Economic council leader says Arizona stands to benefit after virus clears
PHOENIX – Greater Phoenix Economic Council President and CEO Chris Camacho says the first round of the federal payroll protection program kept about 19,000 Arizona small businesses afloat with almost $5 billion in loans.
The coronavirus pandemic has brought much of the Arizona economy to a standstill. Almost 420,000 people have lost jobs since mid-March.
But Camacho says global supply chains that have been disrupted will be reshaped as companies try to set up shop closer to the final demand source.
Camacho says a few weeks weeks ago about 210 global companies were considering investing in Arizona.
About 90% were still considering expanding to Arizona or other states, he added.
That has tailed off by about 40% but Camacho says the council will aggressively pursue those companies over the next several months.
“For example if you have an aircraft parts maker they will want to be closer to where the aircraft is put together,” he said.
“If you’re producing a product the goes straight to consumers you will likely locate near the consumers. Arizona will be well positioned to take advantage of these global supply swings.”
Huge financial losses have been suffered in tourism, retail, manufacturing, bars and restaurants and just about every other sector of the economy.
Thousands of small businesses are struggling to survive as Congress moves closer to another massive payroll protection program, just weeks after passing a $349 billion measure.
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