Phoenix Relocation Guide

B U S I N E S S A N D E C O N O M Y

The city and its officials have encouraged the growth of twin-plant or “maquiladora” industries that locate part of their opera- tions in Tucson. Tucson is also working toward increased expansion in manufacturing, including electronics, aerospace, and computer component products. Tucson also has a growing high-tech industry environment, with roughly 1,300 companies that have some type of IT component in the region. While more than 340 local companies are directly involved in information technology, other growing tech areas include bio-industry/biotech, aerospace, environmental technology, plas- tics and advanced composite materials, and teleservices. Tucson is also home to Tucson Tech Corridor. This campus alone is home to about 150 tech-related businesses. Top technology employers in Tucson include nationally-recognized companies, such as Raytheon Missile Systems, IBM, Honeywell, Texas Instruments and Intuit, and many other smaller companies. Tucson is also a manufacturing hub for technology, with activity in this area nearly doubling in the last ten years because of the city’s active promotion of expansion and growth in the industry. Tucson compa- nies in this space include nationally-known companies like AlliedSignal, Weiser Lock, 3M, Burr-Brown, IBM, Environmental Air Products, Inc., Krueger Industries, Inc., and Raytheon Missile Systems. With the creation and expansion of the Tucson Tech Corridor, opportunities abound for new high-tech entrepreneurs. Paired with low cost of doing business, affordable home prices, a fair tax struc- ture and a lower cost of living, it’s clear that Tucson is a great place for business, whether you’re coming here for existing work or to start a new business venture. l INDUSTRY: HIGH TECH, MANUFACTURING THRIVING

GROWING AND ATTRACTING ATTENTION People and businesses from around the country, and even on an international level, continue to drift towards settling in Tucson. In addition to the city’s beautiful and scenic surroundings, Tucson’s cost of living is less than many major cities. According to the ACCRA Cost of Living Index, Tucson has a composite index of 93.9 (as of Q2 in 2018), making it about 6 percent less that the national average, making it a very affordable place to live compared to the rest of the state and compared to metro areas of similar size. Because Tucson has remained an afford- able place to live and work, growth in the greater Tucson region has remained steady, offering a variety of employment opportu- nities, lower cost of living, and easy access to larger metropolitan areas. As of the end of 2019, Pima County’s population sits at roughly 1,022,769 people with the Tucson metro area, in particular, spawning suburbs and growing communi- ties. According to the Office of Economic Opportunity in Arizona, Pima County’s projected population for 2020 is 1,064,384.

TRAVEL AND TOURISM Travel and tourism are big in Tucson, and it’s the metro travel industry that has contributed significantly to the city’s economy, thanks to the new spending it attracts and the jobs it supports. The Metro- politan Tucson Convention & Visitors Bureau estimates that out-of-town travelers help support close to 24,000 local jobs. The travel and tourism industry generates close to $2.24 billion in economic impact to the region, attracting more than 6.5 million overnight visitors each year and making it one of the area’s top economic drivers. Tucson’s scenic desert terrain and outdoor- friendly weather also attracts competitors from all over the world for major sporting events, including the La Fiesta de Los Vaqueros Rodeo, an eight-day competitive rodeo festival, and the El Tour de Tucson Bicycle Race. Because of its proximity to Mexico, Tucson has become more involved in international trade, developing close partnerships with the country. The region of Tucson and Pima County receive almost $1 billion in sales from Mexican travelers a year. In fact, Mexican visitors generate more than 5% of the total taxable sales in Pima County.

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