Desert Ridge Bank Reports Record Small-Business Lending in Q2

The update adds to a string of recent economic developments across Phoenix, part of a broader trend reshaping local balance sheets this year.

"This is something our community has been asking for, and we're glad to finally see it come together," said Sarah Castillo, regional economist in Phoenix.

Analysts point to Phoenix's expanding workforce and comparatively low cost of doing business relative to coastal markets. The shift is expected to affect roughly 20 million dollars in local economic activity over the next two years, according to figures reviewed by the Copper State Chronicle.

"We're proud of what this means for Phoenix and the people who live here." — Sarah Castillo

Local officials say they will continue tracking the impact on jobs and tax revenue in the months ahead.