Under Gov. Doug Ducey, there has been growth in Arizona’s business and financial services sector, which employs 4 percent of the state’s workforce.
This is a 13 percent increase since 2012, compared to 3 percent national growth. These jobs pay $76,247 per year on average, compared to the current $35,470 state median wage.
This growth includes the Bank of the West’s expansion in Tempe, which is expected to create up to 1,000 financial services industry jobs by the end of 2018. Such expansions makes the state a regional hub in banking, finance and insurance.
The growth reflects Arizona’s return on investment from the Arizona Commerce Authority (ACA) and their economic development partners. In fiscal year 2017, they completed 10 financial services industry projects with firms including Charles Schwab, Upgrade, and Northern Trust, representing over 3,000 jobs over three years.
The ACA also works with companies that provide services to banks and finance companies and has an updated five-year plan, which includes the creation of 80,000 projected jobs and an increase of the average wage of these jobs to 150 percent of the state’s 2017 median average.