Pub. 4 2014 Issue 2

18 www.azbankers.org By BARRY BROOME , Greater Phoenix Econimic Council T H IS YEAR THE GREATER PHOENIX ECONOMIC COUNCIL (GPEC) WILL CELEBRATE ITS 25TH ANNIVER- SARY. As president and CEO for the last nine years, I have personally seen the many changes the Greater Phoenix region has undergone. Since inception, GPEC has worked with our public- private membership–now representing Maricopa County, 23 communities throughout the region, and more than 170 private investors–in assisting ap- proximately 600 companies locating to the region. The result is more than $13 billion in capital investment and the creation of more than 100,000 jobs. But this kind of thoughtful growth didn’t happen overnight and actually began in the 1950s, when Arizona’s public and private sector leaders worked closely to bring companies that we now know as Motorola, Lockheed Martin, Raytheon and Honeywell to the state. In turn, Arizona became known as the origination place for some of the world’s most important technological inven- tions and therefore drew the very best engineers and technical talent. But that collaboration and purposeful growth soon faded, and what had once been a manufacturing and export-based economy transitioned to a consumption- based one, dependent solely on real estate, construction and service indus- tries geared to serve the area’s rapid population growth. In the late 1980s, the region lacked the cohesion that now exists between the public and private sectors. Cities and towns were competing against each other, and the private sector was often left out of the economic development conversation. And so, GPEC was born. This concept of bringing public and pri- vate sector groups together changed the course of economic development in the region, and a new culture began. Now one of the longest-standing true public-private partnerships in the country, GPEC maintains a pulse on the ever-changing economy, working closely with its members – from business leaders to university presidents to mayors – to develop the Greater Phoenix region into an attractive market for outside inter- ests. For example, GPEC’s membership has worked with state leadership on policy to help cultivate Arizona’s pro- business climate. After witnessing one of the worst economic recessions in recent history, we actively worked with the Governor, the Arizona Legislature, and Maricopa County on our continued path to recovery. GPEC consistently provides technical review and counsel on economic devel- opment policies, which have resulted in corporate income tax reductions below 4.9%, changes in the sales factor option phasing it up to 100%, the Qualified Facility Income Tax Credit program, and the Arizona Quality Jobs Incentives tax program. Additionally, GPEC called on state leaders to overhaul the former Arizona Department of Commerce, and to develop a brand new agent for economic development. The result led to the creation of the Arizona Commerce Authority, armed with policies and