Economic Development Archives - ϳԹ /category/economic-development/ Business is our Beat Wed, 15 May 2024 18:23:55 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.3 /wp-content/uploads/2019/01/cropped-Icon-Full-Color-Blue-BG@2x-32x32.png Economic Development Archives - ϳԹ /category/economic-development/ 32 32 Saint Vincent de Paul cuts ribbon on new temporary housing facility /2024/05/15/saint-vincent-de-paul-cuts-ribbon-on-new-temporary-housing-facility/?utm_source=rss&utm_medium=rss&utm_campaign=saint-vincent-de-paul-cuts-ribbon-on-new-temporary-housing-facility /2024/05/15/saint-vincent-de-paul-cuts-ribbon-on-new-temporary-housing-facility/#respond Wed, 15 May 2024 18:23:53 +0000 /?p=17402 The Society of St. Vincent de Paul recently held a ribbon-cutting ceremony for a new temporary housing facility. The facility will offer accommodations for 100 unhoused seniors, veterans, and adults with disabilities, along with an animal clinic by Midwestern University and a program aimed at assisting transitional housing residents in securing stable employment. “As De […]

The post Saint Vincent de Paul cuts ribbon on new temporary housing facility appeared first on ϳԹ.

]]>

The Society of St. Vincent de Paul recently held a ribbon-cutting ceremony for a new temporary housing facility. The facility will offer accommodations for 100 unhoused seniors, veterans, and adults with disabilities, along with an animal clinic by Midwestern University and a program aimed at assisting transitional housing residents in securing stable employment.

“As De Paul Manor opens its doors, it marks the launch of exceptional services and resources available to our neighbors in need,” said Chuck Carefoot, Ryan Companies southwest region president. “The completion of this project highlights our team and partners dedication to creating a transformative housing facility that will benefit vulnerable individuals and animals in our community.” 

The Workforce Development Program will aid SVdP residents to help acquire the required skills to get stable employment. 

De Paul Manor will offer beds for 100 unhoused veterans, seniors, and adults with disabilities. The newly revamped manor is modeled after Ozanam Manor. Ozanam Manor, located on SVdP’s primary campus, currently offers accommodations for 60 unhoused individuals and has achieved remarkable success, with 98% of its former residents maintaining stable housing and not requiring further homelessness assistance within one year of departure.

The Bob and Marion Auray Companion Animal Clinic will be partnering with Midwestern University to provide services for pets of the homeless or those at-risk. 

The project is being sponsored by the State of Arizona, the City of Phoenix, Maricopa County, and private donations. Ryan Companies Inc., is the general contractor for the project. 

About St. Vincent de Paul

The Society of St. Vincent de Paul is a global nonprofit committed to assisting those in need and fostering community engagement. is the largest SVdP branch nationwide, established in 1946 to provide essential support to families across central and northern Arizona through food, clothing, shelter, and healthcare services. Their network includes over 80 local food pantries, five dining rooms, transitional shelters, a homeless resource center, bill assistance, homelessness prevention initiatives, and a charity clinic offering medical, dental, and wellness services to the uninsured.

Housing 2025

The new transitional housing structure is part of SVdP’s , which aims to permanently house 2,025 homeless individuals by 2025. Since launching this initiative in October 2022, the non-profit has successfully provided permanent housing for 1,771 individuals through its transitional housing initiatives.

“This is our moment to do our part to help some of our most vulnerable neighbors during a critical time by expanding on a model of transitional housing with proven success,” said Shannon Clancy, SVdP’s Rob & Melani Walton Endowed CEO. “Our unhoused seniors, veterans, and neighbors with disabilities deserve greater access to a housing program as dignified and loving as Ozanam Manor—a place to help them find a home, and a support system with wraparound care that ensures their long-term housing success.”

The post Saint Vincent de Paul cuts ribbon on new temporary housing facility appeared first on ϳԹ.

]]>
/2024/05/15/saint-vincent-de-paul-cuts-ribbon-on-new-temporary-housing-facility/feed/ 0
Fortescue aims to boost U.S. green energy production with new hydrogen facility in Buckeye /2024/05/12/fortescue-aims-to-boost-u-s-green-energy-production-with-new-hydrogen-facility-in-buckeye/?utm_source=rss&utm_medium=rss&utm_campaign=fortescue-aims-to-boost-u-s-green-energy-production-with-new-hydrogen-facility-in-buckeye /2024/05/12/fortescue-aims-to-boost-u-s-green-energy-production-with-new-hydrogen-facility-in-buckeye/#respond Sun, 12 May 2024 18:27:43 +0000 /?p=17396 Fortescue, a global leader in green energy, recently announced the official launch of its first U.S. green hydrogen production facility, Arizona Hydrogen, in Buckeye, Arizona. Fortescue Executive Chair and Founder Dr. Andrew Forrest AO, along with state, local, and tribal leaders, were on-site recently to celebrate the significant milestone, which included a soil turn ceremony […]

The post Fortescue aims to boost U.S. green energy production with new hydrogen facility in Buckeye appeared first on ϳԹ.

