Stanton Sets Course for Stronger Economy

Says Phoenix Must Do More to Compete in Innovation-Based Economy, Aims to Double Exports in 10 Years, Triple Phoenix Light Rail Miles

Mayor Greg Stanton today said that Phoenix’s long-term prosperity depends on charting a new economic course to make our region more competitive in today’s innovation-based, export-driven economy.

In his third annual State of the City Address, Stanton outlined several goals for the nation’s fifth largest city, including doubling exports to Mexico in five years and doubling all exports in 10 years, tripling the number of light rail miles in Phoenix, and creating an “Innovation Infrastructure” that helps spur economic development.

“We can build an innovation-based, export economy that works for everyone: large companies, small businesses, entrepreneurs, the middle class, and those working their way into the middle class,” Stanton said. “Innovative companies spur higher wages across the board, lifting every part of the economy. And international trade brings in new dollars to our region as we sell our goods, our services – and our ideas – around the globe.”

To build on its success to repair relationships with Mexican officials, Stanton said Phoenix must now take “unprecedented steps to expand trade and build global partnerships.” The city will develop its first-ever Export Readiness Initiative that will help local companies learn how and prepare to trade abroad, and host an international trade summit this May.

The first-term mayor said that Phoenix’s economic success also depends on our region’s ability to prepare for significant long-term population growth. Transit ridership set a new record in Phoenix last year, and the Valley must expand transit options to prepare for the continuing wave of new residents expected to move to the region.

“The 17 miles of rail we have – it’s great,” Stanton said. “But to prepare for our growth, we have to triple the miles of light rail in Phoenix over the next 30 years.” The city’s Transit 2020 funds will expire in five years, and does not have the ability to finance rail and transit expansion, he added.

Stanton also announced that the University of Arizona’s Eller College of Management – one of the top-ranked public business schools in the nation – will move its Valley location to downtown Phoenix this fall. Phoenix is on its way to create a “nucleus” of higher education that offers the highest-ranked education opportunities in Arizona within a few blocks of each other, he said. More than 17,000 university students will call downtown Phoenix home by 2020.

Phoenix will continue to build an “Innovation Infrastructure” that spurs creativity, brings entrepreneurs together and accelerates economic development. Stanton said the city is working directly with Google to bring its ultra-fast high speed Fiber to Phoenix, and expand its already-flourishing network of entrepreneurial ecosystems. “We know how important it is to build an environment that gives artists, architects, software engineers and young professionals the opportunity to work side-by-side and share ideas,” he said.

Other highlights:

• Stanton said that Phoenix’s Access to Care Ordinance has brought in $300 million of federal dollars to save health care jobs and improve care in our community.
• The city’s Shop Local policy, which Stanton put into place after taking office, has increased the value of procurement contracts to local businesses from just $50,000 to more than $2.3 million in just two years.
• Adaptive re-use projects, particularly in the city’s urban corridor, have taken off since Stanton and the city council adopted new permitting policies and began waiving fees for plans to make new, productive uses out of older buildings.
• Phoenix will continue efforts to get children reading by the third grade, and is partnering with AARP Experience Corps to pair adult tutors with kindergarteners through third-graders to improve literacy in disadvantaged schools.