Arizona is expected to see a strong economic recovery in 2024, with Gross Domestic Product (GDP) growth of 3.8%, according to the latest forecast from the Arizona Consensus Economic Forecast Panel. This growth rate would outpace the national average of 3.5%. The panel’s forecast is based on a survey of 25 Arizona economists. The economists cited several factors that are expected to contribute to Arizona’s strong economic growth, including the state’s growing population, increasing tourism, and expanding aerospace and technology industries.
Arizona legislature passes tax cut for businesses
The Arizona legislature has passed a bill that will cut taxes for businesses by $1.2 billion over the next five years. The bill was supported by Republicans and Democrats alike. The bill will reduce the state’s corporate income tax rate from 4.9% to 4.5%, and it will also provide tax breaks for businesses that invest in Arizona. The governor is expected to sign the bill into law.
Phoenix Sky Harbor Airport to receive $7.3 billion in federal funding
Phoenix Sky Harbor International Airport will receive $7.3 billion in federal funding over the next five years. The funding will be used to improve the airport’s infrastructure and to expand its capacity. The funding is part of the Infrastructure Investment and Jobs Act, which was signed into law by President Biden in November 2021.
Arizona to receive $2 billion in funding for semiconductor manufacturing
Arizona is expected to receive $2 billion in funding from the federal government to support the development of semiconductor manufacturing in the state. The funding is part of the CHIPS and Science Act, which was signed into law by President Biden in August 2022. The funding will be used to build new semiconductor plants and to expand existing plants in Arizona.
Arizona to host major aerospace conference
Arizona will host the International Aerospace and Defense Symposium (IADS) in 2024. The IADS is one of the world’s largest aerospace and defense conferences. The conference is expected to attract over 10,000 attendees from around the world.
Arizona to become a major hub for electric vehicle manufacturing
Arizona is expected to become a major hub for electric vehicle (EV) manufacturing. Several EV manufacturers, including Lucid Motors and Nikola Corporation, have announced plans to build manufacturing plants in Arizona. The state is also home to a growing number of EV suppliers.
These are just a few of the top Arizona business news stories for today. Arizona is a state with a strong and growing economy. The state is home to a diverse range of businesses, and it is a major hub for innovation.
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