Relocating to Phoenix
Our city has come a long way from a business climate based on the “Five C’s” of cotton, citrus and cattle, climate and copper. If you’re considering relocating to Phoenix, the business climate opens its doors for new businesses. This assessment is based on its robust workforce, average tax structure, slightly below average cost of living, a growing population and a favorable quality of life.
Phoenix has a vibrant economy
Phoenix job growth has outpaced the state average, in addition to accounting for 74.4% of state job growth. The city is also looking to the future. “We are building an economy that better supports local businesses,” says Greg Stanton, Phoenix’s mayor. “Our city is connected by a 20-mile light rail system, with easy access to the airport. Source: Forbes
Business related taxes do not inhibit growth
Arizona is middle of the road in terms of taxes: The combined sales tax rate for Phoenix, AZ is 8.6%. This is the total of state, county and city sales tax rates. The Arizona state sales tax rate is currently 5.6%. The Maricopa County sales tax rate is 0.7%. Source: Avalara Tax Rates The cost of living in Phoenix, Arizona is 99.40 based on a US Average of 100. This cost of living favors your office rental costs, utility bills and healthcare costs for you and your employees.
A few reasons to relocate to Phoenix
- Increase in population (growing clientele) – Arizona is the eighth fastest-growing state in terms of percentage growth. In terms of the number of new residents, Arizona ranked fifth nationally, adding 114,000 newbies and taking the population to 6.9 million, compared to 6.8 million in 2015 and 6.4 million in 2010.
- Highly educated workforce – Just 10 minutes away is Arizona State University, the largest public university with nearly 80,000 students enrolled. If your business serves college students, you’d be hard pressed to find a larger concentration of them. In terms of employees, ASU is classified as a top research institution. If your company utilizes innovation and development, there is a wealth of knowledge here upon which you’ll find competent and knowledgeable employees.
- If you relocate to Phoenix, you will enjoy a low sales tax – 47th in the nation.
- According to the Tax Foundation – Arizona is in the process of lowering its corporate income tax rate. Scheduled annual rate reductions began in 2015 and will continue through 2018, with the rate declining from 6.0 to 5.5 percent in 2016.
Of course low taxes aren’t the whole story. A metropolitan area with high-quality public services, including good infrastructure and quality schools and colleges that produce a skilled and well-trained workforce, are attractive to businesses. The Phoenix area has all of these and offers access to year round outdoor activities.
Reasons that you may want to relocate your business to Phoenix if you’re already in Arizona:
- You need to be closer to your clients. If you’re spending more time commuting to your clients and vice-versa, it is time to consider a business move that make it more convenient for all parties. If you can believe it Waze’s traffic app’s Driver Satisfaction Index ranked Phoenix as having the best driving conditions in the world. Yes, we said the WORLD.
- Competition is squeezing you out. Businesses with fierce competition can keep being small fish in a big pond or look elsewhere for cities that are growing and not stagnant. Phoenix and surrounding suburbs are growing and vibrant and can sustain multiple businesses in the same sector.
- You need more space. If these reasons sound familiar, you have a problem.
Are you sold on relocating to Phoenix? Call us at 720-507-1540 to get started on your business move!