]]>

Fortescue, a global leader in green energy, recently announced the official launch of its first U.S. green hydrogen production facility, Arizona Hydrogen, in Buckeye, Arizona.

Fortescue Executive Chair and Founder Dr. Andrew Forrest AO, along with state, local, and tribal leaders, were on-site recently to celebrate the significant milestone, which included a soil turn ceremony and renaming of the facility.

In his remarks, Forrest commended the Biden administration’s efforts in promoting the energy transition but highlighted the need for supportive policies to accelerate progress in green energy initiatives.

“The U.S. has made serious strides in attracting global investment in green hydrogen and decarbonization projects, like Fortescue’s solar and wind-powered Arizona Hydrogen facility,” Forrest said. “Fortescue is unashamedly a first-mover in this space; the world needs us to move quickly.”

Potential speedbumps

But Forrest also expressed concerns about potential regulations that could hinder the industry’s growth and limit economic opportunities. He urged for policies that encourage rather than restrict progress in sustainable energy production.

“There are rules right now under consideration with the Biden Administration that would make already announced projects like this one dramatically more expensive and smaller, resulting in fewer economic opportunities and slower progress on decarbonization,” he said. “I support the Biden administration’s goal to produce hydrogen in a way that prioritizes sustainability, however 45V, in its current form, is a straitjacket on the industry and works against the Biden Administration’s own climate goals.” 

45V is a tax credit created in 2022 following the passage of the (IRA) that incentivizes the production of hydrogen by reducing the tax burden on eligible producers. 

Good news for jobs

According to economic projections from NDP Analytics, the Arizona Hydrogen facility is expected to create significant employment opportunities and economic benefits for the region. 

During its construction phase, the facility could generate up to 2,244 jobs, with potential earnings of $124.2 million in wages. It is anticipated to contribute $187.8 million to Arizona’s GDP and generate $31.7 million in income and sales taxes for state and local governments.

Once operational, Arizona Hydrogen will sustain 40 high-paying jobs directly, with a potential total of 431 direct, indirect, and induced jobs, contributing $29.3 million in wages. The facility is projected to add $59.2 million to Arizona’s GDP annually, along with $9.1 million in income and sales taxes for state and local governments.

Shrinking transportation’s carbon footprint

Arizona Hydrogen’s strategic focus on green hydrogen production aligns with efforts to decarbonize the heavy-duty transportation sector. The facility aims to produce up to 11,000 tons of liquid green hydrogen annually, making significant strides in reducing emissions in the mobility sector.

Governor Stephen Roe Lewis of the Gila River Indian Community and Buckeye Mayor Eric Orsborn expressed enthusiasm for the project’s potential impact on sustainability and economic growth in Arizona.

“In recognizing and honoring the traditional lands of the Akimel O’otham and Pee Posh people, we have a profound connection and shared responsibility as stewards of the earth. Companies like Fortescue are helping to pave the way for a more sustainable and equitable future for our generations to come,” Lewis said.

“Buckeye is happy to welcome Arizona Hydrogen to the Sustainable Valley. Fortescue’s investment in our community helps Buckeye, and the entire state of Arizona, continue to grow efficiently and sustainably for generations to come,” Orsborn said.

Sandra Watson, president and CEO of the Arizona Commerce Authority, echoed these sentiments, highlighting Arizona Hydrogen’s role in strengthening Arizona’s position as a national leader in sustainability and clean energy technologies

The post Fortescue aims to boost U.S. green energy production with new hydrogen facility in Buckeye appeared first on ϳԹ.

