Pub. 6 2016 Issue 1

post-recession economy has height- ened the need for businesses to develop alternative, strategic cost solutions in market where they can scale up quickly. The financial services industry in Greater Phoenix is anchored by Wells Fargo, JPMorgan Chase & Co., Bank of America, American Express and Alli- ance Bank, for example, who combined have more than 40,410 employees working in the region. The presence of these major players has helped to attract like businesses to the area, resulting in a concentration of financial services in Greater Phoenix that is 59 percent greater than the national average. The financial services sector in Greater Phoenix currently employs more than 130,000 people, with no signs of slow- ing down over the next decade. In fact, by 2025, it is projected than the indus- try will produce more than 150,000 jobs—a 14 percent growth. Since 2013, more than 20 financial services companies--including Northern Trust, Silicon Valley Bank, Asurion and Santander Bank--have located all or part of their operations to the Greater Phoenix region. The investment these businesses make by locating to the region brings thousands of high-wage jobs and has a direct, positive impact on the surrounding communities and busi- nesses they support. While the reasons for locating a financial services business to Greater Phoenix vary, there are common themes cited by company CEOs, including the availability of a skilled financial services workforce, which provides employers with a strong talent pool from which to hire. The presence of major higher educational institutions, such as Arizona State University, Grand Canyon University and the Maricopa County Community Colleges, provide a constant stream of talent into the local workforce. Also, Arizona’s public uni- versities conferred 552 finance degrees in 2014 alone. In addition to the opportunity to draw from a diverse, skilled workforce, employers recognize the region’s rela- tive affordability—particularly in the housing market—creates opportunities for mid-level employees not available in markets such as San Francisco or New York. Not only do employees enjoy a higher quality of life overall, but businesses also benefit from lower operational and labor costs. Today's workers strive to find a solid work-life balance, seeking access to community amenities such as art festivals and cultural events, diverse food choices and craft beer options, and a solid local music scene. Increasingly, Greater Phoenix is being recognized as a place people want to live, work and play. Featuring a strong entrepreneur- ial community, the Greater Phoenix region is where new ideas are culti- vated. Increased innovation in FinTech is breathing new life into the financial services market and providing alterna- tives to businesses and consumers. As a young, diverse region, Greater Phoenix provides a platform for new technology, products and ideas to thrive. Greater Phoenix’s financial service sector is poised to continue its unprec- edented growth for years to come, contributing to the growth of a sustain- able economy. w ALSO, ARIZONA’S PUBLIC UNIVERSITIES CONFERRED 552 FINANCE DEGREES IN 2014 ALONE. 17 ISSUE 1 . 2016