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Welcome to The Economy Update, CED's collection of original and aggregated news stories, podcasts and videos with relevant news about the Phoenix economy. News stories can be filtered by topic when clicking on one  of the blue buttons. 

Media contacts:

Eric Jay Toll
Communications Manager 
Mobile:  602-617-3797​

Submit news stories for publication with at least one high resolution, full size JPG or PNG image, at least 2000 pixels wide; MP3 podcasts; or High Definition, 1080i MP4 video to Communications Manager Eric Jay Toll

 

 

Some Assembly Required: Arizona manufacturing in Phoenix Business Journal feature of the week685Some Assembly Required: Arizona manufacturing in Phoenix Business Journal feature of the weekhttps://www.phoenix.gov/econdev/inthenews/685<div class="ExternalClassBD4033946DC1469C9D6A8A30FA82D1D4"><figure> <img src="/econdevsite/MediaAssets/EconomyUpdate/UPDATE-20181119-Manufacturing-Stock-Shot-PhxTV.jpg" alt="Photo, worker checking a red hot metal bar for defects" /> <figcaption><center><em>A worker at Valley Forge & Bolt Mfg. Co., Phoenix, Arizona, checks a metal bar heated for forging into a bolt for an oil drilling platform.</em> <br>Image: City of Phoenix, from the television program "Made in Phoenix."</center> <br> <center><em>By Hayley Ringle for Phoenix Business Journal</em></center> </figcaption> </figure> <p><span style="font-size:15px;"><strong>Arizona's manufacturing sector is expanding beyond its roots in semiconductors, aerospace. Experts say the state's business-friendly confines are a big reason for the growth.</strong></span></p><p><span style="font-size:15px;">Arizona has been home to manufacturers for at least 70 years, dating to when Motorola Inc. first moved to the state. While often overlooked at the national level for decades, the Valley’s and state’s manufacturing industry have quietly grown as semiconductor firms and aerospace and defense companies continue to expand.</span></p><p><span style="font-size:15px;">With mainstay manufacturers such as Intel Corp. and Raytheon Co. continuing to hire, along with a growing number of smaller businesses growing or moving to the state, the manufacturing sector has built up a workforce with nearly 180,000 employees, according to U.S. Bureau of Labor Statistics data for August. That’s a record high as industries continue to expand.</span></p><p><span style="font-size:15px;">Now, the rest of the country is starting to pay attention.</span></p><p><span style="font-size:15px;">“I think one of the benefits that Arizona has is its business climate,” said Steve Zylstra, president and CEO of the Arizona Technology Council. “I think our business climate is one of the main attributes that makes us competitive with other regions of the country.”</span></p><p><span style="font-size:15px;">The Phoenix Business Journal hosted a manufacturing roundtable Oct. 1 with local leaders to discuss how manufacturing is growing and changing from its origins in high tech and aerospace to become an economic force that goes largely unheralded.</span></p>​<br></div>10/18/2019 7:00:00 AMhttps://www.bizjournals.com/phoenix/news/2019/10/18/making-a-future-arizona-manufacturing-evolving-as.html
How the Valley's public companies rank by revenue687How the Valley's public companies rank by revenuehttps://www.phoenix.gov/econdev/inthenews/687<div class="ExternalClassB1E7CE42C0C9475DA146058EF6030112"><figure> <img src="/econdevsite/MediaAssets/Newsroom_CED_1801007.jpg" alt="Aerial view, Intel Fab 42" /> <figcaption><center><em>Intel Fab 42 during construction</em> <br>Image: Intel</center> <br> <center><em>By Patrick O'Grady for Phoenix Business Journal</em></center> </figcaption> </figure> <p><span style="font-size:15px;">The Phoenix area is not known for its abundance of public companies, but the ones that are here back plenty of financial heft.</span></p><p><span style="font-size:15px;">With six Fortune 500 companies, and thousands of workers among them, the Valley's public companies beyond the highest ranking ones cover an array of industries and bring in billions of dollars.</span></p><p><span style="font-size:15px;">What that equates to is 27 public companies headquartered in the region that topped $1 billion or more in revenue during their most recent fiscal year. Overall, that equates to more $132 billion in total revenue, and represents an 11% increase from the previous fiscal year.</span></p>​<br></div>10/18/2019 7:00:00 AMhttps://www.bizjournals.com/phoenix/news/2019/10/17/how-the-valleys-public-companies-rank-by-revenue.html
