A “Sleeping Giant” for Arizona’s Economy?
Local First Arizona economic study finds half-billion dollar annual impact from newly privatized SCF Arizona
Phoenix, AZ (June 7, 2010) – Local First Arizona (LFA), a non-profit organization representing a coalition of local and independent Arizona businesses, issued the findings today of an economic impact study commissioned by LFA that scientifically measures the economic impact of buying locally. The study demonstrates that locally-based SCF Arizona, the state’s largest workers’ compensation insurance supplier, has an annual economic impact in the state of approximately a half-billion dollars. The findings, reported by Applied Economics found that last year SCF sourced 82 percent of its goods and services from other Arizona companies, resulting in an overall economic impact in Arizona of $528.3 million in 2009. This one company – with 555 employees – demonstrates the power of buying locally. In other words, for every person SCF employs Arizona benefits economically by $952,000.
