Arizona

Highlights

• #8 of 50: Momentum
• #15 of 50: Startup formation
• #17 of 50: Talent

The seven inputs

Each input is a z-score against the other states: 0 is the average state, and each step is one standard deviation (capped at ±3). Ranks are among the 50 states.

• Venture capital -0.1 #24 of 50
• Startup formation +0.3 #15 of 50
• Scale-ups +0.1 #22 of 50
• Economic output and wealth -0.2 #26 of 50
• Innovation and patents +0.1 #24 of 50
• Talent +0.4 #17 of 50
• Momentum +0.7 #8 of 50

Top companies

The largest companies headquartered in Arizona, by latest annual revenue.

1. Avnet Inc. AVT · Industrials · Tempe · Phoenix, AZ metro $27.6B
2. Freeport-McMoRan Inc. FCX · Materials · Phoenix, AZ $25.9B
3. Carvana Co. CVNA · Consumer Discretionary · Tempe · Phoenix, AZ metro $20.3B
4. Republic Services Inc. RSG · Industrials · Phoenix, AZ $19.0B
5. Honeywell Aerospace Inc. HONA · Industrials · Phoenix, AZ $17.4B

Roots Density Data, All Companies (public: SEC filings; private: Forbes Top Private Companies 2025). Ranked by latest annual revenue.

Metros in Arizona

• Phoenix, AZ #32 of 109 metros 53