Phoenix Gay and Lesbian Chamber appoints first executive director686Phoenix Gay and Lesbian Chamber appoints first executive directorhttps://www.phoenix.gov/econdev/inthenews/686<div class="ExternalClassAC425C3B99BA4992B9E04DCE0A6F5FB1"><figure> <img src="/econdevsite/MediaAssets/People/UPDATE-20191018-Deanna-Jordan-LGBT-Chamber.jpg" alt="Photo, Deanna Jordan" /> <figcaption><center><em>Deanna Jordan, executive diretor Greater Phoenix Gay & Lesbian Chamber of Commerce.</em> <br>Image: GPGLCC</center> <br> <center><em>By Serena O'Sullivan for Phoenix Business Journal</em></center> </figcaption> </figure> <p><span style="font-size:15px;">The Greater Phoenix Gay & Lesbian Chamber of Commerce has appointed its first ever executive director, Deanna Jordan.</span></p><p><span style="font-size:15px;">Jordan's main focus will be identifying business trends and initiatives that impact small and midsize LGBT businesses.</span></p><p><span style="font-size:15px;">As former manager of membership and business development for the Arizona Multihousing Association and past chairwoman for the chamber, Jordan hopes to use her experience with local businesses to help its mission.</span></p>​<br></div>10/17/2019 7:00:00 AMhttps://www.bizjournals.com/phoenix/news/2019/10/17/phoenix-gay-and-lesbian-chamber-appoints-first.html
Arizona-Alberta financial pact could boost cross-border trade, business investments683Arizona-Alberta financial pact could boost cross-border trade, business investmentshttps://www.phoenix.gov/econdev/inthenews/683<div class="ExternalClassEA565B0497BD49AD96F593D66BFB8CAF"><figure> <img src="/econdevsite/MediaAssets/Other/UPDATE-20040830-Calgary-skyline.jpg" alt="Photo, skyline of Calgary, Alberta, Canada, in 2004" /> <figcaption><center><em>Skyline of Calgary, Alberta, Canada</em> <br>Image: Creative Commons</center> <br> <center><em>By Greg Barr for Phoenix Business Journal</em></center> </figcaption> </figure> <p><span style="font-size:15px;">The Arizona Legislature passed the Uniform Foreign Country Money Judgments Recognition Act in 2015, but the Alberta government at the time was overseen by Premier Rachel Notley, who did not prioritize finalizing the deal. Recently elected Alberta Premier Jason Kenney added Arizona to the Alberta Reciprocal Enforcement of Judgments Act on Sept. 25, in the wake of a visit to Calgary by Maricopa County and municipal officials in May.</span></p><p><span style="font-size:15px;">Years in the making, Arizona and the Canadian province of Alberta have formally ratified a regulatory financial agreement that both governments and Valley business leaders say will fuel new cross-border and local investment.</span></p><p><span style="font-size:15px;">The agreement is based on an Arizona statute that establishes so-called reciprocity of enforcement of money judgments. With such a deal in place, an Arizona bank, for example, could offer a large loan to a Canadian business operating in the Valley without worrying about costly trans-border delays related to recovery of collateral, a key factor when banks are considering risks while working out the loan underwriting. Other states already had similar agreements with Alberta.</span>​</p></div>10/16/2019 7:00:00 AMhttps://www.bizjournals.com/phoenix/news/2019/10/15/arizona-alberta-financial-pact-could-boost-cross.html
Valley expert explains how small businesses can avoid cyberattacks684Valley expert explains how small businesses can avoid cyberattackshttps://www.phoenix.gov/econdev/inthenews/684<div class="ExternalClass70E5B109FC904B59A1F7BB3D134D4002"><figure> <img src="/econdevsite/MediaAssets/Other/UPDATE-20191015-Cyber-Attack-Hard-Drive-Creative-Commons-Stylize-01.jpg" alt="Photo, broken hard drive" /> <figcaption><center>Image: Creative Commons</center> <br> <center><em>By Jim Cross for KTAR 92.3FM</em></center> </figcaption> </figure> <p><span style="font-size:15px;">Small businesses have increasingly become victims of cyberattacks, and in many of those cases, the attack is fatal.</span></p><p><span style="font-size:15px;">Brandon Disney from Data Doctors said the smaller the company, the more vulnerable it can be because it doesn’t have the dollars and resources to put into protection with in-house professionals or third-party professionals to take care of things.</span></p><p><span style="font-size:15px;">“There’s also a lot of denial where small businesses don’t think there’s a lot of information they have that needs to be protected,” he told KTAR News 92.3 FM last week.</span></p><p><span style="font-size:15px;">“There’s customer and employee information, trade secrets and other information that they have, and once they’ve been hit by a cybercriminal, they realize it’s important stuff.”</span></p>​<br></div>10/16/2019 7:00:00 AMhttps://ktar.com/story/2794131/valley-expert-small-businesses-avoid-cyberattacks/

 

 

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