Economy of Phoenix

capabilities. Numerous high-tech and telecommunications companies have also recently relocated to the area. Due to the warm climate in winter, Phoenix benefits greatly from seasonal tourism and recreation, such as the golf industry.

Phoenix is currently home to four Fortune 500 companies: electronics corporation Avnet, mining company Freeport-McMoRan, retailer PetSmart and waste hauler Republic Services. Honeywell's Aerospace division is headquartered in Phoenix, and the valley hosts many of their avionics and mechanical facilities. Intel has one of their largest sites here, employing about 10,000 employees and 7 chip manufacturing fabs, including the $3 billion state-of-the-art 300 mm and 45 nm Fab 32.

American Express hosts their financial transactions, customer information, and their entire website in Phoenix. The city is also home to the headquarters of U-HAUL International, a rental and moving supply company; as well as Best Western, the world's largest family of hotels; Apollo Group, parent of the University of Phoenix; and utility company Pinnacle West. Choice Hotels International has its IT division and Operations Support Center in the North Phoenix area. US Airways relocated its Corporate Headquarters to Metro Phoenix area (Tempe) in 2005 after being acquired by America West Airlines. US Airways is the largest carrier at Sky Harbor International Airport in Phoenix. Mesa Air Group, a regional airline group, is headquartered in Phoenix.

Despite the housing collapse, Phoenix is seeing an improvement in its rental housing. “Commercial-property owners are counting on apartment buildings to lead the Phoenix area's real-estate market toward recovery, based on a recent rebound for units rented and buildings sold.” The military has a significant presence in Phoenix with Luke Air Force Base located in the western suburbs