Report: More businesses interested in moving to ArizonaApril 24, 2013 10:03 am Leave your thoughts
As the U.S. economy struggles to gain traction, many states are finding themselves trapped in similar situations. In Arizona, the unemployment rate still sits at 7.9 percent – slightly higher than the national rate of 7.6 percent. However, there is evidence that an increasing number of new businesses want to move to the state and offer much-needed jobs to its residents.
A report by the Arizona Republic found this month that more business than usual may be planning to move their operations to Arizona or are expanding new locations in the state. The Arizona Commerce Authority told the Republic that 371 companies expressed interest in relocating. Last year only 270 did so. Sandra Watson, president and chief executive officer of the Arizona Commerce Authority, said that these companies could create 62,000 jobs in the state.
This expected investment is, in turn, fueling a resurgence in the state's housing market. In Tucson, the Arizona Daily Star reported that increasing demand for upscale apartments is fueling new construction of luxury units.
"Our larger employers want to have attractive housing options to recruit top talent," said Misti Nowak, the communications administrator for Oro Valley, a suburban town located six miles north of Tucson. "We're trying to stay competitive and provide top-notch options for residents. Coming out of the housing bubble, a lot of people are looking for rental options, so we're trying to meet that demand."
Other factors are also expected to bolster Arizona's economy and make it appear more favorable to businesses. The state's tourism industry, for example, has received a big boost thanks to efforts by the Arizona Office of Tourism to market major cities like Phoenix, Tucson and Mesa as prime destinations. In addition, local consumers have more money in their pockets now that gas prices have fallen by 27 cents per gallon since late February, according to the Republic.
Categorised in: Starting a Business in Arizona
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