Arizona Governor Unveils New Economic Development Structure

In an effort to streamline economic development strategies and market the state as a globally competitive place to pursue new business ventures, Arizona Gov. Janet Napolitano recently announced the creation of a new model for economic development last month.

 

A year-long study on the overall economic health of the state resulted in the creation of the Arizona Economic Resource Organization (AERO) and a newly expanded Arizona Global Network (AGN). AERO will serve as an umbrella organization for all economic development activity in the state to coordinate and leverage assets, set workforce strategies, and provide policy leadership and branding. 

 

The partnership will operate as a nonprofit board, combining the efforts of government agencies, private businesses and universities. Gov. Napolitano will serve as AERO chair, which includes the integration of the following entities: Commerce and Economic Development Commission, Greater Arizona Development Authority, the Arizona Department of Commerce, Science Foundation Arizona, and a formalized Arizona Global Network. Directors and board members were announced last week.

 

The newly expanded AGN is charged with recruiting new companies to the state and promoting the state globally. In a video released in conjunction with her announcement, Gov. Napolitano said Arizona needs to diversify its economic base and raise per capita income. Over the past decade, the state has been overdependent on the residential housing market, which is facing a downfall, Napolitano said.



A recent analysis of key indicators in metropolitan Phoenix conducted by Arizona State University and The Arizona Republic echoes Gov. Napolitano's sentiment. The analysis, called Arizona Indicators, found that Phoenix is losing ground to peer cities in the global economy and experiencing a deteriorating quality of life. Similar cities have reinvented their economies around research and technology, and in order to compete, Phoenix needs to attract more engineers and scientists, retain an educated workforce, and create a sense of urgency among policymakers and business leaders, the analysis states.

 

More information about AERO is available from the governor’s office at www.governor.state.az.us/. For additional information regarding Arizona Indicators, please visit www.asu.edu/indicators/about.htm.