AZ: Economic Development Reaches New Records

Phoenix Arizona with its downtown lit by the last rays of sun at the dusk.

Anyone who just survived July 2023 in Phoenix, Arizona knows that it was a brutally HOT one! Climatologist have reported that July has gone down in the history books as the hottest month ever in Phoenix and the hottest month ever recorded in a US city.

But, the weather is not the only thing breaking records in this state. Arizona’s economic development efforts continue to set new records and earn international attention. The mission for the Arizona Commerce Authority (ACA) is to grow and strengthen the state’s economy. They believe that it is important to attract companies from out-of-state, encourage existing companies to expand, and assist entrepreneurs in getting started.

During the most recent fiscal year that ended June 30, 2023, the ACA, along with local economic development agencies, worked with companies throughout the state to create new jobs. The goal was to create 20,000 new Arizona jobs and the actual job numbers exceeded this. FY2023 ended with 24,246 new jobs created (a 121% of the goal). In addition, another goal was for companies to invest 4 billion dollars into the state and in FY2023, a record 40.73 billion was invested!

“Arizona is experiencing unprecedented economic growth, delivering increasing economic opportunities to residents across the state,” said Sandra Watson, President and CEO of the Arizona Commerce Authority. “With a reputation as the premier destination to do business, Arizona continues to attract global companies in high-wage industries such as advanced manufacturing, life sciences, technology, and more.”

In the past decade, the manufacturing sector has been one of the fastest growing parts of the Arizona economy. The state has become a destination for new manufacturing and industrial investment in the United States – particularly semiconductors, data centers, batteries, and other advanced electronics.

Since 2017, the manufacturing industry in the state has grown by 40% in sales with a staggering $77.6 billion in sales for 2022. According to the Common Sense Institute Arizona, the industry employs 633,565 employees, which is 16% of the state’s workforce.

All of this rapid job growth, especially in Maricopa County, means employers need the right workers on their team. MaintenanceBest’s Phoenix location provides staffing solutions to meet and exceed demands of one of the nation’s fastest-growing economies. We provide skilled, safety-trianed and vetted workers in the manufacturing and industrial sectors to help Phoenix-based employers meet those demands for temporary and long-term workers alike.

For more information on how MaintenanceBest can help you meet your staffing needs, call us today at 623-777-0701.

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