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TEMPE, Ariz. - Many cities have struggled post-pandemic. And, with talk of a looming recession, it's not always easy.
But, Tempe is booming.
Why?
Tech is growing rapidly – but so are restaurants, retail, and hospitality – in Tempe. They all continue seeing growth.
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"We have a lot of corporate offices along Rio Salado. So, you’ve got a lot of larger players like Caravana, State Farm, and Open Door. We still have a decent amount of health care. There’s financial tech that’s growing as well, manufacturing is still a pretty good space," said Colin Diaz, president, and CEO of the Tempe Chamber of Commerce.
Diaz says new businesses tend to shy away from college towns, making Tempe, home to ASU, quite unique.
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Tempe continues seeing growth in many industries
"I always ask the businesses a question. What keeps them up at night? It’s oftentimes finding and retaining a qualified workforce," he said.
That's where Arizona State University and Rio Salado College step in by providing an educated workforce.
Oftentimes, those students stick around after they graduate.
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On the university's campus in downtown Tempe, a massive project is under construction.
The Novus Innovation Corridor.
"It creates that place for the university to collaborate with the rest of the world," said Morgan Olsen Chief Financial Officer at ASU.
A mixed-use complex with a couple of phases already open, it's giving students and Tempe residents places to work, eat, and play. The economic investment will likely pay off for the university and the city.
"Over the full course of development here at Novus, we’re going to add about 40,000 permanent jobs for people in the Valley and have an economic impact approaching $2 billion annually. So, it’s a big deal, Olsen said.
Developers from across the country and small business owners are choosing Tempe as their new home with a growing list of new ones opening.
"We’re just excited to see the growth," Diaz said. "They have the footprint of the past but also the vision for the future."