orders will have on our state.
Taneika Farmiloe, Registered Nurse