Recently, Phoenix was ranked as the sixth best metropolitan city in terms of beating job growth expectations. The city added 54,000 more jobs than expected over the course of the last three years. Economic development initiatives helped spur job growth in fields like higher education and manufacturing. These efforts are instrumental to a prosperous future.
The state must continually evaluate the strength of its foundation and develop a strategic plan for investing in long-term projects that will attract people and businesses to the region, while continuing to foster existing and new industries and innovation. The Greater Phoenix Chamber of Commerce believes the coming years will be instrumental to creating the platform with which to grow a thriving business environment and strong economy for Arizona.
A prime example is the passage of SB 1413, which exempted sales tax on electricity used in the manufacturing process. Until the passage of SB 1413, Arizona was one of the few states that taxed energy sources used by manufacturing facilities, while leaving other consumables and materials used in the same processes un-taxed. The bill’s passage makes our state more attractive for the attraction and retention of manufacturing firms. Manufacturing is experiencing a comeback in the United States.
We have an opportunity to keep building on the Arizona Comeback. We can continue to diversify our economy through strategic choices that help our state retain, expand and attract investment from industries with high wage jobs for Arizonans.