GPEC 2026

2026

ROADMAP TO THE FUTURE Explore how GPEC is guiding Greater Phoenix toward becoming a global innovation hub (Image licensed from ©Adobe Stock)

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(Image licensed from ©Adobe Stock)

GREATER PHOENIX ECONOMIC COUNCIL

Driving future growth Christine Mackay brings visionary economic development leadership and experience to new role at GPEC

By CHRISTINA FUOCO-KARASINSKI

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or nearly three decades, Christine Mackay’s dedication to economic development has been integral to the transformation of Arizona’s business ecosystem.

In her 11 years at the City of Phoenix, Mackay and her department facilitated the creation of over 100,000 high-value jobs and saw the average wage of those jobs increase from over $30,000 in 2014 to more than $86,000 in 2024.

Now, she has taken the reins as CEO and president of the Greater Phoenix Economic Council.

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Az Business: What drew you to the position of CEO and president of GPEC? Christine Mackay: I have been in this role for 28 years — almost 17 years with Chandler and 11 years with Phoenix.

Joining GPEC was an opportunity to work with my colleagues in economic development across the entire region. I went from 71 square miles in Chandler to 517 square miles in Phoenix. And now when you look at Greater Phoenix, it’s about 14,000 square miles. This is a chance to be helpful to the region’s collective 22 cities and towns, and Maricopa and Pinal counties, too.

AB: What do you bring to the organization?

CM: In my previous roles at Chandler and Phoenix, I took projects all the way through from their inception, through development,

then worked with the companies once they were up and running. This process includes working through community meetings and zoning hearings where the rubber meets the pavement.

As new companies are coming to Greater Phoenix and looking for that expertise, my deep experience combined with the regional scope of GPEC allows our market to stay competitive when it comes to site selection to support the expansion of global firms and key industries AB: To you and GPEC, what is the most pressing issue when it comes to the market’s economic future?

CM: There are a couple of things that come to mind. People often ask me, ‘What keeps you up at night?’ I would say infrastructure. There’s this tale of two

regions. You have cities that were built in the late 1800s and early 1900s that now need 100-year-old water and sewer lines replaced in an area that has never seen a shovel. Looking at that dichotomy — where the region makes its investments in bringing that public infrastructure forward — is always a challenge that I think is going to become more and more challenging.

The other side is our workforce and making sure that we are in alignment with our educational institutions; that we are ensuring that all our students know their capabilities and all the options available to them as they move forward in their working careers.

But we must also take into consideration the retention of our college graduates and attracting new talent to Greater Phoenix.

We need to ensure that we’re bringing in the workforce who can take the jobs that we’re creating.

AB: GPEC collaborates with cities in the Valley to support each other. That must be a sense of pride.

CM: Greater Phoenix is this conglomerate of 22 cities and two counties that we lovingly call ‘coopetition.’ Projects consistently look at multiple cities across the market, and the cities are not competing, but working so closely with each other. We help each other. For example, when I was in Phoenix as the economic development director, my job was to win the project. After my interview,

ECONOMIC DRIVER: Christine Mackay, president and CEO of GPEC, is a transformative leader in economic development, bringing decades of experience and a bold regional vision to drive innovation, collaboration, and highwage job growth across Greater Phoenix.

(Photo provided by GPEC)

if I knew I wasn’t going to win it, I would call one of my colleagues who I knew they were going to go next and say, ‘Let me tell you everything I learned in this meeting.’

That’s the way we work together. We’re the first ones to send each other a note or a text when one gets a project, or congratulate each other on something that’s happened, or say, ‘I’m so sorry that this happened. We know you will get them next time.’

It’s really interesting because we have other regions that meet with us and figure out what we do, and other regions and companies are interviewing here. The first thing they notice is how collaborative we are and how much we all work together.

They say, ‘We don’t see this in other places.’

AB: What are some of the development trends that you see for the next couple of years?

CM: I think that we will see steady growth in key industries. Advanced manufacturing is really going to continue in a robust fashion. Greater Phoenix is a really advanced industry capital. I think you’re going to see a number of companies adding to our Advanced Air Mobility sectors.

