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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. 

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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



Phoenix is first North American city joining the global Go Smart solution partnership730Phoenix is first North American city joining the global Go Smart solution partnership<div class="ExternalClass924D50A7957E443681008F55435F471E"><div style="text-align:center;"><figure> <img src="/econdevsite/MediaAssets/EconomyUpdate/UPDATE-20191115-Taipei-Taiwan-Creative-Commons.jpg" alt="Photo, Taipei, Taiwan, at night" /> <figcaption><em>Taipei, Taiwan, at night. One of the Phoenix Sister Cities.</em> <br>Image: Wikimedia Commons <br> <em>By Eric Jay Toll for The Economy Update</em> </figcaption> </figure></div><p><span style="font-size:15px;">America’s fastest-growing city is affirming its commitment to innovative solutions for big city urban challenges by becoming the first North American city to join the global Go Smart solution partnership.</span></p><p><span style="font-size:15px;">Go Smart is the Global Organization of Smart Cities, which is based in Phoenix’s sister city of Taipei, Taiwan. “Phoenix is working to be a leading city on innovative solutions to urban challenges,” said Mayor Kate Gallego at the State of the Smart City Gala held in the Palomar Phoenix Hotel at Cityscape. “This is why we’ve joined a consortium of 169 cities, universities, and businesses in the global Go Smart initiative. Phoenix’s membership recognizes the global opportunities for innovation in city government.”</span></p><p><span style="font-size:15px;">Phoenix was one of America’s first Smart Cities and today became the 170th global Go Smart member. The organization includes membership from industry, city governments and academic institutions.</span></p><p><span style="font-size:15px;">“Phoenix experiences great success from public-private-educational partnerships with the semi-annual Smart City Hack programs. Being part of the global Go Smart effort opens those opportunities for our local innovators to join the world stage,” said Debra Stark, Phoenix District 3 councilwoman. “Phoenix believes collaboration will make us even more attractive to leading-edge companies looking for a strong innovation and startup ecosystem.”</span></p><p><span style="font-size:15px;">The impetus to join global Go Smart grew out of the recent Taipei Sister Cities’ meetings attended last month by Mayor Gallego, Councilwoman Stark, and city, Sister Cities committee members, and business leaders. Taipei and global Go Smart leadership made presentations about the program and Mayor Gallego was quite impressed with the program.</span></p><p><span style="font-size:15px;">“Global Go Smart members exchange knowledge and create collaboration opportunities with stakeholders around the world,” the mayor said. “The result is innovative applications of technology to grow more livable and sustainable cities. This is yet another way that Phoenix is using city-community-business partnerships to solve challenges.”</span></p><p><span style="font-size:15px;">Phoenix Sister Cities is a nonprofit organization that connects education, institutional and business interests with counterparts in cities throughout the world. Michael Widener, a member of the Taipei Sister Cities committee was making his first trip to the city and sees the global Go Smart membership as a source of ideas for Phoenix Planning and Development.</span></p><p><span style="font-size:15px;">“PDD is interested in the relationship between land use and transportation, and keeping up with the rapidly changing environment,” Widener said. “Joining (global Go Smart) is not just to show that Phoenix is ‘hip,’ but to provide opportunity to test and share ideas. Phoenix can learn how other cities analyze data to be better at getting around.”</span></p><p><span style="font-size:15px;">The global Go Smart cities build solutions using and analyzing data. Information Technology Systems Director Matthew B. Arvay will be the liaison between Phoenix and the world membership of Go Smart. </span></p><p><span style="font-size:15px;">“The induction of Phoenix as the first North American city to partner with Go Smart, deepens our ability to provide a cohesive solution for digital transformation, said Arvay. “Engaging in global resources and collaborating with cities across the world who understand the importance of partnerships between industry, academia and government, will lead to citywide solutions.”</span></p><p><span style="font-size:15px;">Gallego believes that Phoenix’s access to global collaboration with Go Smart will bring positive results to the region. The city’s involvement creates even more chances at sharing results with Phoenix’s partners in the metro area: other cities, Arizona Commerce Authority, Greater Phoenix Economic Council, Maricopa Association of Governments and the Institute for Digital Progress.</span></p><p><span style="font-size:15px;">“In the Phoenix metro, we recognize that what works well for one city is going to be a positive experience for all the cities,” said Mayor Gallego. “Phoenix is proud to take the lead in bringing global ideas and collaboration to the Valley.”</span>​</p></div>11/15/2019 1:00:00 PM
