Economics plus Growth for Tempe City

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Economics + Growth for Tempe City

The element of economic development is very critical in the development of the city of Tempe in the sense that it has enabled the city develop a strong industrial, commercial, office, and retail economy. The city has a dynamic atmosphere that attracts very talented people from around all regions to work in major development areas such as bio-industry, technology and software, advanced business services, and aerospace. The city has also managed to attract retail developments such as value oriented malls, autoplex, boutiques, electronics stores, large scale grocery, and other successful shops. New development opportunities for the future are also provided by the city’s proactive development in downtown and the Tempe Town Lake. Tempe is a very strategic city in the greater phoenix area that competes or for new development opportunities and business adventures nationally, regionally, and globally. The element of economic development enables the city to identify new strategies for effective competitiveness by identifying new and diverse opportunities. This ensures that the city attains its goals and objectives and at the same time improves the lives of all residents in the city. This was witnessed in the year 2001 when so many opportunities and vacancies for employment opened up in various sectors of the economy.

It has some features that make it have a competitive advantage in development over other cities in the region. For example, it is recognized as a “Tech Oasis”, which implies that it has a number of technology oriented companies giving it the opportunity to develop at a faster rate than the rest of the cities in the region. Arizona State University is also located in the community thereby offering proper education to the residents in the region. In addition to that, there is also the Phoenix Sky International Airport and extensive freeway connections, which are very vital factors in the city’s growth and economic development. However, the city has in the past experienced retail leakages to other neighboring communities and cities, thereby leading to a reduction in the number vacancies available in the offices and industrial markets. This has caused great concern for the long term viability of the city’s economic growth and development. In addition to that, business consolidations are unavoidable and very common in today’s evolving and fast moving economy. This calls for the need of a very detailed and elaborate development strategies that that can propel the city to higher economic growth in context of its goals and objectives.

One of the major ways of coping with the dynamic and evolving global economy is to strengthen the relationship or the connection between Arizona State University and the Tempe business operations and industries. This would ensure that the individuals that come out of the the University have the right knowledge and skills to fit in the job market and at the same time undergo training or education that would not become irrelevant in the market after short period of time. The city has also demonstrated itself as a national destination for the tourism sector. This ensures that the city develops by use of proceeds from the tourism sector to develop the economy.

The major objective of the element of Economic Development is to stimulate a diversified, sustainable, and a vibrant economy, while at the same time preserving the City’s vision and values. The element has enabled the city develop an improved business climate in the local region that would ensure private business investment, thereby giving all residents in the region the power and the opportunity to develop on their own. When individuals in the city are empowered to open their private business, there would be increased tax base for the city thereby fostering its growth and economic development.

Economic development element has a goal of promoting a sustained improvement in the living standards and the increased quality of life among all residents in the city. When all residents in the region have an improved lifestyle, there would also be increased revenue to the City through taxation. This only has an implication of improved economic growth in the city. The city of Tempe has strived so much to remain flexible in the dynamic regional, national, and global economic environment. It has managed to achieve this goal by attracting employers and businesses that would offer flexible and modern job opportunities to residents in the region. It has also strived to ensure that businesses and employers pay high wages to the employees in order to attract competent and skilled workers that would offer relevant and flexible services that would fit in the ever changing economic environment.

For Economic Development element to be effective, the City of Tempe has designed strategies that would ensure long term and viable economic growth. Some of the strategies set up by Tempe include setting up of a proactive business retention programme and at the same time recruit and retain a diverse retail base. The other strategy is to use an incentive policy that targets quality companies that have significant impact on economic growth and at the same time ensuring that living costs are not increased for the residents. Cultural, recreational, and educational opportunities are very important in the realization of a well balanced community and economic growth that impacts positively to the quality of life. The element of economic growth also seeks to ensure that the economy is diversified in the sense that the industries are able to produce a variety of product and at the same time be able to pursue the emerging industries.

Tempe City needs to streamline its processes for redevelopment and development by coordinating community development and zoning. There is also the need to permit the processes in order to create a seamless path for easier economic growth. The other important strategy adopted by Tempe for economic growth is the aspect of retaining citizen involvement in redevelopment and development plans so that a variety of skills are obtained in the development process. New business and industries also need to be attracted into the region in order to encourage local investment. This would lead to significant economic growth since an economy that invests is likely to achieve high levels of economic growth. The City has also tried to set up development policies that guide all the activities in the city. This ensures that all private businesses observe the existing rules and regulations governing the operations in the region. This is very vital in the sense that it enables the city achieve its goals and objectives since a law abiding industry has high likelihood of recording high growth and development.

The Economic Development Element is closely related to cost development element because for an industry to grow, there is need for the assessment of all the costs incurred during the growth process. However, economic development for Tempe City can only be achieved by carrying out serious analysis on the methods that are comparatively cost effective in order to achieve a viable and sustainable economic growth. This involves identifying the policies and the strategies for the developers in paying for public infrastructure and the services required for new developments. Tempe city is advantaged in the sense that it is land locked and there is low cost incurred in the development of infrastructure, which is very vital for economic development.