Drone delivery and drone technologies are moving forward, and aerospace and defense innovations. We’re going to continue to see it grow even more robustly on the defense side, in addition to one of our greatest growth sectors, the biosciences and healthcare.

A look at GPEC What it is: The Greater Phoenix Economic Council (GPEC), globally recognized as a top economic development organization, works to attract and grow quality businesses and advocate for the competitiveness of Greater Phoenix. A data-driven organization, GPEC works with 22 member communities, Maricopa and Pinal counties, and more than 220 private investors to accomplish its mission and serve as a strategic partner to companies across the world as they expand or relocate to Greater Phoenix.

GPEC by the numbers

During the last 36 years, GPEC has fueled the regional economy, racking up some impressive stats along the way: • More than 1,090 GPEC-assisted locates • More than 197,000 high-quality jobs • More than $76.5 billion in capital investment

• In fiscal year 2025, 54 companies located or expanded in Greater Phoenix, drawn by the region’s diverse ecosystem and pro-business climate. The interactive locate map provides a detailed view of these businesses now established in the region.

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GREATER PHOENIX ECONOMIC COUNCIL

Collaboration fuels innovation Arizona transforms from an underestimated player into a top bioscience and innovation hub through bold collaboration, strategic investment and a globally connected approach driven by visionary leadership

By CHRISTINA FUOCO-KARASINSKI

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hen Arizona’s Bioscience Roadmap was introduced in 2002, other markets were skeptical about the state’s contribution.

Officials in Boston, Atlanta and Washington, D.C., and others said, “Oh, aren’t you just cute? We have 200 years on you,” recalls Christine Mackay, president and CEO of the Greater Phoenix Economic Council.

“In true Arizona fashion,” Mackay adds, “We did what we said we would do. We worked together. We worked hard. We worked with our universities.

“We went from being a ‘nobody on the block’ to now. We are known as a top 20 Life Sciences market. We’re in the top five emerging Life Sciences markets. We’re No. 1 in bioscience, finance, engineering and job growth.”

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The key is collaboration Mackay and her Greater Phoenix Economic Council team steer municipalities toward becoming a global innovation hub through Christine Mackay infrastructure, workforce development and business attraction strategies.

The key to the area’s success is collaboration. Mackey agrees.

“Greater Phoenix is this conglomerate of 22 cities and two counties that we lovingly call ‘coopetition.’ Projects consistently look

at multiple cities across the market, and the cities are not competing, but working so closely with each other. We help each other.”

During Mackay’s tenure as the City of Phoenix’s economic development director, her job was to win projects. If it wasn’t the right fit, Mackay referred the project’s staff to another municipality.

“After my interview, if I knew I wasn’t going to win it, I would call one of my colleagues that I knew they were going to go next and say, ‘Let me tell you everything I learned in this meeting,’” Mackay says.

“That’s the way we work together.

We’re the first ones to send each other a note or a text when one gets a project, or congratulate each other on something that’s happened, or say, ‘I’m so sorry that this

BIOSCIENCE HOT SPOT: Arizona’s updated Bioscience Roadmap outlines a bold vision to advance research, commercialization,

workforce development, and global partnerships—cementing the state’s leadership in bioscience innovation and economic growth.

(Photos licensed from Adobe Stock)

happened. We know you will get them next time.’”

Mackay says the country’s aging population will keep researchers and talent busy.

“It’s our hospitals that have the doctors who are advancing the research, testing the research and the technology that is validating that research,” she says.

That work has led to a wearable technology center products that require chips and sensors created by scientists and thinktanks. Studies also include research on cancer vaccinations, dementia, cell and gene therapy and medical devices.

Bioscience boom “The new Biosciences Roadmap came out last year from The Flinn Foundation,”

she says. “It tells us which path to follow. I really think our greatest growth is going to be in biosciences and healthcare.”

GPEC works closely with other stakeholders and elected leaders. More importantly, she says meeting with universities helps GPEC identify its strong suits.

“That’s not what we focus on,” she says.

“We focus on those specific sectors that we can truly excel at and really be known as that global innovation hub.”

GPEC brings the cities/towns with universities, researchers, and the existing company side.