Phoenix adds 56,500 jobs; 3.7% Unemployment rate drops more than U.S. decline731Phoenix adds 56,500 jobs; 3.7% Unemployment rate drops more than U.S. decline<div class="ExternalClassA28781D65F094B1C9ABE077F20E31C6A"><div style="text-align:center;"><figure> <img src="/econdevsite/MediaAssets/People/UPDATE-20191115-Employment-German-Factory-1958-Monotone.jpg" alt="Photo, duotone of a German shoe factory in 1958" /> <figcaption><em>The production hall of the Angulus company in Bad Soden am Taunus, (West) Germany, in 1958.</em> <br>Image: Wikimedia Commons <br> <em>By Eric Jay Toll for The Economy Update</em> </figcaption> </figure></div><p><span style="font-size:15px;">Phoenix added 56,500 jobs in the metro area, growing the workforce to more than 2.2 million in October, a 2.6 percent gain over 2018, according to data from the Arizona Office of Economic Opportunity. The private sector increased hiring by 3.1 percent over October 2018.</span></p><p><span style="font-size:15px;">Manufacturing gained 7,700 new hires over 2018, a 6 percent increase, falling second to construction, which saw a 7.6 percent increase in hiring, adding 9,800 jobs in year-over-year comparisons. For manufacturing this is the 39th consecutive month of job gains, compared to generally flat or declining U.S. numbers.</span></p><p><span style="font-size:15px;">Hiring in health services slowed to 9,500 new jobs, a 3.5 percent gain over October 2018. This growth is slower for the Phoenix area, but still higher than national hiring in the sector. </span></p><p><span style="font-size:15px;">Across the state, there were 72,200 new jobs, with most falling into health services boosting hiring the sector by 3.9 percent. In October, the Phoenix metro generated 79 percent of the new jobs, which is less than the typical proportion of nearly 85 percent of all new jobs being created in the nation's 11th-largest metro area. Sierra Vista-Douglas and Lake Havasu City-Kingman metro areas both topped 3 percent in job growth, the strongest gains for those areas in a long time.</span></p><p><span style="font-size:15px;">In Phoenix, demand for construction workers shows in the heavy construction and building construction hiring, with the sectors sporting gains of 16 percent and 10 percent over last year, respectively. Transportation and warehousing reflected the holiday season hiring needs with a 10.6 percent gain in new hires over 2018. Real estate hiring jumped 7.2 percent over October 2018, reflecting the Phoenix area's hot housing market.</span></p><p><span style="font-size:15px;">Banking continued shedding jobs in the Valley, with hiring marked at 600 fewer in 2019 than 2018. Overal jobs in financial activities increased 1.4 percent with 2,800 jobs added, the lowest year-over-year increase since 2014. For the first time since 2007, there were more new hires in the real estate sector than in the metero insurance sector.</span></p><p><span style="font-size:15px;">Government hiring declined by 1,400 workers in 2019 with the largest losses in federal agencies and local government education, where 7,100 fewer people are employed this year compared to October 2019. Food services and drinking places added 5,300 jobs,a 3.1 percent increase.</span>​</p></div>11/15/2019 12:00:00 PM
Arizona Corporate Excellence 2019 Rookie of the Year: Freestar on wild ride as fastest-growing US private company732Arizona Corporate Excellence 2019 Rookie of the Year: Freestar on wild ride as fastest-growing US private company<div class="ExternalClass178D531E43A64142B121F5ED3C85CC42"><div style="text-align:center;"><figure> <img src="/econdevsite/MediaAssets/People/UPDATE-20191115-Freestar-Rookie-of-Year.jpg" alt="Photo, Group of employees standing in lobby" /> <figcaption><em>Freestar employees helped to make it the fastest-growing company in the U.S.</em> <br>Image: Freestar <br> <em>By Hayley Ringle for Phoenix Business Journal</em> </figcaption> </figure></div><p><span style="font-size:15px;">It’s been a wild ride for Freestar executives this year. It’s not every day your business is named the fastest-growing private company in the nation on the Inc. 500 list.</span></p><p><span style="font-size:15px;">The Phoenix-based advertising-tech company Publisher First Inc., doing business as Freestar, was featured on the magazine’s September issue cover.</span></p><p><span style="font-size:15px;">“It’s been a whirlwind,” said Kurt Donnell, Freestar’s first president who joined the company in January. “Our sneaky little startup has been put on stage in the spotlight. This validates our services are needed.”</span></p><p><span style="font-size:15px;">Freestar was the top-ranked company by Inc. magazine after a 36,680% three-year growth from its start in 2015 with $100,211 in revenue, to the $36.9 million it brought in during 2018.</span>​</p></div>11/15/2019 7:00:00 AM