]]>
/2024/05/12/fortescue-aims-to-boost-u-s-green-energy-production-with-new-hydrogen-facility-in-buckeye/feed/ 0
New study: Sky Harbor and airport system crank out more than $44 billion in economic output /2024/04/29/new-study-sky-harbor-and-airport-system-crank-out-more-than-44-billion-in-economic-output/?utm_source=rss&utm_medium=rss&utm_campaign=new-study-sky-harbor-and-airport-system-crank-out-more-than-44-billion-in-economic-output /2024/04/29/new-study-sky-harbor-and-airport-system-crank-out-more-than-44-billion-in-economic-output/#respond Mon, 29 Apr 2024 18:40:13 +0000 /?p=17376 The Phoenix Airport system has a positive economic impact of more than $44 billion per year according to a new study from the W.P. Carey School of Business at Arizona State University.  The system, which in addition to Phoenix Sky Harbor includes airports in Deer Valley and Goodyear, supports more 246,000 direct and indirect jobs […]

The post New study: Sky Harbor and airport system crank out more than $44 billion in economic output appeared first on ϳԹ.

]]>

The Phoenix Airport system has a positive economic impact of more than $44 billion per year according to from the W.P. Carey School of Business at Arizona State University. 

The system, which in addition to Phoenix Sky Harbor includes airports in Deer Valley and Goodyear, supports more 246,000 direct and indirect jobs with a payroll of nearly $15 billion annually. 

The study captured data from 2022, when domestic and international travel was still very much in pandemic recovery, and yet the study shows upticks in economic output, worker wages, and visitor spending compared to a previous study in 2016. 

By the numbers 

  • Visitor spending: increased 12% from 2016 to 2022, or $5.8 billion to $6.5 billion.
  • Spending by domestic visitors: An estimated $831 per visitor per trip.
  • Spending by international visitors: $1,002 per visitor per trip.
  • Jobs at Sky Harbor: More than 47,000
  • Domestic destinations from Sky Harbor: More than 120.
  • International destinations from Sky Harbor: 25.

From the Mayor’s Office 

“The Phoenix Airport System is a critical asset to our community and state, and this new study underscores how vital it is to our economy,” Phoenix Mayor Kate Gallego said. “Phoenix is thriving in no small part thanks to our airports, and our continued investment in them creates jobs, supports both local and global businesses, connects Phoenicians to worldwide opportunities, and leaves visitors with a desire to come back to the Valley.” 

From the business community 

  • “Arizona has all the bragging rights when it comes to its flagship international airport,” Arizona ϳԹ of Commerce & Industry president and CEO Danny Seiden said. “It’s modern, convenient, affordable, and offers destinations across the country and around the globe. Sky Harbor and the Phoenix Airport system is an indispensable part of the Arizona economy.” 
  • “As frequent travelers know, we’re so fortunate to call Phoenix Sky Harbor International our home airport. But we’re not the only ones who think so,” Arizona Lodging and Tourism Association President and CEO Kim Sabow said. “In The Wall Street Journal’s of best airports, Sky Harbor landed in the no. 1 slot, and for good reason. With comparatively few delays, great service and amenities, and plenty of destinations, what’s not to like?” 

Bright horizons ahead 

  • During her State of the City address last week, Gallego said Phoenix is in the planning stages for a brand-new terminal.
  • In May, a new nonstop flight between Paris and Phoenix will join London and Frankfurt among the nonstop routes to Europe.

The post New study: Sky Harbor and airport system crank out more than $44 billion in economic output appeared first on ϳԹ.

]]>
/2024/04/29/new-study-sky-harbor-and-airport-system-crank-out-more-than-44-billion-in-economic-output/feed/ 0
Business groups blast FTC decision to ban noncompete agreements /2024/04/24/business-groups-blast-ftc-decision-to-ban-noncompete-agreements/?utm_source=rss&utm_medium=rss&utm_campaign=business-groups-blast-ftc-decision-to-ban-noncompete-agreements /2024/04/24/business-groups-blast-ftc-decision-to-ban-noncompete-agreements/#respond Wed, 24 Apr 2024 19:03:37 +0000 /?p=17374 The Federal Trade Commission on Tuesday voted to ban noncompete agreements. The ban would prohibit new noncompete agreements for every employee and mandate that companies inform both current and former staff that they won’t be enforcing such agreements. Additionally, businesses will be obligated to revoke existing noncompete agreements for the majority of their employees. Senior […]

The post Business groups blast FTC decision to ban noncompete agreements appeared first on ϳԹ.

]]>

The Federal Trade Commission on Tuesday voted to ban noncompete agreements. The ban would prohibit new noncompete agreements for every employee and mandate that companies inform both current and former staff that they won’t be enforcing such agreements. Additionally, businesses will be obligated to revoke existing noncompete agreements for the majority of their employees. Senior level executives’ agreements, however, may remain intact. 