“Then we add our universities and our community colleges and our high schools that are on the workforce side,” she explains.

“We’re getting that workforce ready and trained. When you look at some of the most innovative training programs that we’ve created over the last two years, it is in semiconductor fab technician training.”

Mackay says GPEC is working with drone companies, too.

“The greatest success that they have with their workforce is those students who are coming out of robotics programs.

“Now we marry those companies and the high schools that have the robotics programs and making those connections.

GPEC’s role is really a connector and a convener, and identifying those areas where we are going to excel.”

One of Mackay’s “absolute favorite subjects” is GPEC’s international collaborations.

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“The new Biosciences Roadmap came out last year from The Flinn Foundation.

It tells us which path to follow. I really think our greatest growth is going to be in biosciences and healthcare.

— Christine Mackay, president and CEO Greater Phoenix Economic Council

“When you look back, Greater Phoenix was not known as an ‘international hub.’ It would never be a region that would come up 20 years ago when you were talking about the international hubs inside the United States, she says.”

Others look toward cities like San Francisco and Los Angeles.

“That has changed so dramatically over the last five years. We went from having 2% of our book of business from international companies to, if you amortize the last five years, 24% of our book of business comes out of internationally related companies.

Transforming a reputation Greater Phoenix’s reputation went from, “‘We don’t even know who you are, to ‘international darling’ with companies that we’re working with across the globe,” Mackay says. “That is working with our consular core. It is working with the ambassadors from regions and countries that we are aligned with, 76

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either technologies or businesses or raw materials that we share back and forth.

“Everybody always likes to say that China is Arizona’s No. 1 trading partner — and that’s true. But if you combine the USMCA and combine Canada and Mexico together, that’s our largest trading partner.”

Automobiles are also considered.

“That automobile between the Maquiladoras doors and our companies here in Arizona, in Greater Phoenix, that car is going to go back and forth across the border six times before it hits the car lot and ready to be sold,” Mackay says.

“Now, let’s say that cars manufactured in Asia, there’s not going to be that economic impact on Arizona, because it’s that economic impact is going back and forth between those regions. The car just comes here to be sold. When you look at GPEC’s role in creating that global economy, we work diligently with those decision makers, those thought leaders.”

Mackay also travels to introduce Greater Phoenix, so the cities and towns can brag about the collaborations. Those international partnerships include the city’s Sister Cities partnerships with Taipei, Taiwan.

“The team that recruited and works with TSMC, their supply chain, and bringing, workforce here, and then attracting new restaurants and retailers and others.”

The city uses the 11 Sister Cities — such as Prague; Hermosillo, Mexico; and Catania, Italy — to drive international economic development. Similarly, Catania has a strong semiconductor segment, she adds.

“We did that because they have incredible boards with direct connections into companies in those countries,” she says.

“Sister Cities breaks down barriers between our cities to be able to allow dialog to happen, to allow cross border connections and learn from each other best practices. People underestimate the power of the International Sister Cities organization.”

PEORIA is the PLACE

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VENTURE REVOLUTION Innovation drives Greater Phoenix’s rapid growth in technology and venture capital

By CHRISTINA FUOCO-KARASINSKI

T

he Greater Phoenix area — fueled by ambitious public-private partnerships and a spirit of entrepreneurial innovation — has become one of the fastest-growing hubs for venture-backed startups, cutting-edge research and university-driven tech transfer in the nation.

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Historically associated with the word innovation, both Arizona State University (ASU) and the Greater Phoenix Economic Council (GPEC) have led the charge in transforming the region’s economy. GPEC has played a key role in ensuring that early-stage, venture-backed, and universityaffiliated innovations not only find a home in Greater Phoenix — but scale here successfully.

“GPEC acts as a catalyst and connector to help early-stage, venture-backed and university-affiliated innovations scale in Greater Phoenix,” says Mark Paratore, vice president of business development at GPEC, where he focuses on growing the

technology sector and increasing venture capital activity across the region.

Creating connections, eliminating friction GPEC’s mission is centered around removing barriers and accelerating access.

The nonprofit focuses on eliminating friction in the connection process, making it easier for founders to tap into talent pipelines, secure funding, connect with strategic partners and engage the broader entrepreneurial ecosystem in meaningful ways.

