The Grand Maricopa Foreign Trade Zone No. 277, managed and created by the Greater Maricopa Foreign-Trade Zone Inc (GMFTZ), has just completed its second economic impact study in the past 10 years. Elliot Pollock created the first Economic Impact Study in 2016, and it has now been updated for 2021. The results are significantly bigger and more impactful than any GMFTZ board would have estimated.
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Directly from the updated Economic Impact Report: âThis analysis, prepared by Rounds Consulting Group, Inc. (RCG), summarizes the economic and fiscal impacts of construction activity and the ongoing annual operations of companies located in the Grand Maricopa foreign trade zone from 2011 until 2021 and projections until 2025. Construction within the GMFTZ will generate around 33,852 jobs, 1.7 billion dollars in wages, 4.8 billion dollars in economic output and 319.3 million dollars in national and local tax revenues over the 14-year construction period.
Once construction is complete and all businesses are fully operational, a total employment impact of 14,716 jobs, with an average annual salary of $ 50,400 / job, will operate daily in the GMFTZ. The total annual economic output produced by the operations will be equivalent to $ 2.4 billion. Each year, on average, $ 87.5 million in state and local tax revenue will be generated through the day-to-day operations of the GMFTZ.
Graphically, these incredible numbers are captured below:
Diane McCarthy, president of GMFTZ, is exuberant about these findings: âWe expected an impact of almost $ 1.5 billion each year since the incredible growth of the foreign trade zone over the past five years. , but we never expected it to increase. at this level. I take my hat off to our board of directors and our consultants. We appreciate the tenacity and acceptance GMFTZ has received from the Arizona Commerce Authority (ACA), the Greater Phoenix Economic Council (GPEC) and the site selection community for taking advantage of the true benefits of this FTZ. The results for our cities, schools and infrastructure have been overwhelming. Over $ 87 million in new taxes per year is a huge contribution.
Art Othon, vice president and founding member of the board of directors that oversees the area, said: âUs. has always known that as a job creator and investment engine for the West Valley, the FTA was the perfect economic development tool to have in our collective toolbox. Now, seeing the results after more than 10 years of effort is truly rewarding for those of us who have been in The Zone from the start. I am excited to see what the next 10 years will bring!
Visit www.gmftz.org to learn more.