The FTC view

Commission members backing the ban argue that noncompete agreements are unfair for workers. 

“It is so profoundly unfree and unfair for people to be stuck in jobs they want to leave, not because they lacked better alternatives, but because noncompetes preclude another firm from fairly competing for their labor,” FTC Commissioner Rebecca Slaughter (D) said. 

The chairwoman of the FTC argued that the ban will foster new business formation.

“Noncompete clauses keep wages low, suppress new ideas, and rob the American economy of dynamism, including from the more than 8,500 new startups that would be created a year once noncompetes are banned,” said FTC Chair Lina M. Khan. “The FTC’s final rule to ban noncompetes will ensure Americans have the freedom to pursue a new job, start a new business, or bring a new idea to market.”

Businesses strongly disagree

Business groups blasted the rule, arguing that noncompetes are important to the protection of intellectual property and that the FTC lacks the authority even to issue such a ban. 

Bills have been introduced in Congress to reform noncompete agreements, but no authority has been explicitly granted to the FTC. 

Suzanne Clark, president and CEO of the U.S. ϳԹ of Commerce said that the ban is “a blatant power grab that will undermine American businesses’ ability to remain competitive.”

Melissa Holyoak and Andrew Ferguson, two of the agency’s Republican commissioners, echoed these sentiments. 

“We are not a legislature,” Ferguson . “I do not believe we have the power to nullify tens of millions of existing contracts.”

In a press release from the National Association of Manufacturers, the organization that the ban is “Unprecedented and threatens manufacturers’ ability to attract and retain talent. In addition, today’s action puts at risk the security of intellectual property and trade secrets — anathema to an industry that accounts for 53% of all private-sector R&D.” 

The Arizona ϳԹ of Commerce & Industry called it “federal overreach at its finest.”

Read more

Arizona ϳԹ President and CEO Danny Seiden in a column last year when the ban was originally floated by the FTC, said, “The proposed rule stretches the agency’s mission to the point of absurdity and seeks to unilaterally reinterpret the section of the Federal Trade Commission Act on ‘unfair methods of competition,’ never mind what the pesky legislative branch or the 50 states might have to say on the subject.”

The post Business groups blast FTC decision to ban noncompete agreements appeared first on ϳԹ.

]]>
/2024/04/24/business-groups-blast-ftc-decision-to-ban-noncompete-agreements/feed/ 0
How defense firms with a major presence in Arizona are helping Israel  /2024/04/18/how-defense-firms-with-a-major-presence-in-arizona-are-helping-israel/?utm_source=rss&utm_medium=rss&utm_campaign=how-defense-firms-with-a-major-presence-in-arizona-are-helping-israel /2024/04/18/how-defense-firms-with-a-major-presence-in-arizona-are-helping-israel/#respond Thu, 18 Apr 2024 18:55:39 +0000 /?p=17368 As threats of missile attacks persist, Israel is employing cutting-edge technology and sophisticated equipment for its defense. Among these are technologies developed by defense firms operating in Arizona, highlighting the state’s pivotal defense industry.  Arrow  The Arrow system stands out as a premier air defense mechanism against long-range ballistic threats. This high-altitude system is engineered […]

The post How defense firms with a major presence in Arizona are helping Israel  appeared first on ϳԹ.

]]>

As threats of missile attacks persist, Israel is employing cutting-edge technology and sophisticated equipment for its defense. Among these are technologies developed by defense firms operating in Arizona, highlighting the state’s pivotal defense industry. 

Arrow 

The Arrow system stands out as a premier air defense mechanism against long-range ballistic threats. This high-altitude system is engineered to intercept ballistic missiles outside the Earth’s atmosphere. The Arrow operates through a kinetic kill vehicle, which destroys incoming missiles upon direct contact, thus neutralizing any threat before it can reach its intended target. 

The Arrow system is a joint effort between Israel Aerospace Industries and Boeing. The latter, with operations in Arizona, specifically contributes to the production of the Arrow’s interceptors. Boeing’s expertise in aerospace technologies enhances the efficacy of the Arrow system, providing a significant defense against missile attacks. 

Apache 

Aside from its involvement in the Arrow system, Boeing has a notable presence in supplying equipment to the Israel Defense Forces (IDF). Boeing’s Arizona operations are integral in supplying platforms like the AH-64 Apache helicopter to Israel. 

With Boeing’s manufacturing and innovation hubs located in Arizona, the state serves as a vital nexus in the production of these defense systems. 