The elements of GPEC’s support model include: • Market navigation and soft-landing support

INNOVATOR: John Shufeldt, an emergency medicine physician, health entrepreneur and ASU alum, gave the university a nine-figure gift in support of the new School of Medicine and Medical Engineering, which will now bear his name.

(Photo by Emma Fitzgerald, ASU) HEALTHCARE OF THE FUTURE: From aging populations to emerging technologies and rising pressure on care systems, today’s physicians must navigate a complex, rapidly evolving landscape. The John Shufeldt School of Medicine and Medical Engineering at ASU was built to meet that challenge — to prepare a different kind of physician who blends clinical expertise with fluency in AI and engineering, empathy, systems thinking and the ability to innovate solutions that meet this pivotal moment. (Rendering provided by ASU)

• Talent and workforce development connections • Integration into research and innovation ecosystems • Access to capital, community and pilot opportunities through holistic concierge support Supporting startups from Day 1 GPEC has already played a pivotal role in the growth of several promising earlystage and scaling companies, including MiiHealth, Bonus Homes, OnePointOne, Loloft, Unlimited Tomorrow and Swarmbotics.

To support these companies, GPEC

pairs founders with critical regional assets — from technical and engineering talent to strategic industry partners, venture networks and applied research resources.

This “connect-and-catalyze” approach helps companies thrive in Greater Phoenix from day one.

Additionally, GPEC offers soft-landing support to companies entering the Arizona market. This includes guidance across market navigation, workforce solutions, real estate site selection, and brand visibility. One unique program, the Arizona International Soft Land Experience (AISLE) — run in partnership with ASU — specifically assists international startups in launching U.S. headquarters in Greater Phoenix.

“Through this integrated model, founders are better enabled to plug in quickly, validate technologies and grow,” Paratore says.

From WearTech to world-class research One of GPEC’s flagship initiatives is the WearTech Applied Research Center, managed by the Partnership for Economic Innovation (PEI). GPEC works in close collaboration with PEI and other regional partners, including utility providers APS and SRP, ASU, the Helios Education Foundation and Maricopa County Community Colleges.

Since its launch in 2019, the WearTech

Center has supported more than 30 companies by helping them secure matching grants to develop, test and validate wearable and medical technologies.

Standout success stories include: • CenSyn, which developed a handheld EEG device for brain health monitoring • MyACTome, a fall prediction/ prevention technology that was later acquired by HOPCo • HydraWav, which uses Polar WaterResonance technology to reduce pain and inflammation These innovations, rooted in Greater Phoenix, are now making waves far beyond the region.

University research as a magnet for innovation “Innovative research emerging from universities in Greater Phoenix plays a key role in why venture-backed enterprises are choosing this market,” Paratore explains.

One notable example is Cognite, a Norwegian artificial intelligence (AI) unicorn, which recently relocated its global headquarters to Tempe — citing ASU’s innovation ecosystem as a major draw.

ASU’s fast-paced approach to tech transfer, cross-institutional collaboration and regional infrastructure improvements has made the university a national leader in research commercialization. Among its notable partnerships is the collaboration AB | January - February 2026 79

GREATER PHOENIX ECONOMIC COUNCIL with Idealab Arizona, a tech incubator that works with ASU to: • Commercialize university intellectual property • Accelerate startup formation • Create high-wage jobs • Keep growing companies rooted in Arizona ASU’s contributions also power initiatives like AISLE, which has welcomed dozens of international startups with complimentary office space, business services and access to influential local networks.

ATTRACTING INNOVATION: Cognite CEO Girish Rishi and Gov. Katie Hobbs at Cognite’s official grand opening and ribbon-cutting ceremony for Cognite’s new global headquarters in Tempe. (Photo provided by Cognite)

Building the venture capital infrastructure Just a few years ago, “venture capital” was barely part of the conversation in Arizona’s business community. That has changed dramatically.

“When we launched our first fund, no one was really talking about venture capital in Arizona,” says Mike Shufeldt, general

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partner at Xcellerant Ventures, which backs early-stage startups in healthtech, medtech and biotech.

