By AZ Business Magazine | AZ Big Media
Greater Maricopa Foreign-Trade Zone No. 277, managed and created by the Greater Maricopa Foreign-Trade Zone Inc (GMFTZ), just completed its second Economic Impact Study in the last 10 years. Elliot Pollock created the first Economic Impact Study in 2016, and it has now been updated for 2021. The results are significantly larger and more impactful than any of the GMFTZ Board would have estimated.
Directly from the updated Economic Impact Report: “This analysis, prepared by Rounds Consulting Group, Inc. (RCG), summarizes the economic and fiscal impacts of the construction activity and ongoing annual operations of businesses located in the Greater Maricopa Foreign Trade Zone from 2011 to 2021 and projections to 2025. Construction within the GMFTZ will yield an estimated 33,852 jobs, $1.7B in wages, $4.8B in economic output, and $319.3M in state 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 annual wages averaging $50,400/job will work in the GMFTZ on a daily basis. The total annual economic output produced by operations will equal $2.4B. Each year, on average, $87.5M in state and local tax revenues will be generated by the day-to-day operations of the GMFTZ.