PHX Reporter

Phoenix's changing landscape is relying less on construction and more on biosciences and health care industries.

Between July 2019 and July 2021, Phoenix is expected to see $3.5 billion in new capital investments in these sectors, resulting in 7,000 new jobs and 4.4 million square feet of building expansions.

"It puts us in a much better position for economic recovery," Christine Mackay, community and economic development director for the City of Phoenix, said according to the Arizona Republic. "Health care and biosciences areas recession-proof as they can be. People always need health care. Technology is always moving forward."

These industries have not been hit as hard by the pandemic. Throughout the pandemic, at the height of unemployment, the bioscience sector was adding jobs.

In recruiting new companies to the area, the city offers incentives through the Arizona Competes Fund which gives up to $9,000 in tax credits for each new job created. Tax credits are also offered for research and development endeavors and building manufacturing facilities.

Some of the city's expansion projects include the Mayo Clinic's new 1.6 million-square-foot hospital and a downtown innovation center.