David’s Sling 

David’s Sling was developed jointly by Rafael Advanced Defense Systems, an Israeli firm, and Raytheon Technologies, an American company. This form of defense is designed to intercept enemy missiles and rockets, particularly those targeting mid- to long-range. 

Unlike the Arrow, David’s Sling deals with threats such as tactical ballistic missiles, medium- to long-range rockets, and cruise missiles. 

Raytheon has a big presence in Arizona, particularly in Tucson where it’s the city’s largest private employer and where advanced missile systems are designed and manufactured. This presence boosts local economies and plays a critical role in the development of defense technologies that are important on a global scale. 

Some other advanced technologies developed in Arizona used by Israel include night vision equipment from Litton Systems and micro-processing products from White Microelectronics. 

These partnerships are facilitated by Arizona’s strategic initiatives, such as the trade office opened in Israel in 2019 and are bolstered by funding from collaborations like the Binational Industrial Research and Development Foundation (BIRD). These partnerships enhance military and defense capabilities, while also stimulating economic growth by creating jobs and fostering technological advancements in both regions.

The post How defense firms with a major presence in Arizona are helping Israel  appeared first on ϳԹ.

]]>
/2024/04/18/how-defense-firms-with-a-major-presence-in-arizona-are-helping-israel/feed/ 0
State Legislature returns to Capitol Wednesday with budget and agency continuations on to-do list /2024/04/10/state-legislature-returns-to-capitol-wednesday-with-budget-and-agency-continuations-on-to-do-list/?utm_source=rss&utm_medium=rss&utm_campaign=state-legislature-returns-to-capitol-wednesday-with-budget-and-agency-continuations-on-to-do-list /2024/04/10/state-legislature-returns-to-capitol-wednesday-with-budget-and-agency-continuations-on-to-do-list/#respond Wed, 10 Apr 2024 19:17:46 +0000 /?p=17351 With regular committee hearings now wrapped up for the legislative session, the state Legislature returned to the Capitol Wednesday under a one-day-a-week schedule. The House and Senate will conduct floor sessions to determine the fate of bills that have made their way through the committee process in both chambers, deciding whether to send them to […]

The post State Legislature returns to Capitol Wednesday with budget and agency continuations on to-do list appeared first on ϳԹ.

]]>

With regular committee hearings now wrapped up for the legislative session, the state Legislature returned to the Capitol Wednesday under a one-day-a-week schedule.

The House and Senate will conduct floor sessions to determine the fate of bills that have made their way through the committee process in both chambers, deciding whether to send them to the governor to be signed or vetoed. 

State budget 

The big remaining item on the to-do list is to hash out a fiscal year 2025 state budget amid a projected significant shortfall. The last Finance Advisory Committee report projected a combined fiscal year 2024 and fiscal year 2025 shortfall of $1.7 billion, although lawmakers will receive new FAC projections later today.

The budget picture means that legislators who are backing bills with big spending implications are facing major headwinds, as legislative leaders are looking to cut spending to bring the budget into balance. 

Bills that have been tagged as “money bills” – meaning they would add new spending – are stalled in each chamber’s Rules Committee and won’t move to a floor vote unless they are folded into the multi-bill package that compromises the state budget.  

Agency continuations 

Also left for the Legislature to address are agency continuations. 

The Legislature periodically reviews whether to renew state agencies or to shutter them. The process involves assessing agency audits performed by the state auditor general and considering recommendations from oversight committees known as committees of reference that take testimony from the auditor general and agency officials. 

This year’s major continuation involves the Arizona Commerce Authority.

The state House of Representatives Appropriations Committee last month voted to extend the Arizona Commerce Authority for an additional five years.

That bill now awaits consideration by the full House. If passed, it would have to return to the Senate for a final vote of that chamber.

The ACA continuation is strongly supported by a broad coalition of the business community.

The post State Legislature returns to Capitol Wednesday with budget and agency continuations on to-do list appeared first on ϳԹ.

]]>
/2024/04/10/state-legislature-returns-to-capitol-wednesday-with-budget-and-agency-continuations-on-to-do-list/feed/ 0
March Madness brings big tourism win to Arizona /2024/04/08/march-madness-brings-big-tourism-win-to-arizona/?utm_source=rss&utm_medium=rss&utm_campaign=march-madness-brings-big-tourism-win-to-arizona /2024/04/08/march-madness-brings-big-tourism-win-to-arizona/#respond Mon, 08 Apr 2024 18:14:20 +0000 /?p=17342 Monday night’s NCAA Men’s Basketball Final Four championship game in Glendale marks the culmination of a whirlwind four days of events in the greater Phoenix area that will deliver an estimated $250 million-$300 million positive economic impact according to a new report from the Common Sense Institute.  This is the second NCAA Men’s Final Four […]

The post March Madness brings big tourism win to Arizona appeared first on ϳԹ.

