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WealthTrust-Arizona - An Update on the State of the Arizona Economy

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Workshop presented by WealthTrust-Arizona & Barry Broome, President and CEO of the Greater Phoenix Economic Council. …

Workshop presented by WealthTrust-Arizona & Barry Broome, President and CEO of the Greater Phoenix Economic Council.

During the presentation Barry discusses the state of the Arizona economy, including real estate, local politics and possible growth opportunities to ensure a competitive, vibrant and self-sustaining regional economy.

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  • 1. WealthTrust-Arizona & the Greater Phoenix Economic Chamber Holly Deem CEO WealthTrust-Arizona Barry Broome CEO & President Greater Phoenix Economic Council
  • 2.
    • Founded in 1989 as a regional, public-private partnership
    • Supported by Maricopa County, 20 cities and towns, and more than 155 private-sector businesses
    • Provides site-selection services as well as supporting data and analysis
    • Fosters partnerships between companies entering the market and key leaders/businesses in AZ
    • Since inception, GPEC has assisted 500 companies to locate in the region
    • Resulting in $10.5 billion in capital investment
    • Creating more than 91,000 jobs
    Region’s Economic Development Organization
  • 3.
    • Markets respond, and industries cluster, on regional levels.
    • The Brookings Institution recently selected Greater Phoenix to take part in its Metropolitan Business Planning Initiative , along with Syracuse, Lexington/Louisville and Memphis.
    • The goal is to demonstrate the power of systematic, locally-driven regional strategies to transform, reposition and demonstrably improve the economic performance of Greater Phoenix.
    • Regional collaborative model with Maricopa Association of Governments, GPEC, Thunderbird School of Global Management and Arizona State University.
    Economic development and growth occurs on regional levels REGIONALISM
  • 4. REGIONAL STRATEGY Current Key Initiatives to Diversifying the Region’s Economy
    • Clean Technology
      • Renewable energy
      • Energy efficiency
      • Energy storage
      • Smart-grid technology
      • Electric vehicles
      • Advanced materials
    • Healthcare / Personalized
    • medicine
  • 5. REGIONAL IMPACT: SUN CORRIDOR INITIATIVE Inter-Regional Collaboration Around California Strategy
    • Partners: TREO, GYEDC, Flagstaff, Pinal County
    • Approximately 23% of GPEC’s prospects come from CA.
    • Corporate headquarters and Fortune 500 companies leaving CA.
    • CA’s high-tech/manufacturing industry losing ground due to regulatory climate, tax burden and reputation as a difficult and costly place to do business.1
  • 6.
    • #1 State for Alternative Energy Business Facilities Magazine
    • Top State for Potential Solar Capacity by NREL
    • One of the most aggressive incentive programs for renewable firms in the country
    • First U.S. market to land China’s investment by a solar company
    SOLAR HAS ARRIVED Top State for Renewable Energy
  • 7. REGIONAL IMPACT: FIRST SOLAR EXAMPLE First Solar Facility in the Mesa Gateway Area
    • Potentially 4,800 jobs at full build-out
    • Mesa jobs: 2,617
    • Jobs to surrounding areas:
      • Apache Junction - 214
      • Gilbert - 559
      • Queen Creek - 274
  • 8. GROWING SOLAR INDUSTRY CLUSTER Companies that have Recently Selected Greater Phoenix COMPANY PROJECT TYPE LOCATION JOBS INVESTMENT DATE Suntech Manufacturing Goodyear 150 $14M Oct. 2010 Rioglass Manufacturing Surprise 109 $50M Aug. 2010 Alpha Energies Headquarters Phoenix 57 $5.1M Feb. 2010 Power-One Manufacturing Phoenix 350 $11M Jan. 2010 Faist Manufacturing Phoenix 45 $5M Jan. 2011 Gestamp Manufacturing Surprise 164 $57M Feb. 2011 First Solar Manufacturing Mesa 4,800 $1,600M Mar. 2011 Fluidic Manufacturing Maricopa Co. 400 $16M Apr. 2011 Saint Gobain Manufacturing Goodyear 50 $20M Jun. 2011 3 Pending Locates Manufacturing TBD 260 $43M Q3 2011 TOTAL 12 Companies 6,385 $1.82B
  • 10.
    • According to the September NFIB Small Business Trends report, lack of demand (sales) is the largest problem facing small businesses.
    • Base industry attraction creates local market demand for small businesses:
    DEMAND WANTED Small Businesses Need Sales
  • 11. FDI: ATTRACTING NEW INVESTMENT #4 GERMANY $212B +22% #5 CANADA $206B +22% #1 UK $432B - 3% #2 JAPAN $257B +10% Top 5 Countries for Inward FDI to the U.S. Collectively Account for 56% or $1.3 Trillion #3 S $217B +21% #32 CHINA $3.1B +185% #3 HOLLAND $217B +21%
  • 12. FDI: ATTRACTING NEW INVESTMENT Current FDI Jobs in Arizona 73,000 Total Jobs 18,000 Manufacturing Jobs 2,101 Green Field Jobs
  • 13. WHY INCREASE FDI? Promote Quality Jobs and Exports CA TX AZ
    • On average, foreign firms pay 25% higher wages and salaries than the rest of the private sector in the U.S.
    • More than one-quarter (25.6 percent) of all manufacturing workers in Arizona depend on exports for their jobs.
    • In 2008, trade supported 732,800 jobs in Arizona, nearly 3.6% of all jobs.
  • 14. CLOZE AZ GAP ON FDI AND TRADE BANKING IN THE U.S. Neighboring states have correlation between FDI and trade CA TX AZ FDI 1 st 21 st 2 nd EXPORT 1 st 25 th 2 nd
  • 15. TARGET FOR FDI STRATEGY If FDI position improved, job creation potential would be: CA TX AZ
  • 16. POLICY FY2012 Economic Development Policy Recommendations
  • 17.
    • Thank You