Phoenix Sky Harbor tops the list: The Best and Worst U.S. Airports of 2019733Phoenix Sky Harbor tops the list: The Best and Worst U.S. Airports of 2019<div class="ExternalClassA9498129A0384E8485ADA93136136BE1"><div style="text-align:center;"><figure> <img src="/econdevsite/MediaAssets/EconomyUpdate/SKY-HARBOR-20190612-Exterior-Terminal-3.jpg" alt="Photo, Sky Harbor terminal 3 after renoovation" /> <figcaption><em>Exterior view of the renovated of Phoenix Sky Harbor International Airport Terminal 3</em> <br>Image: City of Phoenix Aviation Department <br> <em>The Middle Seat, Wall Street Journal reported in AZ Business Magazine</em> </figcaption> </figure></div><p><span style="font-size:15px;">Phoenix Sky Harbor International Airport was named the top airport in the nation among large airports by the Wall Street Journal. Convenience. Reliability. Value. These are critical factors the Wall Street Journal looked at when conducting its annual Airport Rankings study. It examined 14 different measures within these categories, as well as surveying more than 2,500 subscribers. The results found that among other things, Phoenix Sky Harbor’s short taxi-to-takeoff times, restaurants and fast WiFi makes it the top airport in the country.</span></p><p><span style="font-size:15px;">“Sky Harbor is the gateway to our state and the largest economic engine in Arizona,” said Phoenix Mayor Kate Gallego. “It’s wonderful to see the Airport being recognized for its focus on customer service, reliability, and convenience on a national platform. This is a solid testament to both our airport employees and the hundreds of volunteer Navigators who donate their time at Sky Harbor.”</span></p><p><span style="font-size:15px;">Phoenix Sky Harbor ranked particularly high for its average Yelp rating for restaurants. America’s Friendliest Airport is also America’s Tastiest Airport with local favorites like Barrio Café, La Grande Orange, Four Peaks Brewery, Matt’s Big Breakfast, San Tan Brewery, the Tavern and others in the terminals as well as nationally-recognized options available.</span></p><p><span style="font-size:15px;">Phoenix Sky Harbor also saw a major improvement in its WiFi speeds, something that is very important to travelers. PHX was ranked second among the largest airports for WiFi service.</span>​</p></div>11/15/2019 7:00:00 AM
Meet Miracle Mile, the Phoenix historic district primed to be your next dining destination735Meet Miracle Mile, the Phoenix historic district primed to be your next dining destination<div class="ExternalClass962718BC4D6F43048F9EBBEEA8379162"><div style="text-align:center;"><figure> <img src="/econdevsite/MediaAssets/Other/UPDATE-201390414-Tumbleweed_Center_For_Youth_Development.jpg" alt="Photo, mural painted on wall of building" /> <figcaption><em>Mural on wall at Tumbleweed Center For Youth Development by Angel Diaz, 3707 N 7th St., Phoenix.</em> <br>Image: Creative Commons <br> <em>By Tinon Morris for The Arizona Republic,</em> </figcaption> </figure></div><p><span style="font-size:15px;">As cars whiz down McDowell Road, open signs glow in the windows of local businesses beckoning drivers to slow down and stop inside.</span></p><p><span style="font-size:15px;">The section of McDowell Road from 7th Street to State Route 51 was once a bustling shopping and dining district. Now the stretch, which links downtown Phoenix to the highway, connects drivers to where they need to go. It doesn't, however, entice many to stop.</span></p><p><span style="font-size:15px;">A recent influx of new shops and restaurants has residents and business owners hoping that will change. La Marquesa Mexican restaurant opened close to the freeway in May. The owners of Tacos Chiwas, a locally-owned and popular Mexican restaurant, are building a new location in the area. Rise Distilling, a distillery and restaurant, is on the way.</span></p><p><span style="font-size:15px;">According to Michael Kelly, the commercial corridor coordinator for McDowell Road, there are seven Mexican restaurants from 16th to 20th Streets.</span>​</p></div>11/15/2019 7:00:00 AM



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