Economy of Phoenix

Economy of Phoenix

Economy of Phoenix

The early economy of the Phoenix was based on the agriculture. The history also shows that this is the case. The reason for it was that the land of the city was very fertile and if properly watered bloom and the crops could be grown in large amount. The second reason was that the early people who came and settled here were farmers so they irrigated the land. Apart from that, mining was also done to extract the metals and other materials present in the mountain and underneath the land. That is why it was said that the economy of the city of Phoenix depended upon the "5Cs", which were, copper, cattle climate, cotton and citrus.

However, in the last four decades, farming was gradually abandoned as the farmlands were destroyed and instead of them, suburbs were made. Thus the economy of the city also shifted from that based entirely on farming and mining to various other things. Along with the change in the economy of the city, the population also grew rapidly. Now the city is home to 7 major companies like waste management company, electronic corporation, mining company, energy supplying company, aerospace division companies. This division has their largest mechanical parts production company in this city. Along with that this city is home to the head office of U-haul, the international supply moving company. It also has headquartered of the regional air base. Apart from that Phoenix has a lot of tourist sight, so the tourism industry also well established in this city.

Therefore, the economy of the city of Phoenix now depends upon the industries that manufactures goods and exports them to create revenue and along with that the economy is also greatly dependent upon the tourism industry. More than 10 million visitors from the throughout the United States and Canada annually visiting for the warm weather and sunshine in the Valley of the Sun, Phoenix continues to be an important resort center. The apart from these people there are also those who travel from other countries of the world to visit the city. Tourism industry accounts for 77 percent of the total employment of the people. Another sector of growth has been financial services and banking as several significant processing and/or regional headquarters operations call Phoenix home: American Express, Chase Bank, Bank of America, Discover Card Services, and Wells Fargo Bank. In addition to that, item and goods that are produced in the city and exported aircraft and aircraft parts, electronic equipment, steel castings and fabrications, flour, boxes, agricultural chemicals, aluminum products, radios, mobile homes, air conditioning machinery, creamery products, beer, liquor, saddles and leather goods.

Phoenix is located at the center of market areas stretching along interstate highways. Hence more than 50 companies provide motor freight service. Rail service is available from two transcontinental rail lines. The Phoenix metropolitan area economy benefits from air cargo service through Phoenix Sky Harbor International Airport where wide-body freight service is available. In addition to all this, there are many ongoing projects which when completed will boost the economy of the city further, and the educated and talented labor force available is quite a attractive quality that many international companies seek, so there is a chance that more international companies might set foot here.

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