Arizona has secured its position as a leader in the Mountain Region for business investment, maintaining the top spot for the second consecutive year in the annual rankings by Site Selection magazine. The state edged out competitors such as Utah and Colorado, while Phoenix in particular garnered attention for its significant tech sector's growth.
Despite Arizona's regional success, it did not crack the national top 10 list, where Texas claimed the lead. The rankings are compiled considering various factors such as the number of new and expanded facilities, capital investment, job creation, tax climate, and workforce readiness, according to ABC 15.
A closer look reveals that Phoenix's blossoming tech scene has played a crucial role in bolstering the state's appeal to businesses. This momentum is signaling a stronger competitive stance to potentially challenge the traditional powerhouses in the national rankings in the future.
However, despite the accolade, Arizona still seeks ways to comprehensively boost its standing on the national stage. The quest to not only maintain but also to expand upon its current achievements is a significant focus for state legislators and economic developers. Detailed insights into the criteria used for these rankings are outlined in coverage by the Phoenix Business Journal.
