Arizona has become an oasis
for local businesses

A Prime Opportunity For Small Businesses

Are you aware that Arizona is quickly emerging as a hub for business expansion? With numerous companies relocating to the state, now is the time for local businesses to seize the opportunity to dominate the market.

Unprecedented Business Growth

With Intel building new fabs in Chandler and Ocotillo, TSMC is building a FAB in the Phoenix area, and Dutch Bros shifting nearly half of its headquarters workforce to Phoenix, Arizona is seeing an increase in corporate activity [3, 5].Many corporations are making large, long-term investments in the state. The Arizona Commerce Authority reports that over 300 projects are now in progress, indicating a significant influx of new businesses [6]. Popular brands such as Doordash, Uber, and State Farm have also selected Arizona for regional operations [7]. This surge is already being addressed in the local economic market, with over 18,000 new local businesses established in 2020 alone [2].

Results are in on the Economic Outlook

Arizona’s demographic dynamics have already begun to undergo a transformation as a result of the migration of businesses. Since 2010, the population of the state has increased by more than one million people, with a sizeable majority of the population falling within the ages of 18 to 64, which is considered to be the prime working-age demographic [2]. It is anticipated that by the year 2032, an extra half million jobs will be generated, which will further contribute to the expansion of the economy [4]. These positions, which are important because they offer earnings that are higher than the average cost of living in Arizona, give families the ability to make investments in their homes and contribute to the economy of the local community. Because a significant number of these new people will have access to financial resources that can be spent, this is of great importance for the local companies.

Opportunities for Local Businesses

When you consider that the average annual salary in Arizona is $53,000, the average monthly mortgage payment is $1,600, and the average monthly cost of vehicle insurance is $135, you can see that Arizona provides the potential for a high quality of life at a price that is affordable [8, 9, 10]. As the population continues to grow, local companies have the potential to reap the benefits of increased spending by consumers. Businesses that offer experiences, dining venues, and services that save customers time like house cleaning are well positioned to achieve success in this rapidly expanding economy. In addition, it is anticipated that industries that cater to health and home improvement would witness an increase in demand. There are also a growing number of new members to the community who are eager to pay for premium experiences.

Empowering the Startup Community

The startup ecosystem in Arizona has been provided with opportunities that have never been seen before as a result of the influx of established enterprises. It is possible for startups to form collaborations and innovate in ways that have never been possible before if they have access to experienced leaders and a competent team. Startups will be propelled toward success by the wealth of resources and assistance, which will add to Arizona’s potential to become a hotspot for new businesses. Jack Selby, who was one of the cofounders of PayPal, is proposing to spend around one hundred million dollars in fledgling businesses based in Arizona. [13] [13]

Realizing Arizona’s Potential

While Arizona’s development may not have mirrored Texas’s during the last decade, it is indisputably on the rise. The state’s increasing corporate landscape provides several economic prospects, but it also emphasizes the value of careful marketing and branding for local businesses. Businesses that create a strong presence now can solidify their position in the new community that is growing around them.
Adaptive and innovative businesses will prosper in this dynamic environment. Small businesses may capitalize on Arizona’s booming economy and ensure long-term success by identifying its development potential and positioning themselves as industry leaders.