Phoenix has consistently been an important center of economic growth in the state of Arizona for decades and continues to play a critical role in advancing the technological landscape. With this growth come opportunities for new businesses, jobs, investments, and resources via the biggest industries in Phoenix, AZ.
As such, it’s essential for any business looking to make an impact or find success in Phoenix to be cognizant of which industries will provide them with the biggest chances at success.
In this blog post, we’ll explore some of the top industries in Phoenix that are currently driving growth in the area and why it’s important to take note of them.
Biggest Industries in Phoenix: An Overview
As of 2023, Phoenix is home to 4,717,000 people, an increase of 1.4% over 2022. As one of the fastest growing cities in the country, there is an abundance of opportunities abounding the greater Phoenix area.
From high technology to education and health services, let’s take a look at some of the Phoenix industries to watch.
Education serves as a major area of employment for Phoenix residents, with multiple educational institutions like Grand Canyon University, The University of Phoenix, and Arizona State University located here.
And with more than 19 postsecondary institutions within the city limits, it doesn’t stop there.
According to Forbes, the University of Phoenix was the largest online, for-profit school in the nation for many years. And there are still plenty of vacant teaching positions open across the state, with a new survey by the Arizona School Personnel Administrators Association, stating that there are over 2,890 teaching positions vacant within Arizona.
As one of the top industries in Phoenix today, there is no shortage of opportunity to be found within the city’s educational sector.
2. Leisure and Hospitality
It comes as no surprise that leisure and hospitality are such a driving force of the city’s economy – let alone one of the most prominent industries in Phoenix today.
Filled with famous natural attractions and desert landscapes, restaurants, shops, and recreation, the local scene offers plenty of opportunities for entertainment.
Some of the main attractions include:
- Papago Park
- Camelback Mountain
- Desert Botanical Garden
- Musical Instrument Museum
- Heard Museum
- And more
Of the $24.2 billion contributed by tourism in Arizona, $13.7 billion was generated through direct sales by hotels, performance venues, and more with over 200,000 tourism jobs in the state – making it one of the biggest industries in Phoenix.
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3. Trade Transportation and Utilities
As one of the top Phoenix industries, trade, transportation, and utilities reached an all time high of 458.59190 thousand employees last February 2022.
Image Credit: Trading Economics
Major players in this sector include:
- Schneider Electric
- Republic Services
With Arizona ranked in second place for having one of the most reliable energy grids in the United States, this sole factor – paired with an abundance of local renewable energy sources and modern transportation systems – makes the city an attractive choice for businesses looking to become players in Phoenix’s top industries.
4. Financial Services
Professional and business services in sectors such as finance dominate the local economy of Phoenix, with many jobs and opportunities available in wealth management, banking, mutual funds, and more.
Ranked as the sixth largest financial capital in the country, some of the top financial services companies in the area include Wells Fargo, Northern Trust, and Fintech.
The prominence of this industry can be explained through House Bill 2434 – introduced in 2018 – that made Arizona the first official state to establish a regulatory FinTech “Sandbox.”
This bill meant that a limited, temporary rollout of products could be made in Arizona’s sandbox, allowing startups, entrepreneurs, and established companies to temporarily test out certain products and offerings with consumers.
As one of the biggest industries in Phoenix today, there is no shortage of financial opportunity to be found in this booming city.
|Find out how managed IT has put some of the names of big industry players on the map! Check out these additional resources:|
Why Players in Phoenix Top Industries Look To Executech for Managed IT
For over 20+ years, hundreds of companies from the top industries in Phoenix have looked to Executech for scalable IT solutions that facilitate recurring business growth and help reach their strategic goals.
With our extensive experience and expertise in the tech industry, we are sure to provide you with top-notch solutions tailored to fit your specific needs.
Among the things our IT company can assist your team with are:
- Managed IT
- IT support
- Network support
- IT outsourcing
- IT consulting
- IT helpdesk
- And more
We have created a comprehensive suite of services that can accommodate any size business or organization – get in touch with us today to learn more about how we can build a customized services plan for you and further pave your way to leading Phoenix’s top industries.