Businesses are flocking to Arizona in droves and for a good reason. The state is experiencing an economic resurgence that is attracting companies from all over the country. Some of the most recent businesses to establish a presence in Arizona include Amazon, Walmart, and Apple. Here, we will explore why businesses choose to move their operations to our great state.
1. Business taxes
The business taxes in Arizona are much lower than in other major cities. This is a major attraction for businesses, as they can save a significant amount of money by moving to our state.
Cities like Seattle, San Francisco, Los Angeles, and New York have some of the highest corporate tax rates in the country. This puts a major strain on businesses operating in those cities. They are constantly looking for ways to cut costs and save money.
The business environment created by the state government is also very attractive to businesses. The regulations and taxes are much more business-friendly than in other states. This makes it easier for businesses to operate in Arizona and helps them save money.
2. Right to work state
The right to work state means that businesses are not required to unionize their workforce. This is a major attraction for businesses, as it allows them to save money on labor costs. It also makes it easier to operate in Arizona, as there are fewer regulations and restrictions.
However, the right to work state can be abused by businesses. They can take advantage of workers by paying them low wages and providing few benefits. This can lead to poor working conditions and a decline in the quality of life for workers. However, state laws are in place for a smooth and enabling working environment.
Overall, the right to work state is a major attraction for businesses. It allows them to save money on labor costs and makes it easier to operate in Arizona. However, there are potential downsides that businesses need to be aware of.
The state of Arizona is also home to a highly educated workforce. This is due to the many universities and colleges located in the state, such as Arizona State University, University of Arizona, and Northern Arizona University.
This educated workforce is attractive to businesses because it provides a skilled labor pool that can help them grow and succeed.
3. Affordable housing
The median wage in states like California and New York is much higher than in Arizona. This makes it more expensive for businesses to operate in those states. The cost of housing is also much higher in those states. For example, the median home cost in Los Angeles is $625,000.
In comparison, the median price of a home for sale in Buckeye is $261,000. This significantly reduces the cost of doing business in Arizona. Los Angeles, for example, has a median household income of 67,418 and a median home value of 795,000.
This results in a cost ratio of 11.8 times the median wage, whereas Phoenix has a typical home price of 383,924 and a median wage of 64,436 for a cost ratio of 5.98 times the median wage.
The cost of living in Arizona is also much lower than in other states. This is due to the lower cost of housing and the lack of a state income tax. This makes it more affordable for businesses to operate in Arizona and helps them save money.
Overall, Arizona’s cost of living and doing business is much lower than in other states. This is a major attraction for businesses, as they can save a significant amount of money by moving to our state.
4. The quality of life
The quality of life in Arizona is very attractive to businesses. The weather is perfect for businesses that want to locate here. The state is also home to a variety of outdoor activities, such as hiking, camping, and fishing.
This makes it an attractive place for businesses to locate and helps them attract and retain employees.
In addition, the state of Arizona has a low crime rate. This makes it a safe place for businesses to operate. The state also has a variety of cultural attractions, such as museums and theaters. This makes it an attractive place for businesses to locate and helps them attract and retain employees.
5. It’s well-connected
The state of Arizona is well-connected. It has a major airport, making it easy for businesses to travel to and from the state. The state also has a variety of transportation options, such as trains and buses. This makes it easy for businesses to get around and helps them attract and retain employees.
6. A vast talent pool
The universities in the state of Arizona produce a vast talent pool. This is attractive to businesses because it provides a skilled labor force that can help them grow and succeed. The universities also provide research opportunities that businesses can take advantage of.
The population of the state of Arizona is also growing. This is due to the many people moving to the state for work. This provides a larger labor pool for businesses to choose from.
7. Tax incentives
The tax incentives provided by the Arizona state government are very attractive to businesses. The state offers a variety of tax breaks and incentives that can help businesses save money.
Four of these taxes incentives are the Job Training Incentive Program, the Quality Jobs Tax Credit, the Research and Development Tax Credit, and the Small Business Investment Tax Credit.
These tax incentives are a major attraction for businesses. They provide significant savings that can help businesses grow and succeed.
Overall, there are many reasons why businesses are flocking to Arizona. The state provides a variety of benefits that are attractive to businesses. These benefits include a low cost of living, a skilled labor force, and tax incentives. This makes Arizona an attractive place for businesses to locate and helps them grow and succeed.
At the same time, the state’s quality of life is attractive to businesses. The weather is perfect, and the state has a variety of cultural attractions. This makes it an attractive place for businesses to locate and helps them attract and retain employees.
Finally, the state of Arizona is well-connected. It has a major airport and a variety of transportation options.