Arizona is poised for continued growth and strong economic performance in high-tech and innovative industries. Top employment sectors include aerospace & defense, semiconductors, electronics, and software and IT. Home to many of the world’s leading high technology manufacturing companies, the state is a proven hot spot for innovators and entrepreneurs to start, expand and thrive. According to Forbes, Arizona is expected to have the nation's fastest job growth in 2016 at 3.1%.
TechAmerica Foundation's 2015 Cyberstates Report notes that there are over 132,000 tech industry jobs in Arizona. This means that for 45 of every 1,000 private sector workers in Arizona are employed by high-tech firms.
Technology Success Stories
Among the major projects announced are GoDaddy's new Global Technology Center in Tempe, Intel's $300 million research & development facility in Chandler, and GM's new Innovation Center dedicated to automotive software improvement (driverless cars).
The state's growing portfolio of large technology companies includes:
- Microchip Technologies
- JDA Software
- and more
Innovation and Venture Capital
With more than 75 incubators, accelerators and co-working spaces around the state, innovation startups are collaborating in spaces designed to help them grow. Venture capital investment in Arizona companies is reaching new levels, pushed by statewide programs like the Arizona Innovation Challenge, Arizona Innovation Accelerator Fund, SBIR Workshops and more.
CBInsights notes that from January 2014 through January 2016, more than $1.2 billion of growth funding was invested into Arizona companies. Including IO, Infusionsoft, Parchment, Inc., HTG Molecular Diagnostics and WebPT.
R&D, Education and Talent
Arizona’s steadfast commitment to advancing research & development in the high-tech industry and beyond, remains a priority. The state's three public universities have increased total R&D expenditures by 25% from 2008-2014, during which they conducted more than $6.7 billion of research.
The exceptional public and private post-secondary education system, coupled with an incredible quality of life, continue to be a unique value proposition for attracting and retaining world-class talent in high technology and innovation.