For the seventh consecutive year in a row, Arizona was named among the top ten states for business in Chief Executive Magazine, coming in at number nine.
States are evaluated by three different categories in determining overall rank: taxation and regulation, workforce quality, and living environment. Arizona made its mark with living environment, ranking fourth in the country.
Key incentives for businesses to move to Arizona attribute largely to tax legislation passed last year under Governor Doug Ducey. There is the Quality Jobs Tax Credit, which allows up to $9,000 on state income tax over a three-year period for each net new quality job, as well at the R&D Tax Credit, which offers a nonrefundable income tax for basic research payments made to universities.
Garrick Taylor, senior vice president of communications and government affairs for the Arizona Chamber of Commerce and Industry, applauds the Arizona achievement,“This top-10 ranking is well-deserved. A tax environment that is one of the country’s most competitive, a regulatory environment focused on cutting red tape, a workforce that’s prepared to fill the jobs of the future, and an education system that is investing in a major way in our teachers, all combines to make the rest of the country stand up and take notice that Arizona is a great place to grow and invest.”
Known for manufacturing, mining, and trade, Arizona is proving it has its skin in the game in the financial sector. According to a recent study by real estate firm CBRE, Phoenix ranked second in markets for advanced business services in the financial sector. A quick and quiet rise in the financial service hub, 174,000 residents work in financial activities, a 22% increase since 2010.
Earlier this week, the Bureau of Economic Analysis showed that gains in jobs and population in Arizona pushed real GDP up 3.2 percent in the past year, ranking fourth in the nation for GDP growth.