Phoenix

ECONOMY

When Phoenix was first incorporated, it was an agricultural community that depended on the cotton and citrus crops, such as oranges, grapefruits and lemons. Over the past 50 years, the economy has undertaken a rapid cultural boom as technology has taken a prominent role in business and industry. Now, the economy is no longer simply farming-based, but is as diversified as the population.

Arizona State University is also a great business asset to the community. It not only serves as a major employer of the resident of Phoenix, but as a great portal for education and research, especially in areas of agriculture and farming.

There are several fortune 500 companies in Phoenix and the city's outskirts, such as Wells Fargo. Living and business growth is incentivized by the city, as income and property taxes remain as some of the lowest in the nation. In fact, the first $58,000 of any property are exempt from taxes in Pheonix. Companies are moving to Phoenix every day for the inexpensive economy and the warm, dry climate.

Economic development is overseen by the Greater Phoenix Economic Council. The city boasts of a very low unemployment rate (4.1%) and employs over 1,600,000 persons. The gross metro income is nearly $130billion, making Phoenix one of the strongest economies in the US.