Despite grim economic news amid COVID-19 pandemic, the future looks relatively bright for Phoenix

PHOENIX - The pandemic has put a lot of people in a predicament, with thousands of people out of work, and hundreds of small businesses that may never bounce back.

Somehow and amazingly, the long-term future for phoenix still looks bright.

The Valley has come along way since its heavy reliance on housing and hospitality, as well as retirement and resorts, to boost the economy. A decision was made decades ago to diversify the economy, so while other cities struggle, Phoenix is still rising.

Construction still happening in Downtown Phoenix

These days, towering cranes dot the skies over Downtow Phoenix, a concrete sign of where the city is now, and where its heading.

"Over the next two and three decades, Phoenix is just going to continue to accelerate and grow, and it’s a tractability with types of companies that want to call Phoenix home," said Christine Mackey Director of Community and Economic Development.

Mackay says Phoenix's economic numbers would impress any city’s balance sheet, with four million square feet currently under construction, $3.5 billion in capital investment, and many new high paying jobs on the horizon.

"Representing 7,000 jobs at over $70,000 a year. There’s no other city that can make a claim that I just made," said Mackey.

Economic struggles remain

However, in the shadow of the cranes, there is currently a real economic struggle.

With fewer workers Downtown and zero entertainment options in the evening, many businesses are at or past the breaking point.

"The offices aren’t back, the traffic is limited, and all the night business to drive people to downtown is no longer in existence, so it’s kind of like we need help," said Ross Simon, owner of Bitter & Twisted.

Simon says they are surviving on takeout and online orders, since the foot traffic has disappeared. He hopes people continue to take pandemic safety precautions, as his business can’t afford to close again.

"We just need to be responsible. There are a lot of people in the same boat. We cannot afford to close down again. We have another one shot to do this and we better get it right," said Simon.