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FY24 Tactics
Goal 1: Lead an ambitious shared vision for the region’s economic future
FY24 Tactics
FY24 Tactics
FY24 Tactics
Strategy #1
Strategy #2
Strategy #3
Convene the community to
articulate a vision for the region’s
future and inspire action around
key economic imperatives
Drive conversations around policy priorities
that enhance the pillars of an innovation
economy such as infrastructure, education
and workforce development, smart and agile
land use, and a capital-friendly environment
Be a leading voice regionally and
nationally on economic development
priorities and strategies
Establish regional economic health
metrics and share them through a
centralized resource
Continue to monitor and amplify
messages addressing regional
imperatives to encourage progress
Provide a platform for organizations
working to address regional imperatives
that expands their reach
Advocate for Greater Phoenix’s economic
roadmap with state leadership to gain key
investments
Continue publishing thought leadership
that drives a strategic regional vision
using data and analytics
Utilize the Washington D.C. Executive
Mission to advocate for the region’s
federal priorities by addressing key
decision-makers
Host the 2024 IEDC Leadership Summit
Utilize owned media channels to amplify key
regional messaging and grow GPEC’s influence
Continue to advocate for national
competitiveness by serving on the Secretary of
Commerce’s Investment Advisory Council
Pursue national media opportunities to elevate
the region and proactively shape narratives about
Greater Phoenix
Engage site selection consultants and key
multipliers to enhance awareness about
Greater Phoenix
FY24 TACTICS
Goal 2: Enhance the foundation of the future economy with a focus on
emerging and innovation-driven industry sectors
FY24 TACTICS
Strategy #1
Fortify business attraction
efforts to remain best-in-
class and execute on
sector-focused strategies
FY24 Tactics
Share success stories of
companies expanding and
relocating to the region
Convey key messaging that
resonates with international
audiences to draw attention to
Greater Phoenix on the
international stage
Collaborate with international
groups to enhance international
connectivity and support foreign
direct investment and expansion
in Greater Phoenix
Strategy #2
Enhance the perception of
the Greater Phoenix market
as a premier location for
people and businesses to
live, grow and work
FY24 Tactics
Maintain consistent messaging
on key topics and regional
competitiveness by providing
media and GPEC stakeholders
with accurate data and
information
Highlight resources for new
residents and companies to
assist in their full integration
into the Greater Phoenix
ecosystem
Leverage key stakeholder and
partner expertise to enhance
messaging
Strategy #3
Lead on data analytics and
cutting-edge research
capabilities to provide
intelligence to clients and
stakeholders
FY24 Tactics
Develop and circulate data and
tools that assess market risk,
workforce availability, and
economic vitality while
identifying upcoming trends
Continue to collaborate with
partner organizations to provide
unique data and analytics that
inform activities related to
regional economic imperatives
Utilize qualitative and
quantitative data points to
develop compelling narratives
Strategy #4
Intensify support for regional
entrepreneurship with a focus
on equity, capital strategies
and innovation in collaboration
with regional partners
FY24 Tactics
Continue to support efforts in
market that highlight the
regional entrepreneurship
ecosystem and growth
companies to attract capital
interest
Showcase and publicize local
companies that receive
investment via GPEC’s
channels
Goal 3: Expand organizational capacity to serve the Greater Phoenix
economic ecosystem and meet the needs of the market
FY24 Tactics
Strategy #1
Grow capacity through increased
investment and diversified funding
to provide resources that enable
execution against strategic
economic initiatives
Build on GPEC's strong reputation to
garner more public company investment
Evaluate federal opportunities for funding
that encourage innovation and cluster
development in the region
Provide unparalleled value to investors
and maintain high levels of recurring
investment
FY24 Tactics
Strategy #2
Coordinate with key stakeholder groups
to enable an agile response to the needs
of Greater Phoenix
