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Greater Phoenix Economic Council asks Phoenix for $800,000

The Greater Phoenix Economic Council is asking Phoenix for $823,701 to support its services in the 2024-25 fiscal year. 

GPEC is a regional economic development organization, it markets the area, hosts real estate tours and advocates for business friendly laws. The group’s Brad Smidt says GPEC has supported efforts to attract more than a thousand businesses since it formed in 1989.

“Over the last five years, we've assisted again over 214 locates into the greater Phoenix area, 76 of these, which is about 35% have located within the city of Phoenix,” he said.

So far this fiscal year (2023-24), GPEC says they’ve helped bring more than 30 companies to the region, with 8 choosing Phoenix. The City Council must approve GPEC’s membership fee, which is calculated by using a rate of 49 cents per resident, based on the most current population estimates from the Arizona Office of Economic Opportunity. Phoenix has been a member of GPEC since its inception.

Smidt recently told a council subcommittee that industrial deals make up about 80% of current prospects, with most being over 100,000 square feet.

“We're seeing groups like solar cell, panel manufacturing, electric vehicles, battery manufacturing, for both cars and long term energy storage, certainly semiconductor supply chain with TSMC and Intel's expansion here in the market, aerospace aviation, as well as other warehousing and, you know, light industrial projects that serve serve the service the population here in the market,” Smidt said.

If the City Council approves, GPEC's fee will be equally divided between Aviation, Public Works, Water Services, and Community and Economic Development (CED) departments.

As a senior field correspondent, Christina Estes focuses on stories that impact our economy, your wallet and public policy.