Often neglected, Canada plays quite the role in Arizona’s economy and has now for quite some time. Canada was our second largest bilateral trade partner in 2015 at $3.7 billion, and looking at Arizona history, both Douglas and Chandler Arizona were named after Canadians.
Not surprisingly Maricopa County beat out the rest of Arizona with 20,000 Canadian owned homes, which is 94 percent of the residential foreign-owned properties. Pima County can’t compete with these numbers, but has greatly benefited from Canadian-owned companies such as Stantec, Oracle Mining, and Southern Arizona’s top aerospace industry employer, Bombardier.
Canada’s presence in Arizona continues to grow as about 146,000 Arizona jobs depend on trade and investment with Canada. Although Mexico may still be beating Canada in exports and tourism, here at Tango we would be happy to help any Canadian companies find the right building in Arizona for their business.
Read more about Canada’s impact on Arizona here.
According to a recent BBVA Compass report, Arizona supposedly has a zero percent chance of falling into recession in the near future. Instead we are expected to post 2.5 percent growth in economic output.
This seems to be great news for the economic recovery of Arizona and particularly Phoenix, but where does Tucson fit in? With a median household income well below that of Phoenix at $36,758, Tucson relies heavily on the region’s tourism industry and low-wage jobs. In looking at the 20 richest cities in America and how they continue to grow, it is blatantly obvious that these cities have a high density of educated, skilled workers.
The only way we are going to get out of this hole is by digging in and growing companies locally! We can do it, and companies like Tango client Instant BioScan, who were just purchased by Mettler-Toledo International for $30 million, are proof of that.
Read more about how Arizona is “recession proof”.
While the University of Arizona is producing qualified graduates, Tucson and its surrounding communities are trying to figure out how to get those graduates to stay. Marana Chamber of Commerce President and CEO Ed Stolmaker said, “We need to have higher paying jobs to be able to have people live and work in our community.” Is the root of this issue poorly funded local public education or a lack of high paying employment opportunities? Find out what people are saying here and share your own thoughts.
Longtime Tango client and friend Mike Mallozzi and his Borderlands Brewing Company will be among 50+ breweries participating in the inaugural Baja Beer Festival on April 23rd. We shall not miss it! This locally run event is not only fun, it also benefits both local businesses and non-profits such as the Northwest Firefighters Charities’ Holiday Assistance Program. Festival goers like us will have the opportunity to taste specialty beers brewed in collaboration between local breweries and firefighters from across the state. Learn more here and see you there.
Bioscience industry players looking to catch the perfect wave have been lining up in Arizona and sector investment and job growth have certainly been outpacing the national average here. Good for Arizona. However, according to a new report being unveiled tomorrow, Arizona desperately needs to attract outside growth capital to keep the momentum going. Get a preview here.
Large market funds and resources are currently looking for an efficient mechanism to evaluate and invest in smaller markets that are less competitive and therefore offer higher potential return. Tucson remains prime territory.