7.08 out of 10 in Taxation and Regulation
7.84out of 10 in Workforce Quality
8.24 out of 10 in Living Environment
Right to Work? ✓
A Growing Hub of Financial Services
While Arizona has historically been known for manufacturing, mining and trade with Mexico, its capital city is quickly, and quietly, becoming a major hub for financial services. A recent study by real estate services firm CBRE found that Phoenix is the second-largest market for advanced business services in the financial sector. Nearly 174,000 residents (8.7% of the population) work in financial activities, an increase of 22% since 2010.
From the Governor
“Arizona is increasingly a destination for businesses large and small. As businesses compare states, searching for high quality of life, light regulations, low taxes, good financing and qualified workers, the Office of Economic Opportunity will be there to help communicate the advantages Arizona has to offer.” —Gov. Doug Ducey
Advanced Manufacturing, Advanced Business Services, Aerospace & Defense, Bioscience & Health Care, Technology & Innovation
Raytheon Missile Systems
LifeLock (recently acquired by Symantec)
Axon (formerly Taser, recently changed name)
Caterpillar (Surface Mining & Technology Division)
Bank of America Raytheon
American Express Apple
Qualified Facility Tax Credit: Refundable tax credit of up to 10% of qualifying capital investment, $20,000 per net new job or $30 million per taxpayer per year for location of manufacturing facilities or manufacturing related R&D headquarter facilities.
Quality Jobs Tax Credit: Offers tax credit of up to $9,000 on state income tax over a three-year period for each net new quality job.
Arizona Job Training Program: Job-specific reimbursement of up to 75% of eligible training expenses for net new jobs.
R&D Tax Credit: Offers a nonrefundable income tax credit for basic research payments made to universities under the jurisdiction of the Arizona Board of Regents.
Arizona Association for Economic Development: aaed.com
Arizona Commerce Authority: azcommerce.com
Greater Phoenix Economic Council: gpec.org
Southeast Arizona Economic Development Group: saedg.org
Arizona Regional Economic Development Foundation: aredf.org
Highlighted Program or Initiative
Chief Science Officers was founded in Arizona and has been a national model to foster knowledge of an interest in STEM careers by students grades 6 through 12.
- Lucid Motors announced in December 2016 it would create 2,000 new jobs at its first luxury electric vehicle manufacturing facility in Casa Grande.
- HR service provider ADP announced in November 2016 it would create 1,500 new jobs at its new location in Tempe.
- Raytheon announced in November 2016 it would create nearly 2,000 new jobs over a five-year period at its Missile Systems business headquarters in Tucson.
- Caterpillar selected Tempe as the new location for its surface mining and technology offices in May 2016 and announced the creation of 600 new jobs.
- Benchmark Electronics announced in April 2017 it would relocate its corporate headquarters from Angleton, Texas, to Tempeand add 500 new jobs.
Four Fortune 500 companies headquartered in state:
“The move to Arizona helps position the future growth of Benchmark by allowing us to consolidate our corporate headquarters staff in a single location, expand our engineering capability through a partnership with Arizona State, position us closer to our growing aerospace and defense customers and serve as a foundation to expand our existing precision technology business.” —Paul Tufano, President and CEO, Benchmark Electronics
“The strong support we received from state and local organizations is essential to our expansion plans and will help provide Raytheon with the workforce and infrastructure to meet the growing demand we are seeing from our customers.” —Taylor W. Lawrence, President, Raytheon Missile Systems