Greater Phoenix Issues Updated ED Strategic Plan

The Greater Phoenix Economic Council (GPEC) has just released its latest strategic plan update. Here is a summary of what it says. As always, this piece of work by GPEC is first-rate in quality and is a class act.

Greater Phoenix is responding to complex economic challenges by preparing a long-range economic strategy and plan, in realization that:

- The share of employment in key tech sectors has actually declined.

- 40,000 private-sector jobs were lost in 2001 and the billion-dollar state deficit has tested the sustainability of the Arizona revenue model.

- The region’s current business image is neither accurate nor positive.

- The five-year plan’s focused economic identity, development strategy with specific goals, and firm deadline … is now enjoying broad-based support. A recent survey revealed that nine out of 10 GPEC stakeholders believe the plan to be on target, improvements in key foundations are essential, and that GPEC is the appropriate organization and well suited to coordinate the new strategy.

- Confidence in the new plan is growing with 75% of stakeholders believing that needed change can occur to move the region forward.

Three fundamental actions are required. First, development must shift from quantity to quality. A comprehensive economic development plan must be organized and executed. Education, transportation and tax/fiscal policy must be aligned with the economic development strategy.

Second, GPEC’s new five-year plan will change the mix and quality of jobs created by the regional economy by initially focusing on the higher-wage industries of aerospace/aviation, high technology, bio-industry, software, and advanced
business and financial services.

Third, Maricopa County, member communities and more than 100 major firms currently commit $3.4 million* annually to the GPEC regional economic development program. Today’s challenges require that this effort be intensified.

Download the strategic plan summary report here. Download the Turning Point summary report here.