Shufeldt credits the region’s rapid shift to a confluence of partners — including ASU and the Mayo Clinic — who have helped create an environment where innovation can thrive.

Xcellerant’s founder, Dr. John Shufeldt, also donated a nine-figure gift to ASU to launch its School of Medicine and Medical Engineering—an institution that reimagines medical education through a tech-forward lens.

Students will graduate with a dual degree—an MD and a Master of Science in Medical Engineering — poised to become “physician-entrepreneurs” who drive healthcare innovation from the inside out.

that focuses on: • Leveraging AI to combat physician burnout • Democratizing access to venture capital through a unique retail investment model “Through Jetstream, we’re opening the doors to early innovation,” says Shufeldt, who also serves as portfolio manager for the fund. “These developments are solidifying Phoenix’s position as an emerging venture capital and innovation hub.”

Shufeldt notes that ASU’s early adoption of online education and tech-driven pedagogy has been a game-changer— and serves as a foundation for how the university approaches business and medical education alike.

A regional rise that’s just beginning Taken together, these initiatives — GPEC’s hands-on business development, Jetstream, AI and the next wave Xcellerant Ventures recently launched the ASU’s research engine, venture capital growth and public-private collaboration — Jetstream Venture Fund, a bold new fund

Mark Paratore

Mike Shufeldt

paint a picture of a region that has not only recovered from economic downturns but is actively shaping the future of innovation.

Whether through wearable tech, medical engineering, AI-powered startups, or international company landings, Greater Phoenix has positioned itself as a force to be reckoned with.

And according to leaders like Paratore and Shufeldt, this is just the beginning.

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GREATER PHOENIX ECONOMIC COUNCIL

GROWTH ENGINE REIGNITES

Phoenix rebuilds its technology economy with innovation, investment and global partnerships

By CHRISTINA FUOCO-KARASINSKI

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he Greater Phoenix’s tech-focused business plan “lost its way” in the ’90s and early 2000s.

The ship has since righted and these international and domestic partnerships have been invaluable.

“The tech industry has driven Arizona’s economy since the 1940s,” says Christine Mackay, Greater Phoenix Economic Council president and CEO .

“The feds wooed the tech industry back to the state after the industrial mandate was lifted. The ‘industrial mandate’ said no sensitive assets could ever be on a coast so they couldn’t be bombed like they were in Pearl Harbor.”

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In that same decade, a federal delegation met with and brought to Arizona a “little startup” called Galvin Electronics. That morphed into Motorola, which was the state’s largest employer.

Similarly, a farmer’s daughter led a chamber of commerce that approached a “little startup” about relocating to Arizona: a 3-year-old company called Intel.

The challenges resurfaced during the Great Recession of late 2007 to mid 2009, and the state lost 50% of its assessed valuations almost overnight.

“We were never a group to take a good ‘recession’ and let it go to waste,” Mackay quips. “We really used that opportunity to

restructure and reframe the economy in Greater Phoenix.”

Hard work pays off Coming out of the Great Recession, the economic development community, the business community and elected officials worked diligently to ensure it would not happen again, she said.

It paid off.

The Arizona Office of Economic Opportunity recently released job projections for the state.

Its transition from post-recession surge (2.5% annual growth) to sustainable expansion (1.2% through 2034) reveals

GAME-CHANGING PRESENCE: TSMC’s investment in Arizona has delivered a massive economic jolt — creating thousands of high‑wage manufacturing jobs and sparking a broader wave of supplier, construction, and service‑sector growth across the region.

The ripple effects from its facility extend well beyond semiconductors, helping establish Greater Phoenix as a national hub for advanced manufacturing and tech-driven economic development. (Image licensed from ©Adobe Stock)

ENERGIZING THE ECONOMY: LG Energy Solution is building a $5.5 billion stand-alone facility in Queen Creek. Hiring is already underway ahead of the company’s 2026 production goal. (Rendering provided by LG Energy Solution)

a maturing economy that will continue outperforming the nation while adding 454,167 jobs by 2034, according to OEO’s report.

This forecast shows the sectors that will drive growth, which face disruption, and how the state’s economic footprint nationally is expected to expand from 1.8% to 2.3% by 2034.