Grow the reach of GPEC’s Regional Reports
and Ambassador program to engage
regional stakeholders with captivating
content that provides education about the
region
Work with communities via the Community
Partnership Program to initiate creative
solutions and innovative best practices
Collaborate with research and economic
development professionals across
organizations to hone best practices in
addressing regional needs
FY24 Tactics
Strategy #3
Evaluate organizational metrics to
measure impact beyond business
attraction
Evaluate and benchmark peer regions to improve
upon best practices and understand competitive
market advantages
Leverage stakeholder expertise to implement
new key metrics
FY24 TACTICS
Goal 3: Expand organizational capacity to serve the Greater Phoenix
economic ecosystem and meet the needs of the market
FY24 Tactics
FY24 Tactics
Strategy #4
Strategy #5
Invest in and fortify internal capabilities through
recruitment and professional development to
maintain a best-in-class economic development team
anchored in innovation
Evaluate best practices and bylaws to ensure the
GPEC’s Board of Directors remains high-caliber and
activated to support the organizational mission
Continue to highlight GPEC staff as experts in their
respective fields via recognition, certification, and speaking
opportunities
Provide professional development opportunities to
enhance knowledge and depth of economic development
practices
Remain preeminent in systems management
Ensure GPEC is a top regional and national employer by
sustaining a focus on diversity, equity, and inclusion
measures
Engage GPEC's Board through creative opportunities for
mutual support of organizational missions and further
connection with staff and stakeholders
Activate Board experience to support GPEC in the
execution of priority initiatives
FY24 TACTICS
FY24 Metrics
FY23 Metrics
Performance Metric
Description
Contract
Target
Stretch
Payroll (in millions)
Total payroll of all locates in the fiscal year
$429.88
$477.64
$525.41
Jobs
Phase 1 jobs (First 12-18 months of hiring)
7,683
8,537
9,391
High-Wage Jobs
130% of the metro median wage
4,173
4,637
5,101
Average High-Wage Salary
130% of metro average wage
$64,198
$71,331
$78,464
Qualified Prospects
Projects considering locating with defined parameters
239
266
293
Qualified International Prospects
Prospects that have international headquarters
43
48
53
GPEC Assists
Includes projects that receive GPEC assistance but may not meet the
guidelines to be considered a GPEC locate (fewer than 10 job, a
company looking to expand or stay in the region, etc.)
10
12
14
Stakeholder Satisfaction with Business
Attraction
Average result from respondents of EDDT and Board of Directors end
of year surveys on BD activities
7
7.3
7.6
Current Metrics
FY24 METRICS
FY24 METRICS
FY24 Metrics
Assumes another 12-24 months before the office
pipeline returns to normal
Industrial projects tend to have lower jobs per
project and lower wages
Prospects are lower in this scenario due to a slow
down in activity
International prospects are held constant with
FY23 metrics due to high levels of activity
FY24 Metrics - Slow Return to Office
Performance Metric
Contract
Target
Stretch
Change from
FY23
Payroll (in millions)
$412.84
$458.71
$504.58
-4%
Jobs
7,060
7,845
8,629
-8%
High-Wage Jobs
3,738
4,153
4,569
-10%
Average High-Wage Salary
$66,243
$73,603
$80,963
3%
Qualified Prospects
233
259
285
-2%
Qualified International
Prospects
43
48
53
0%
GPEC Assists
10
12
14
0%
FY24 Metrics
Performance Metric
Description
Proposed
Contract
Proposed
Target
Proposed
Stretch
Community Return on Investment
ROI is calculated as a ratio of direct revenue from GPEC
locates divided by funding from GPEC member
communities*
40:1
44:1
48:1
Stakeholder Satisfaction with
Competitive Position
Average result from respondents of EDDT and Board of
Directors end of year surveys on competitive activities
7.0
7.3
7.6
New Metrics
FY24 METRICS
Revenue is calculated from GPEC’s
consensus impact model
Based on Phase I capital investment
and jobs
Captures the benefits of both high job
and high capital investment projects
The target goal for
community return on
investment is the median of
the last five years
Stakeholder satisfaction with
competitive position is proposed
to be set at the same level as the
current metric of stakeholder
satisfaction with business attraction
Proposed metrics explained
*Community ROI calculation, cont.: