Numerous articles have recently vaunted the business-friendly climate of Arizona. The agreeable cost of doing business and increasingly educated workforce make it a natural choice for companies moving (especially in the lucrative tech sector) or to expand their operations. Governor Doug Ducey has pledged to cut taxes every year he is in office, meaning that this trend can be expected to continue. Additionally, his focus on investing in both K12 and higher education in Arizona will have a positive impact on the economy for years to come. The net result of his prioritization of education is that companies have a highly competitive workforce from which to hire and good schools to send their children to.
Here is a look at 5 companies moving to the Grand Canyon state in 2017
1. Lucid Motors
This electric car company, formerly known as Atieva, is poised to be a foremost competitor to the better-known electric car company, Tesla. And with their announcement to begin the much-anticipated production of their new car model, the Air, in the Phoenix suburb of Casa Grande, the company will be building a $700 million factory and adding approximately 2,000 jobs to Arizona’s economy. This is consistent with the overall trend observed recently of tech companies choosing Arizona over Silicon Valley. As more and more of these companies move to Arizona, there are additional opportunities for residents to be employed in various capacities in the industry.
2. Endurance International Group
This Massachusetts-based tech company already has a presence in Tempe, Arizona. But with recently announced plans to double that presence in the Phoenix suburb, the company will spend $2 million to double its office space and hire an additional 600 people to staff it. Specializing in web hosting, website design, web security and web marketing, Ensurance International Group has millions of clients around the world and is well positioned to continue its healthy growth, especially with Arizona already having some of the most favorable corporate tax rates in the nation and the state’s continued efforts to cut taxes even further. This is yet another example of the variety of job types being brought to the state by the lucrative tech field.
In keeping with all of the other technology companies flocking to the area, ZipRecruiter recently announced an expansion of its Tempe operations. The tech based recruiting firm will begin operating a new sales and customer service office which will create 238 new jobs in Arizona over the next 5 years. In an article about the company’s expansion, Ian Seigel, the CEO and a co-founder of ZipRecruiter, said: “Arizona’s deep talent pool and active lifestyle make it an ideal location for ZipRecruiter’s brand, culture, and growing team.” The expansion of the company in Arizona is fortuitous given the number of other companies that will likely be able to use their services to fill new jobs in the coming year …
4. Foxconn Technology Group
Foxconn Technology Group, a Taiwanese company responsible for supplying Apple with its hardware like the iPhone and iPad, is pretty serious about building an American factory because of rising costs for wages and transportation in China. This is consistent with the overall trend for many Asian manufacturers who are looking to boost their bottom lines by producing their goods closer to market with moves to North America. The final location for Foxconn’s factory is not final, but Arizona is a definite frontrunner because of the healthy business climate and Apple’s existing presence in the state.
5. Ascensus, Inc.
Founded in 1975 in Pennsylvania, Ascensus, Inc. is an administrator for investment firms offering college and retirement savings, as well as financial institutions who offer products like health savings accounts and IRAs. After an extensive nationwide search, the company has elected Tucson, Arizona as the site for new offices that are expected to open mid-year. The facility will be able to accommodate roughly 170 workers. This move is a testament to Arizona’s thriving business environment, do in no small part to the graduates of the higher education system in the state. Companies like Ascensus, which largely requires skilled workers with education beyond a high school diploma, would not make the move to the Grand Canyon state if they were not confident in the quality and ability of our labor force.
It seems that there are new news articles heralding the arrivals and expansions of companies nearly every day in Arizona. From engineers to factory workers, marketing professionals to financiers, the job opportunities in Arizona are constantly expanding. And as all of the new companies do their part to boost the economy, the resulting growth will mean that the real estate market will have a healthy boost as well. If you have been considering purchasing a new home or upgrading, do not wait too long. Now is the time to get in to maximize your investment! And if you are thinking about moving to Arizona to take advantage of all of the opportunity here, be sure to check out our blog post with advice for moving from out of state!