The East Valley created 4,600 jobs in the first half of 2018, which largely stems from the relocation of companies and the steady growth of pre-existing companies.
Large companies have partially fueled the job growth in the area. For example, Deloitte established a 100,000 square-foot delivery center that is projected to create 2,500 jobs over the next three years. Additionally, Wells Fargo will expand its Chandler workforce by 1,200. These two companies strongly assist the job growth in the East Valley, but smaller companies are contributing too.
Denny Barney, president and CEO of East Valley Partnership notes some trends in the job creation. “What’s intriguing about this report of 4,600 jobs is two things — 1. They’re high-paying jobs – such as advanced manufacturing and fintech – which are the right kinds of jobs that fuel the economy,” Barney stated. “And 2. When you look at those jobs, 20 percent came from companies that are already here, and 80 percent came from companies that are new to the area.”
According to the Greater Phoenix Economic Council, this trend is the opposite from the rest of Maricopa County, which sees 80 percent of new jobs from pre-existing companies and 20 percent of jobs from new companies. Barney explains that the East Valley’s job creation proportionality leads to more rapid economic growth of the entire area.
“If we can invite new businesses to the environment, not only are we bringing new jobs and companies in, but we’re also helping the bigger companies grow because the smaller companies complement the bigger businesses and help them grow even further,” Barney noted.
The East Valley – and Arizona in general – is a great place for businesses to thrive for many reasons, including strong state universities, available real estate, and efficient transportation infrastructure, according to Barney. The combination of these factors leads to an overall high quality of life, which employees strongly desire when seeking jobs.
When discussing the importance of education, Barney specifically highlights Arizona State University as a main supplier of talent in today’s workforce. “ASU is a driver of what’s bringing people to our market,” he noted. “You have about 17,000 engineering students that are going into bioscience and tech which fuel these high-paying jobs in the state.”
Due to the East Valley’s ability to attract new companies while retaining the growth of preexisting companies, the area will likely continue this steady job growth for the remainder of 2018 and into the future.