Chris Lloyd Predicts Increased Economic Growth for Phoenix Area

June 21, 2021

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In a June 18 article for the Phoenix Business Journal, Chris Lloyd detailed expected economic growth for Phoenix and Arizona in general, due to a diversifying economy, migration from California and changes sparked by the pandemic. Lloyd is senior vice president and director of the infrastructure and economic development team at McGuireWoods Consulting and was recently named chairman of the Site Selectors Guild.

Companies seeking new locations or planning to make investments have looked favorable on states that reopened quickly and had consistent rules, according to a study done by the Site Selectors Guild.

“People wanted to come somewhere with the perception of more opportunity, with less restriction on business,” Lloyd said. “A variety of companies, including semiconductor manufacturing, electric vehicles, professional and financial services and back office operations have become more likely to consider Phoenix for a location.”

As companies determine their return to work strategies, Phoenix could be a beneficiary of commercial office operations, as companies headquartered in other major cities look to expand or move.

“Other internal initiatives from companies, like demand for renewable energy and increased focus on diversity and inclusion will also benefit Phoenix, as young talent continues to move to the state and developments like solar power continue to grow,” Lloyd said.