]]>

Monday night’s NCAA Men’s Basketball Final Four championship game in Glendale marks the culmination of a whirlwind four days of events in the greater Phoenix area that will deliver an estimated $250 million-$300 million positive economic impact according to a from the Common Sense Institute. 

This is the second NCAA Men’s Final Four held in Arizona, solidifying the state’s place as a major destination for sports tourism and events like the Super Bowl, the Waste Management Open, and various golf, fencing, and other major championships. Thanks to the Diamondbacks, Phoenix has also hosted World Series games. 

“Hosting the NCAA Men’s Final Four is a monumental task that requires the cooperation of countless stakeholders, from local businesses to government agencies,” Arizona Lodging & Tourism Association President and CEO Kim Sabow said. “This year’s tournament is not only showcasing Arizona’s world-class facilities and hospitality but is also reinforcing the state’s reputation as a premier destination for major sporting events.” 

Key findings from the report include: 

  • $250-$300M: Estimated combined economic impact of activity at Arizona’s four days of Final Four events.
  • $20 billion: Contribution of the combined Sports and Tourism sector to Arizona’s Real Gross Domestic Product in 2024 (+8.6% year-over-year).
  • $12.7 billion: Estimated direct sales by Arizona’s hotels, casinos, sports and other professional performance venues, and other components of the state’s Sports and Tourism sector in 2024.
  • 320,000: Number of people directly and indirectly employed by Arizona’s Sports and Tourism sector, or 10% of the state’s total workforce.
  • 3.5%: Projected average annual growth rate of the sector over the next decade

Big visitor numbers

The average attendance at the Final Four games between 2010 and 2019 is 72,733. Attendance has been recovering slowly since 2020. In 2022, average attendance per-game was 69,800, and in 2023 attendance was 72,400. 

The average attendance for a concert at State Farm Stadium over the same period has been about 52,000, which means basketball over these last few days will have delivered an additional 20,000 more fans to Glendale to eat and drink at restaurants, shop, and spend money on recreational activities before and after the main event. 

CSI estimates that 150,000 people will attend the Men’s Final Four and surrounding events in Phoenix over three-and-a-half days beginning April 6th, with 58,500 (39%) of those attendees visiting from out of state. 

Given historical average expenditure data, these visitors spend:

  • $73 million on hotels and lodging in Phoenix
  • $12.9 million on meals
  • $2.4 million on drinks
  • $29.6 million on transportation and airfare
  • $43.7 million on game tickets over the course of the event weekend

“The NCAA Final Four is a catalyst for economic opportunity,” said Kamryn Brunner, research analyst at CSI Arizona. “Our findings are once again showing the vital role that sports and tourism play in Arizona’s economy, contributing billions in GDP and supporting thousands of jobs across the state.” 

CSI estimates that this new spending will result in approximately $15 million in new sales tax revenue for state and local jurisdictions. 

The Purdue Boilermakers and the University of Connecticut Huskies, both no. 1 seeds, tip off at 6:20 pm tonight at State Farm Stadium.

The post March Madness brings big tourism win to Arizona appeared first on ϳԹ.

]]>
/2024/04/08/march-madness-brings-big-tourism-win-to-arizona/feed/ 0
American manufacturing booms, but talent shortage brews /2024/04/04/american-manufacturing-booms-but-talent-shortage-brews/?utm_source=rss&utm_medium=rss&utm_campaign=american-manufacturing-booms-but-talent-shortage-brews /2024/04/04/american-manufacturing-booms-but-talent-shortage-brews/#respond Thu, 04 Apr 2024 17:07:05 +0000 /?p=17339 A new report jointly released by The Manufacturing Institute, the 501(c)3 nonprofit workforce development and education affiliate of the National Association of Manufacturers, and Deloitte, a top global consulting firm, highlights manufacturers’ concern that there is a shortage of potential candidates applying for critical jobs in the industry.  Analyzing data made available by the U.S. […]

The post American manufacturing booms, but talent shortage brews appeared first on ϳԹ.

]]>

A jointly released by The Manufacturing Institute, the 501(c)3 nonprofit workforce development and education affiliate of the National Association of Manufacturers, and Deloitte, a top global consulting firm, highlights manufacturers’ concern that there is a shortage of potential candidates applying for critical jobs in the industry. 

