PHOENIX — The Greater Phoenix Chamber of Commerce, City of Phoenix and local businesses are planning to put $1.5 million in order to implement the Phoenix Forward business plan, according to The Phoenix Business Journal.
The move, which was announced Wednesday, will aim to establish a “grow your own economy” approach by growing existing businesses. Officials believe the vast majority of Valley jobs will spring from this approach.
Chamber Vice President of Economic Development Jennifer Mellor said more than 80 percent of new job growth will come from existing businesses.
“The chamber now has a team of five in place with the sole responsibility of helping grow and retain existing businesses,” she said.
Phoenix has been struggling at a 3 percent annual growth rate, nearly half the previous post-recession increases.
Phoenix Forward is exclusively designed to retain and expand businesses and will use the $1.5 million to fund the new economic development staff and grow the existing economy.
The program, which was given a year to raise the funds, met its goal in seven months.