Arizona Commerce Authority Launches Next Five-Year Business Plan
Calls for attracting 80,000 projected jobs, $7 billion in capital investment
PHOENIX, AZ (September 14, 2017) — The Arizona Commerce Authority has launched its next five-year business plan, following a vote of approval today by the ACA Board of Directors. The plan, titled “Leveraging Next-Gen Trends to Grow Arizona’s Economy,” outlines five aggressive new goals for the organization:
- Job creation: Lead efforts to create 80,000 projected new jobs with a focus on high-wage target industries.
- Wage growth: Increase the average wage of the jobs created to 150 percent of the state’s 2017 median average.
- Capital investment: Attract $7 billion in capital investment to Arizona.
- Increased exports: Expand export revenues across target industries by 25 percent.
- Entrepreneurial vitality: Elevate Arizona to a top-five state as measured by entrepreneurial density, funding and connectivity.
In addition to increased goals for job creation, wage growth and capital investment, the ACA is building upon its first five-year plan by adding the two new goals for growing exports and enhancing entrepreneurial vitality - both important factors in strengthening Arizona’s economy. The plan also places a strong emphasis on 10 next-gen technology trends in areas where Arizona is well-positioned to establish a leadership role.
"Arizona’s economy is on the rise and our outlook for the future is bright,” said Arizona Governor and ACA Board of Directors Chairman Doug Ducey. “This strong five-year plan for the ACA will ensure that businesses will continue to thrive in our state and all Arizonans will have high-quality job opportunities.”
“The ACA has proven its ability to perform with very strong results against its first five-year plan,” said Grand Canyon University President and ACA Board of Directors Co-chair Brian Mueller. “With Arizona’s value proposition serving as a foundation for success, I have no doubt the ACA’s achievements against its next five year goals will once again exceed expectations.”
“Arizona is known for our pioneering spirit and forward-thinking attitude,” said ACA President & CEO Sandra Watson. “True to this legacy, the ACA has outlined a plan that raises the bar and challenges us to achieve strong results for our state. Under the leadership of Governor Ducey and our Board of Directors, I am confident that we will take our performance to the next level and once again exceed our goals.”
While the ACA will expand its focus to emerging next-gen technologies, it remains dedicated to developing targeted established industries including aerospace & defense, bioscience & health care, business & financial services, manufacturing, and technology & innovation. The targeted established industries have also been expanded this year to include film & digital media.
Combined, these targeted industries have had significant economic and fiscal impact in Arizona. A 2017 report by the Seidman Research Institute at the Arizona State University W.P. Carey School of Business found that over the past five years, aerospace & defense, bioscience & health care, business & financial services, manufacturing, and technology & innovation collectively provided 50 percent of the annual Gross State Product, or $153 billion, and 60 percent of the state’s total annual employment, or 1.8 million employees.
The entire five-year business plan can be found on the newly redesigned ACA website, www.azcommerce.com.
Susan Marie, Arizona Commerce Authority, 602.845.1231 or email@example.com
Mark Scarp, Arizona Commerce Authority, 602.845.1234 or firstname.lastname@example.org
About the Arizona Commerce Authority
The Arizona Commerce Authority (ACA) is the state’s leading economic development organization with a streamlined mission to grow and strengthen Arizona’s economy. The ACA uses a three-pronged approach to advance the overall economy: recruit, grow, create – recruit out-of-state companies to expand their operations in Arizona; work with existing companies to grow their business in Arizona and beyond; and partner with entrepreneurs and companies large and small to create new jobs and businesses in targeted industries. For more information, please visit azcommerce.com and follow the ACA on Twitter at @azcommerce.