In recent years, the national and regional economies have undergone profound change. This was highlighted in the Maricopa Association of Governments (MAG) region when in February 2010, the pending and foreclosed homes peaked at approximately 64,000 homes. Sales tax for the region declined, resulting in $6 billion being cut from the MAG Regional Transportation Plan.
The MAG elected officials, acting through the Regional Council, realized that one of the tenets of the federal transportation law was to foster economic development. To that end, the Regional Council formed the MAG Economic Development Committee, a collaboration of elected officials and the business community. In July 2011, MAG joined forces with the Brookings Institution, the Greater Phoenix Economic Council, and academic leaders to develop a metropolitan business plan.
Taking a page from the business community, the metropolitan business plan will develop a data driven strategy to forge a new direction for our regional economy. Although the metropolitan business plan will be completed by the fall of 2012, it will establish a regional network that will continue to harness the talent in the region to address future economic opportunities.
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