Greater Phoenix Tops in New Job Creation - Arizona Real Estate

Greater Phoenix Tops in New Job Creation

Greater Phoenix ranked among the top five states in new job creation for the past five years and added nearly 150,000 new jobs to its economy during 1994 and 1995 alone. Job growth in Arizona is expected to continue at a rate of 3.8% in 1996 and 3.1% in 1997, as compared to a 1.6% increase nationwide, according to the Arizona State University Bureau of Business Research. One of the strongest segments of job growth occurred in the manufacturing sector, where this community led the nation with 9.6% growth in 1994. For the first five months of 1996, figures showed an increase of 4.2% in manufacturing sector jobs.

Many of these new manufacturing jobs relate to the production of electronic components, computer and telecommunications equipment. The Greater Phoenix area, known in high-tech circles as "The Silicon Desert," has attracted such industry jewels as Intel Corp's $1.3 billion and Microchip Technology's $1 billion expansions in Chandler, which will add a minimum of 2,500 and 2,000 jobs, respectively. The Sumitomo Sitix Corporation's $900 million silicon wafer fabrication plant in Phoenix will eventually employ over 700 people.

Certainly this community is not wed to one industry. According to Eliot Pollack, one of Arizona's most noted economists, Greater Phoenix has the most diverse economic base in the nation for a region of its size and its highly educated workforce has the ability to move easily from one sector to another when demands change. Business leaders agree, including Alan Hald, vice chairman of MicroAge Ind., and a community leader active in the advancement of business in the region. "The economy here is unusually diverse and entrepreneurial," says Hald. "This is an economy that can weather hard times in one industry since talent and resources can move to the other strong areas. As a result, we are confident that Phoenix will be a leader well into the next century."

Long-term success is widely predicted in Greater Phoenix. Local business and community leaders are optimistic about the area's future. In a recent poll by O'Neil Associates, 90% of the 120 leaders surveyed felt that the economy will continue to improve or maintain its robust growth. Equally confident are outside sources, such as Norwest Corporation, the Minneapolis-based bank holding company, which claims that Arizona's economy is healthy.

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