Phoenix, Arizona

==Economy==
{{Main|Economy of Phoenix}}
[[File:Downtown Phoenix Aerial Looking Northeast.jpg|thumb|[[Downtown Phoenix]]]]
Phoenix's early economy focused on agriculture and natural resources, especially the "5Cs" of copper, cattle, climate, cotton, and citrus.<ref name=azsos>{{cite web |url=http://www.azsos.gov/public_services/kids/five_Cs.htm |title=The Five C's – An Arizona History Lesson |publisher=azsos.gov |access-date=February 11, 2014 |url-status=dead |archive-url=https://web.archive.org/web/20140429150023/http://www.azsos.gov/public_services/Kids/five_Cs.htm |archive-date=April 29, 2014 }}</ref> With the opening of the Union Station in 1923, the establishment of the Southern Pacific rail line in 1926, and the creation of Sky Harbor airport in 1928, the city became more easily accessible.{{sfn|VanderMeer|2010|p=44}} The Great Depression affected Phoenix, but Phoenix had a diverse economy and by 1934 the recovery was underway.{{sfn|VanderMeer|2010|p=79}}{{sfn|Luckingham|1995|p=102}} At the conclusion of [[World War II]], the valley's economy surged, as many men who had completed their military training at bases in and around Phoenix returned with their families. The construction industry, spurred on by the city's growth, further expanded with the development of [[Sun City, Arizona|Sun City]]. It became the template for suburban development in post-WWII America,<ref>{{cite journal |title=Levittown: the Archetype for Suburban Development |journal=American History Magazine |date=October 2007}}</ref> and Sun City became the template for retirement communities when it opened in 1960.<ref>{{cite web|url=http://azmemory.azlibrary.gov/cdm/ref/collection/lizearly/id/32 |title=Opening day of first model homes in Sun City |publisher=Arizona State Library, Archives and Public Records |access-date=March 23, 2016 |archive-url=https://web.archive.org/web/20160406163003/http://azmemory.azlibrary.gov/cdm/ref/collection/lizearly/id/32 |archive-date=April 6, 2016 |url-status=dead }}</ref><ref>{{cite magazine |url=http://content.time.com/time/magazine/article/0,9171,896472,00.html |magazine=Time |title=The Family: A Place in the Sun |date=August 3, 1962 |access-date=March 23, 2016 |archive-url=https://web.archive.org/web/20160223044503/http://content.time.com/time/magazine/article/0,9171,896472,00.html |archive-date=February 23, 2016 |url-status=dead }}</ref> The city averaged a four percent annual growth rate over a 40-year period from the mid-1960s to the mid-2000s.<ref name=igg/>

As the [[Subprime mortgage crisis|national financial crisis of 2007–10]] began, construction in Phoenix collapsed and housing prices plunged.<ref>{{cite journal |page=2 |journal=Arizona's Economy |publisher=Eller College of Management |title=Economic Outlook for 2009–2010: Riding Out the Storm |last=Vest |first=Marshall J. |date=January 2009 |issue=Winter}}</ref> Arizona jobs declined by 11.8% from peak to trough; in 2007 Phoenix had 1,918,100 employed individuals, by 2010 that number had shrunk by 226,500 to 1,691,600.<ref>{{cite web|url=http://research.wpcarey.asu.edu/economic-outlook/greater-phoenix-blue-chip/archive/ |publisher=W.P. Carey School of Business |title=Historical Data |access-date=March 20, 2016 |archive-url=https://web.archive.org/web/20160304055223/http://www.history.com/topics/us-states/arizona |archive-date=March 4, 2016 |url-status=dead }}</ref> By the end of 2015, the employment number in Phoenix had risen to 1.97 million, finally regaining its pre-[[Great Recession|recession]] levels,<ref>{{cite news | url=http://www.bizjournals.com/phoenix/news/2016/01/22/arizona-ends-2015-on-strong-job-growth.html | newspaper=Phoenix Business Journal | title=Arizona ends 2015 on strong job growth | first=Eric Jay | last=Toll | date=January 22, 2016 | access-date=March 20, 2016 }}</ref> with job growth occurring across the board.<ref name=BLSJan2016>{{cite web|url=http://www.bls.gov/eag/eag.az_phoenix_msa.htm |title=Phoenix-Mesa-Glendale, AZ |publisher=U.S. Bureau of Labor Statistics |access-date=March 20, 2016 |archive-url=https://web.archive.org/web/20160301233712/http://www.bls.gov/eag/eag.az_phoenix_msa.htm |archive-date=March 1, 2016 |url-status=dead }}</ref>

