Uber, Yelp (YELP), Zenefits and Weebly are a few of the Silicon Valley area companies that are looking east to Phoenix, Arizona for growth. ‘Phoenix is quickly become the epicenter for California expansions,’ explained Chris Camacho, president and CEO of the Greater Phoenix Economic Council. ‘Today we have 300 companies that are actively evaluating metro Phoenix.’ Camacho said cost is one factor behind the expansions. ‘The idea of these California companies is finding a secondary location to optimize their cost position and get a return on cost of capital for their investors,’ he said. ‘Ultimately the metro Phoenix market has been a great landing spot for a lot of these companies in that again, all of them are trying to enhance revenue, improve EBIDTA, and Arizona is a great position to be in when you have about 40% lower cost of operations and at the same time you’re accessing a top quality labor force.’ Phoenix is trying to attract more companies with a new business strategy known as Velocity, which seeks to strengthen the economy by creating high paying jobs that focus on innovation and technology.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
