Title
Phoenix Economic Overview and Update: Part 2 - Global Positioning and Market Access
Description
This report will provide the Economic Development and the Arts Subcommittee with an update of the current state of Phoenix's economy and economic transformation since the Great Recession.
THIS ITEM IS FOR INFORMATION AND DISCUSSION.
Report
Summary
Phoenix has evolved, since the Great Recession of 2008, from a regional growth center into a globally competitive metro positioned to attract investment, talent, and international partnerships. Strategic planning, infrastructure investment, and coordinated policy alignment have strengthened the City’s ability to compete for global capital and support export-oriented industries.
Phoenix’s economic strength is anchored by a diversified industry base led by semiconductor and advanced manufacturing, bioscience and health innovation, advanced business services, and emerging technologies. Major investments, including Taiwan Semiconductor Manufacturing Company’s multibillion dollar fabrication facilities and a growing supplier network, have established Phoenix as a global production hub while creating high-wage employment opportunities.
The City’s bioscience ecosystem, anchored by Mayo Clinic Discovery Oasis, the Phoenix Bioscience Core, and the Phoenix Medical Quarter, supports translational research, commercialization, and global talent attraction. These assets position Phoenix as a leader in health innovation and clinical research.
International partnerships remain central to Phoenix’s economic development strategy. The Phoenix Mexico Trade Office, Phoenix Sister Cities organization, and global trade relationships strengthen business connections, support market access, and promote foreign direct investment. Phoenix Sky Harbor International Airport further enhances competitiveness by expanding international connectivity and supporting trade and tourism.
The presentation is part two of the six part series led by the Community and Economic Development Department. The second part establishes that together, these assets position Phoenix as a global City built for innovation, trade, and long-term economic resilience.
Department
Responsible Department
This item is submitted by Assistant City Manager Ginger Spencer and the Community and Economic Development Department.