{{As of|2017}}, the Phoenix MSA had a Gross Domestic Product (GDP) of just under $243 billion. The top five industries were: [[real estate]] ($41.96), [[finance and insurance]] ($19.71), [[manufacturing]] ($19.91), [[retail trade]] ($18.64), and [[health care industry|health care]] ($19.78). Government (including federal, state and local), if it had been a private industry, would have been ranked second on the list, generating $23.37 billion.<ref>{{Cite web|url=https://apps.bea.gov/iTable/iTable.cfm?acrdn=2&isuri=1&reqid=70&step=1#reqid=70&step=10&isuri=1&7003=200&7035=-1&7004=naics&7005=-1&7006=38060&7036=-1&7001=2200&7002=2&7090=70&7007=2014&7093=levels|title=Regional Date GDP and Personal Income for Phoenix-Mesa-Scottsdale, AZ Metropolitan Statisitical Area|year=2017|website=Bureau of Economic Analysis|access-date=October 9, 2019}}</ref>

In Phoenix, real estate developers face few constraints when planning and developing new projects.<ref name="Hudgins">{{Cite news|title = Some Investors Bid High on Phoenix Office Market|url = https://www.wsj.com/articles/some-investors-bid-high-on-phoenix-office-market-1438703866|newspaper = The Wall Street Journal|access-date = November 10, 2015|issn = 0099-9660|first = Matt|last = Hudgins}}</ref>

As of January 2016, 10.5% of the workforce were government employees, a high number because the city is both the county seat and state capital. The civilian labor force was 2,200,900, and the unemployment rate stood at 4.6%.<ref name=BLSJan2016 />

Phoenix is home to four Fortune 500 companies: electronics corporation [[Avnet]],<ref>{{cite web|url=http://metrophoenixinvestmentproperties.listinglab.com/AvnetGlobalHeadquarters/ |title=Avnet Global Headquarters |publisher=Colliers International |access-date=March 20, 2016 |archive-url=https://web.archive.org/web/20160329114137/http://metrophoenixinvestmentproperties.listinglab.com/AvnetGlobalHeadquarters/ |archive-date=March 29, 2016 |url-status=dead }}</ref> mining company [[Freeport-McMoRan]],<ref>{{cite web |url=http://www.fcx.com/company/index.htm |title=Freeport-McMoRan – Who We Are |publisher=fcx.com |access-date=February 11, 2014 |url-status=dead |archive-url=https://web.archive.org/web/20140328105510/http://www.fcx.com/company/index.htm |archive-date=March 28, 2014 }}</ref> retailer [[PetSmart]],<ref>{{cite web |url=http://phx.corporate-ir.net/phoenix.zhtml?c=93506&p=irol-homeprofile |title=PetSmart Company Information |publisher=PetSmart |access-date=February 11, 2014}}</ref> and waste hauler [[Republic Services]].<ref>{{cite web |url=https://money.cnn.com/magazines/fortune/fortune500/2012/states/AZ.html |title=Fortune 500 2012: States: Arizona |publisher=CNN |date=May 21, 2012 |access-date=February 11, 2014}}</ref> [[Honeywell|Honeywell's Aerospace division]] is headquartered in Phoenix, and the valley hosts many of their avionics and mechanical facilities.<ref>{{cite web|url=https://aerospace.honeywell.com/about-us |title=A History Of... Tim Mahoney |publisher=Honeywell Aerospace |access-date=March 20, 2016 |archive-url=https://web.archive.org/web/20160402145941/https://aerospace.honeywell.com/about-us |archive-date=April 2, 2016 |url-status=dead }}</ref> Intel has one of their largest sites in the area, employing about 12,000 employees, the second largest Intel location in the country.<ref>{{cite web |url=http://www.intel.com/content/www/us/en/corporate-responsibility/intel-in-arizona.html |title=Intel in Arizona |publisher=Intel.com |access-date=February 11, 2014}}</ref> The city is also home to the headquarters of [[U-Haul|U-HAUL International]], [[Best Western]], and [[Apollo Group]], parent of the [[University of Phoenix]]. Southwest is the largest carrier at Phoenix's Sky Harbor International Airport. [[Mesa Air Group]], a regional airline group, is headquartered in Phoenix.<ref>{{cite web|url=http://www.mesa-air.com/content.aspx?pageID=16425 |publisher=Mesa Airlines |title=Facts |access-date=March 20, 2016 |archive-url=https://web.archive.org/web/20160307212543/http://www.mesa-air.com/content.aspx?pageID=16425 |archive-date=March 7, 2016 |url-status=dead }}</ref>

The U.S. military has a large presence in Phoenix, with [[Luke Air Force Base]] in the western suburbs. The city was severely affected by the effects of the
sub-prime mortgage crash. However, Phoenix has recovered 83% of the jobs lost
due to the recession.<ref name="Hudgins"/>