Analyzing data made available by the U.S. Bureau of Labor Statistics and estimates of private investments from , the report’s authors calculate that 3.8 million American manufacturing jobs will be created between now and 2033. Nearly two million of these jobs could remain vacant because of a skills gap.

“Pandemic-driven shifts have already created hundreds of thousands of new jobs, and now we are seeing increased demand for digital skills that need to be met or risk further widening of the talent gap,” Manufacturing Institute President and Executive Director Carolyn Lee said .

These modern manufacturing jobs don’t necessarily resemble the iconic assembly lines of post-World War II America. Instead, many of these positions require more advanced skills, stretching beyond basic manual labor. 

“A combination of digital skills, soft skills, and high-level technical skills show the fastest compound annual growth rates in manufacturing between 2019 and 2023,” according to the report. In order for workers to acquire many of these skills, they need to undergo training or particular educational programs.

Despite this challenge, manufacturers believe that much of the talent gap can be filled through partnerships with and investments in technical colleges, industry associations, universities, and other similarly situated organizations. 

The report’s authors advise policymakers, business owners, and advocates to “look beyond the traditional talent pipeline… partnering with a variety of organizations to engage groups that may have unique barriers to entering or re-entering the workforce.”

“This report is another important reminder of how a state’s talent pipeline is essential to its manufacturing sector competitiveness,” Arizona Manufacturers Council Executive Director Grace Appelbe said. “We regularly hear from manufacturing job creators about their struggles to fill important jobs. We’ll continue to bring together manufacturers and policymakers to ensure we’re making the right moves at the K-12 and higher education levels so that students are ready for fulfilling careers in manufacturing.”

Arizona stands out nationally as a beneficiary of the manufacturing sector’s growth. A from real estate research firm Newmark released earlier this year found that Metro Phoenix is the country’s top market for manufacturing job growth. 

Joe Pitts is a native Arizonan currently working in the public policy space. He formerly served as program director at the Arizona ϳԹ Foundation.

The post American manufacturing booms, but talent shortage brews appeared first on ϳԹ.

]]>
/2024/04/04/american-manufacturing-booms-but-talent-shortage-brews/feed/ 0
Hydrogen producers warn against new guidance on 45V tax credit /2024/04/02/hydrogen-producers-warn-against-new-guidance-on-45v-tax-credit/?utm_source=rss&utm_medium=rss&utm_campaign=hydrogen-producers-warn-against-new-guidance-on-45v-tax-credit /2024/04/02/hydrogen-producers-warn-against-new-guidance-on-45v-tax-credit/#respond Tue, 02 Apr 2024 18:15:51 +0000 /?p=17332 Hydrogen energy producers are sounding the alarm after the federal government released new guidance on the implementation of the 45V tax credit. The credit, created in 2022 following the passage of the Inflation Reduction Act (IRA), incentivizes the production of hydrogen by reducing the tax burden on eligible producers.  The credit was crafted and signed […]

The post Hydrogen producers warn against new guidance on 45V tax credit appeared first on ϳԹ.

]]>

Hydrogen energy producers are sounding the alarm after the federal government released new guidance on the implementation of the 45V tax credit. The credit, created in 2022 following the passage of the (IRA), incentivizes the production of hydrogen by reducing the tax burden on eligible producers. 

The credit was crafted and signed into law with the express intent of reducing greenhouse gas emissions and supporting American industry through the scaling up of domestic hydrogen production. Producers warn, however, that its implementation could very well be derailed by counterproductive rulemaking. 

Earlier this year, the U.S. Treasury and the IRS released draft guidance on how the credit will be administered and which producers will be eligible to utilize it. The guidance stretches beyond the letter of the law, excluding large components of the hydrogen production community from benefiting from 45V. By establishing “three pillars” — deliverability, temporal matching, and incrementality requirements — the new rules would preclude certain producers from receiving the credit.

“The 45V credit is technology neutral and accessible to project sponsors regardless of their particular hydrogen production pathway as long as they meet certain carbon emissivity requirements,” Sen. Shelley Moore Capito, R-W.V., ranking member of the Senate’s Environment and Public Works Committee, , “However, the requirements of the IRS guidance preclude certain means of hydrogen production from qualifying for the credit.”

One major source of hydrogen precluded from receiving the credit under these new rules is “blue” hydrogen, which is produced from natural gas and paired with carbon capture technology. Hydrogen hubs, established by a $7 billion investment from the , rely on this production pathway.

