News Summary
Arizona’s economic development for Fiscal Year 2025 has seen a significant boost, with over 24,000 jobs created and $31 billion in investments. The Arizona Commerce Authority has exceeded targets for job creation, wages, and capital investments, highlighting a strong commitment to workforce growth. Governor Katie Hobbs emphasizes the importance of initiatives in various sectors, while a proposed natural gas pipeline aims to enhance energy capabilities. The ACA’s new ConnectAllAZ initiative seeks to improve broadband access statewide, setting the stage for continued economic growth.
Arizona has achieved remarkable milestones in economic development for Fiscal Year 2025 (FY25), with commitments for 24,285 new jobs and over $31 billion in investments aimed at fostering robust growth in local communities. The Arizona Commerce Authority (ACA) and regional agencies have surpassed their annual goals, demonstrating a significant boost in the state’s economy.
The average wage for these newly created positions is expected to be $95,928, highlighting not just quantity but also the quality of jobs being offered. In concrete terms, the ACA’s FY25 metrics include achieving 121% of the projected annual jobs target, 162% of the wages target, and an impressive 791% of the anticipated capital investment goal.
Governor Katie Hobbs illustrated the state’s dedication to economic development by emphasizing the importance of workforce growth and job generation. The ACA’s initiatives are designed to facilitate expansion across a variety of sectors, including health care, technology, and manufacturing, with economic activity reported in several communities such as Tempe, Tucson, and Prescott Valley.
Since its establishment in 2011, the ACA has attracted 1,360 companies, resulting in the creation of over 312,000 quality jobs and investment totaling more than $194 billion in Arizona. This success can be attributed to the ACA’s strategic three-pronged approach: attracting new businesses, expanding existing companies, and supporting entrepreneurs in launching new ventures.
Alongside this economic growth, a broad coalition representing Arizona’s business community is rallying for the construction of a new natural gas pipeline by Transwestern Pipeline Company. This pipeline is expected to enhance Arizona’s natural gas capabilities, vital for meeting the state’s energy demands, which significantly spike during peak summer months. With natural gas accounting for 45% of Arizona’s electricity generation, the importance of this project cannot be overstated, particularly for essential sectors such as agriculture, manufacturing, and real estate development.
Support for the pipeline project has been echoed by various industry groups and the Arizona Chamber of Commerce, emphasizing its critical role in maintaining the state’s economic competitiveness and ensuring energy security.
Additionally, public sentiment appears favorable towards innovation and development projects in the state. A recent statewide poll indicated that 75% of voters support Axon’s proposal for an international headquarters in Scottsdale. Voter backing also extends to Senate Bill 1543, promoting on-site housing and hotels at company campuses, with 59% of the public in favor of such initiatives. Favorability for Axon increased notably when voters were informed about the company’s positive impact on job creation.
The accomplishments of the ACA in promoting economic development have gained national accolades, including recognition in the Business Facilities magazine EDO Awards for its effective initiatives.
In another stride towards enhancing the quality of life and economic opportunity for Arizona residents, the ACA is launching the ConnectAllAZ initiative. This program seeks to improve broadband access throughout the state, with an ambitious goal of connecting all households by 2030. The initiative is backed by over $1 billion in funding aimed at bridging the digital divide and promoting economic development in rural areas.
In summary, Arizona’s economic growth in FY25 not only reflects impressive job creation and investment commitments but also underscores a strategic focus on infrastructure and digital accessibility, setting a promising course for future advancements in the state’s economic landscape.
Deeper Dive: News & Info About This Topic
- Arizona Commerce Authority
- Wikipedia: Economic Development in the United States
- Chamber Business News
- Google Search: Arizona economic development
- Arizona Commerce Authority
- Google Scholar: Arizona economic growth
- AZ Big Media
- Encyclopedia Britannica: Economy
- Public CEO
- Google News: Arizona infrastructure
Author: STAFF HERE PHOENIX WRITER
The PHOENIX STAFF WRITER represents the experienced team at HEREPhoenix.com, your go-to source for actionable local news and information in Phoenix, Maricopa County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Waste Management Phoenix Open, Cactus League Spring Training, and Arizona State Fair. Our coverage extends to key organizations like the Greater Phoenix Chamber of Commerce and Visit Phoenix, plus leading businesses in technology and healthcare that power the local economy such as Intel and Banner Health. As part of the broader HERE network, including HERETucson.com, we provide comprehensive, credible insights into Arizona's dynamic landscape.