“We really spent the recession putting programs together that made us competitive on a national scale,” Mackay says. “We have really created this economy that is thriving. And I do believe that Greater Phoenix is going to be the one of the bright spots over the next few years as

things modify and happen.”

Mackay said GPEC will continue to move along as it has for the last five years, and bring “new, great, advanced industry companies, into Greater Phoenix.” ’Excited about the future’ Thomas Maynard, GPEC’s senior vice president, business development, is “super excited about the future. There are a few things that we’re really focused on.”

The region’s advanced manufacturing boom — specifically in the semiconductor industry — is the priority, Maynard says.

“Not only that, but we have battery space with LG Energy Solution down in Queen Creek. That should be the gift that keeps on giving, in terms of new supply chain companies that are looking to grow and expand.”

He and his team are encouraged by the bio and life sciences industry, which continues to grow as the sector looks to reshore and onshore back into North America.

“Greater Phoenix has a really, really unique story to tell on that end,” Maynard says.

“That’s what keeps us excited. More broadly, not just semiconductor or battery space, but just more of these advanced manufacturing and users that are moving here. It seems like people are wanting to

build more in the United States. They’re trying to figure out where in the United States they want to do that.”

Greater Phoenix is now a major contender, he continues.

“We’re excited to continue that trend, and hopefully we can be a resource for these folks going forward,” Maynard says.

GPEC’s staff and stakeholders are excited about Taiwan Semiconductor Manufacturing Company (TSMC), Intel and LG. “They get all the big headlines — and rightfully so — because those are the major, major investments,” he says.

Making waves Mainstream corporations like Dutch Bros are also making waves.

“If you’re driving along the [Loop] 202, you can see their headquarters right there in the city of Tempe,” Maynard says.

Growing nationwide, Dutch Bros found Greater Phoenix was a fit for its headquarters.

“We’re really excited and proud about that one,” Maynard says.

Not all the expanding corporations have brand-name recognition, however. “Many complete industry ecosystems by making electrical components that go into the utility grid, or, the batteries, energy storage AB | January - February 2026 85

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ECONOMIC ENGINE: A drone photo shows Intel’s new Fab 52 in Chandler in September 2025. Fab 52 is Intel’s fifth high-volume fab at its Ocotillo campus. This facility will produce the most advanced logic chips in the U.S. and is part of the more than $100 billion Intel is investing to expand its domestic operations. Intel Corp. (Photo provided by Intel)

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systems and containers that help grow our economy. They’re also making these components in our market. That is what’s really exciting.”

Mackay and Maynard say Sister Cities International plays a significant role.

“Phoenix has really cornered the market for its Sister City program,” Maynard says.

“They’re very impactful. They use it, not only to have those diplomatic, relationship building activities, but to enhance business attraction efforts.

“I know the other cities, other than Phoenix, are looking toward their Sister City relationships to see how they can use that not only for diplomatic ties between those two markets, but to build the business connection. So yeah, it’s great. Greater Phoenix is on the map — whether we like it or not — from an international perspective.”

Californians, here they come About 15% to 20% of the state’s business comes from California companies looking

to relocate and are drawn to the market’s cost, location and infrastructure.

“Silicon Valley is still the main hub for semiconductor headquarters and R&D,” Maynard says.

“I would make the argument that Arizona, specifically the Greater Phoenix area, is definitely the hub for the manufacturing part of the process, of the semiconductor process, at least in the United States.

“We do recruit, and have worked with California-based semiconductor companies that have their headquarters, or major operational hub, in Silicon Valley, but need to build a manufacturing facility where there is more room. They’re looking at markets like Greater Phoenix.”

Maynard says foreign direct investment is poured into the United States across the board.

“California is our No. 1 market from an FDI perspective, which is pretty interesting when you consider that the current relationship between the United States and

Christine Mackay

Thomas Maynard

Canada and the rhetoric that’s happening at the federal level. I think that just proves the United States is still a great market from a consumer perspective. There are a lot of Canadians who live here in Arizona, so we’re continuing to build that bridge and that relationship between us in Canada.”

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