Much of Tucson's economic development has been centered around the development of the University of Arizona, which is currently the second largest employer in the city. Davis-Monthan Air Force Base, located on the southeastern edge of the city, also provides many jobs for Tucson residents. Its presence, as well as the presence of a US Army Intelligence Center (Fort Huachuca, the largest employer in the region in nearby Sierra Vista), has led to the development of a significant number of high-tech industries, including government contractors, in the area. Today, there are more than 1,200 businesses employing over 50,000 people in the high-tech industries of Southern Arizona.

The City of Tucson, Pima County, the State of Arizona and the private sector have all made commitments to create a growing, healthy economy with high-tech industries as its foundation. Advanced technology companies like Raytheon Missile Systems, Texas Instruments, IBM, Intuit, Inc., America Online, Universal Avionics, Misys Healthcare Systems, Sanofi-Aventis, Ventana Medical Systems, Inc., and Bombardier all have a significant presence in Tucson. Roughly 150 Tucson companies are in the optics industry, earning Tucson the nickname "Optics Valley".

Tourism is another major industry in Tucson, which has many resorts, hotels, and attractions. A reckonable economic force is middle-class and upper-class Sonorans, who travel to Tucson to purchase goods that are not readily available in Mexico. In addition to vacationers, a significant number of winter residents, or "snowbirds", are attracted by Tucson's mild winters and contribute to the local economy.

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