Arizona Commerce Authority making economic strides in recent report

It has been more than seven years since the inception of the Arizona Commerce Authority and a recent annual report highlights the organization’s successes. In 2011, former Governor Brewer and the legislature passed H.B. 2011 which resulted in the complete overhaul of the Arizona Department of Commerce in order to create a streamlined public-private partnership focused on job creation, retainment and recruitment.

According to new data, the organization has exceeded key goals established in their initial five-year plan covering fiscal years 2013-2017. The data shows the Arizona Commerce Authority worked with new and existing companies to help create more than 80,000 high-wage direct jobs.

Also, the Commerce Authority exceeded their goal of $6 billion in private capital investment by attracting $9.5 billion in investments to help spur economic growth.

“As the results show, with significant achievement over job creation and capital investment goals, this new model has proven effective,” said Sandra Watson, president and CEO of the Arizona Commerce Authority.

The economic impact of the Arizona Commerce Authority efforts totals more than $3 billion in tax revenue and $118 billion in economic output.

Recently, Governor Ducey signed into law a six-year extension of the Arizona Commerce Authority.