Arizona's economic future looks rosy as companies relocate to the state
PHOENIX - It has been tough times for many during the ongoing COVID-19 pandemic, but when compared to the rest of the country, the local economy, along with Arizona's economy, is doing extremely well, as many businesses are opening up and hiring.
According to The Economist, Phoenix will rank as number one or two on a list of major employment markets in the country. People in the valley can feel this change, as businesses move to the area, and local businesses expand.
"We have been very fortunate that business has continued to boom," said Amy Diamond with Brooklyn Bedding.
Phoenix and Glendale-based Brooklyn Bedding is one company that is expanding in Arizona. They make all of their mattresses in the Valley, and ship them off nationwide. They are breaking ground on a brand-new factory in Glendale, and they are looking to hire about 150 new employees.
"Ultimately, we want to be able to triple mattress production, and that will create job opportunities throughout the Valley," said Diamond.
Meanwhile, Humble Pie’s owner and chef is opening a new concept in Scottsdale called Humble Bistro. The concept will showcase new Italian cuisine, and they are looking to hire all of their positions.
These are just a couple of the very few places expanding during this pandemic.
"The result is you are in for an extraordinary period of growth," said Elliot D. Pollack and Company CEO Elliot Pollack.
Pollack says the Phoenix area was the best performing major employment market in the U.S. for 2020.
"I would expect Phoenix to grow extremely rapidly over the next two to three years," said Pollack.
Pollack says that growth is due to efforts by the state to create a business-friendly climate.
Pollack also said that between jobs added in the last 10 years, the U.S. lost 98% of them in March and April as a result of the pandemic. Meanwhile, Phoenix only lost 40%.
As far as the rebound, Pollack says the U.S. has recovered 55% of jobs they lost, while Phoenix has recovered 75%.
"Phoenix is structured to do better than anybody else," said Pollack. "You have a housing boom and a shortage of housing and manufacturing companies opening here."
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