Pub. 6 2016 Issue 1

G R EATER PHOENIX IS ON TRACK TO BECOMING A NATIONAL LEADER IN THE FINANCIAL SER- VICES INDUSTRY. OVER THE NEXT 10 years, financial services jobs in the Greater Phoenix region are projected to grow by 14 percent, compared to eight percent nationally. This above average growth reflects the region’s popular- ity as an alternative to other legacy markets – such as New York City, San Francisco, Los Angeles and Chicago – and positions Greater Phoenix as a place where financial services businesses can optimize their strategic growth, while keeping up with consumer de- mands. The region’s appeal is broad: com- petitive labor costs, a diverse, skilled workforce, access to western and international markets, reliable trans- portation infrastructure, a supportive startup climate for scaling up FinTech companies and a culture that encourag- es collaboration and creativity. During the economic downturn, many financial services sub-industries contracted their banking, lending and mortgage opera- tions, in an attempt to lean out cost and improve the revenue position against total headcount. Now that these jobs are returning nationally, businesses are choosing Greater Phoenix for the con- solidation of these shared services. The highly regulated reality of the The Rise of Phoenix’s Financial Services Sector CHRIS CAMACHO, PRESIDENT & CEO OF THE GREATER PHOENIX ECONOMIC COUNCIL 16 www.azbankers.org