Phoenix Increases Financial Incentives To Farmers Insurance
An insurance company plans to add hundreds more employees in Phoenix. In exchange, the city’s offering hundreds of thousands of dollars.
Phoenix will pay Farmers Insurance Exchange $1,000 for each new worker who makes at least $44,000 annually in their second year of employment.
According to a city report, Farmers plans to hire more than 900 workers at its regional center between 2019 and 2023. The council approved the $250,000 incentive package last week.
Three years ago, the council approved a $500,000 package to convince Farmers to open its operations center near Interstate 17 and Pinnacle Peak Road. At that time, the California-based insurer announced plans to move its estimated 500 employees and hire another 1,000 between 2016 and 2019.
A city report cites a third-party economic impact analysis that indicates the direct revenue to Phoenix will be about $23.7 million over 10 years.