The dispute is part of a broader trend. Since taking office, the Biden administration has prioritized a transition to clean energy production, with a focus on domestic production. Some of its policies — such as the IRA and the — have been seemingly conducive to that end. But when it comes down to implementation, the administration has instituted new regulatory barriers, often erecting and supporting policies which undermine its economic development goals.

Excessive labor regulations have contributed to in the construction of chip manufacturing facilities, onerous federal permitting laws have new mining operations, and now, new guidance threatens to dampen the impact of 45V.

Here, argue hydrogen production proponents, Biden has a chance to actualize his commitment to producing more clean domestic energy. 

Time will tell if his administration chooses to reverse course and amend its guidance.

Joe Pitts is a native Arizonan currently working in the public policy space. He formerly served as program director at the Arizona ϳԹ Foundation.

Photo Matti Blume

The post Hydrogen producers warn against new guidance on 45V tax credit appeared first on ϳԹ.

]]>
/2024/04/02/hydrogen-producers-warn-against-new-guidance-on-45v-tax-credit/feed/ 0
Business groups urge Senate action on federal tax bill, but chances appear bleak /2024/04/01/business-groups-urge-senate-action-on-federal-tax-bill-but-chances-appear-bleak/?utm_source=rss&utm_medium=rss&utm_campaign=business-groups-urge-senate-action-on-federal-tax-bill-but-chances-appear-bleak /2024/04/01/business-groups-urge-senate-action-on-federal-tax-bill-but-chances-appear-bleak/#respond Mon, 01 Apr 2024 16:55:07 +0000 /?p=17329 The House on January 31 passed the Tax Relief For American Families And Workers Act, 357-70.Despite its broad, bipartisan support, the bill to extend and enhance several elements of the tax code, many of which are important to America’s businesses, is stalled in the Senate, prompting a call for action from national business groups like […]

The post Business groups urge Senate action on federal tax bill, but chances appear bleak appeared first on ϳԹ.

]]>

The House on January 31 passed the Tax Relief For American Families And Workers Act, 357-70.Despite its broad, bipartisan support, the bill to extend and enhance several elements of the tax code, many of which are important to America’s businesses, is stalled in the Senate, prompting a call for action from national business groups like the National Association of Manufacturers.

The NAM released a campaign last week urging the Senate to take action on the bill.

“Vital tax provisions are expiring, harming our ability to compete globally and invest in new factories and equipment,” the ad says. “The House has done its job and restored these provisions with overwhelming support. The Senate needs to act now.”

The U.S. ϳԹ of Commerce it would include the bill on the group’s congressional scorecard, which helps determine campaign endorsements. 

Tax reforms for families and business

  • Modifies the calculation of the refundable portion of the child tax credit for 2023-2025.
  • Increases the maximum refundable amount per child to $1,800 in 2023, $1,900 in 2024, and $2,000 in 2025.
  • Allows taxpayers to elect to use prior year earned income for the earned income tax credit in 2024 and 2025.
  • Allows taxpayers to delay deducting domestic research costs over a five-year period until 2026.
  • Extends depreciation, amortization, or depletion allowances for determining the business interest deduction.
  • Extends 100% bonus depreciation and increases limitations on expensing depreciable business assets.

Opposition from GOP

The enhanced child tax credit provisions have bogged down negotiations in the Senate, where Sen. Mike Crapo, R-Idaho, the ranking member on the Senate Finance Committee, says he wants significant amendments.

“While my concerns with the bill may be frustrating to some, they should not be surprising.I remain concerned the CTC provisions undermine the work requirement and represent a significant shift – described by some Democrats as a down payment – to transform the CTC from primarily working family tax relief into a government subsidy,” Crapo .

Only nine Republican votes would be necessary to prevent a filibuster and bring the bill to a vote, but so far most GOP senators are aligned with Crapo. Only Sen. Todd Young, R-Ind., has his colleagues to move the bill forward.

Senate Majority Leader Chuck Schumer, D-N.Y., has already passed a to get the ball rolling, however without assurances he can secure the 60-vote threshold to overcome a filibuster, he’s unlikely to put the bill on the floor.

Maybe next year?

Part of Crapo and Republicans’ calculus includes their expectation that they’ll control the Senate next year and will be able to extract a better deal than what passed the House.

The post Business groups urge Senate action on federal tax bill, but chances appear bleak appeared first on ϳԹ.

]]>
/2024/04/01/business-groups-urge-senate-action-on-federal-tax-bill-but-chances-appear-bleak/feed/ 0