Arizona had been experiencing major economic growth before the COVID-19 pandemic, and the changes sparked by the pandemic may have only accelerated that trend, according to an out-of-state site selector.
“Phoenix, and Arizona, in general, had been on quite the economic tear [before COVID],” said Chris Lloyd, chairman of the Site Selectors Guild and senior vice president of McGuireWoods Consulting.
The Valley’s economy had already been diversifying since being hit so hard by the Great Recession and was benefiting from what Lloyd called “the gift that keeps on giving to the West,” which is the migration from California to other states.
Around the country, manufacturing projects continue to make decisions on where to locate and have been even more active from the high demand for consumer goods. According to a study done by the Site Selectors Guild, states that reopened quickly and had consistent rules have been viewed more favorably by companies seeking new locations or planning to make investments.
“People wanted to come somewhere with the perception of more opportunity, with less restriction on business,” Lloyd, who is based in Virginia, said.
A variety of companies, including semiconductor manufacturing, electric vehicles, professional and financial services and back-office operations have become more likely to consider Phoenix for a location, Lloyd said.