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BF Editors
From the September/October 2022 issue
P.Aired with the lowest corporate and personal income tax rates in the nation, Arizona offers all businesses a low-cost place to build. Companies like Intel and Frito-Lay are expanding manufacturing into Arizona and taking advantage of the incentives the state offers.
Arizona not only has a low income tax rate, but it also offers strategic access to three of the world’s largest economies: California, Texas and Mexico. With a burgeoning ecosystem and $3 million in annual investment in the Arizona Innovation Challenge, launched in 2011, Grand Canyon State is a magnet for global corporations and forward-thinking startups. By offering a variety of loans, grants, and tax credits for reduced property taxes, businesses can take advantage of state fiscal programs and incentives to reduce costs and increase revenues.
Arizona has created a minimal regulatory environment by reducing bureaucracy and eliminating onerous regulations. With low tax rates, low government regulation, a highly skilled workforce, and a very high quality of life, Arizona is an excellent choice for business relocation or expansion.
“We have eliminated or improved over 3,100 regulatory burdens, equivalent to $171 million in tax relief. We have simplified or reduced our taxes year after year,” said Gov. Doug Ducey. business facilities.
Arizona’s environment encourages bold ideas and fosters innovative solutions. The state is ready to lead and meet project needs and has an abundant workforce of talented young people.
Arizona has had the fastest job recovery in the country since the pandemic, and more people continue to move into the state.
Arizona has the 7th lowest average workers’ compensation costs, making it a global draw for high-tech manufacturing and renewable energy companies. Arizona is home to over 1,200 small and large aerospace and defense companies, and he is also one of the fastest growing bioscience industries in the United States. With cutting-edge innovation and next-generation advancements, Arizona thrives on technology and innovative industries. .
Manufacturers Find Abundant Talent in Arizona
At a lively graduation ceremony in July, the first cohort of all-female students received certificates for completing the Semiconductor Engineer Quick Start Program at Mesa Community College. An intensive 2-week, 40-hour boot camp prepares students for employment as semiconductor engineers and gives them the opportunity to interview with Intel upon graduation.
A major American chip manufacturer building two new manufacturing facilities east of Phoenix has partnered with community colleges, local nonprofits and the Arizona Department of Commerce to develop an innovative program. With more than 700 students already enrolled and plans to expand, the program has helped First Lady Jill Biden to get more women, minorities and veterans into high-demand tech fields. Nationally recognized, including in-person visits. .
Manufacturers across Grand Canyon State are partnering with local education and workforce leaders to develop new skills training pathways and meet ambitious hiring goals.
Last year, electric vehicle maker Lucid launched Drive48, a state-of-the-art training center south of Phoenix, in partnership with Central Arizona College, local government and the Arizona Department of Commerce. This unique facility features state-of-the-art robotics, multiple hands-on learning rooms, and is fully equipped to train automotive assembly students. Over 1,700 Lucid employees have completed programming since the facility opened.
The Drive48 model has been so successful that Arizona has plans to expand it. The state has allocated $30 million to build six additional advanced manufacturing training centers in the state, featuring industry partnerships in areas such as semiconductors, batteries and electric vehicles.
Key to Arizona’s pioneering workforce approach are the state’s top-ranked universities and community colleges. Ranked the nation’s most innovative university for seven consecutive years, Arizona State University enrolls approximately 27,000 students in engineering programs, a 190% increase since 2010.
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