Arizona Breaks Records in Capital Investment and Job Creation for Fiscal Year 2024
PHOENIX, AZ (July 30, 2024) – Arizona’s economy has reached new heights in Fiscal Year 2024, achieving unprecedented levels of capital investment and job creation. The Arizona Commerce Authority (ACA) and local economic development agencies have facilitated commitments from companies to create an estimated 24,251 new jobs in the state, with an impressive average salary of $75,701. Additionally, these companies have pledged over $50 billion in investments across various communities, setting new benchmarks in employment, investment, and wages.
This fiscal year has been particularly fruitful for workforce development, startup growth, and supply chain improvements, alongside rural business extensions.
The results of the ACA for FY 24 surpassed expectations, achieving 121% of the projected job creation goal, 128% of the wages target, and an astounding 1,250% of the capital investment objective.
Economic expansions have been broad, spanning nearly 30 different jurisdictions in Arizona, including cities such as Buckeye, Chandler, and Tucson, among others.
Arizona has become a global hub for advanced manufacturing and emerging technologies, with no signs of slowing down,
commented Sandra Watson, President and CEO of the Arizona Commerce Authority. As the home of America’s semiconductor resurgence, Arizona continues to attract global companies in advanced industries. These wins translate to high-paying jobs for Arizonans and increased opportunities for Arizona small businesses and local manufacturers, and they are supported by our top-ranked workforce and leading education institutions. We are grateful to Governor Hobbs, Arizona legislative leaders, and all of our industry, academia, and local economic development partners for their continued collaboration and leadership to advance Arizona’s economy.
The ACA’s annual metrics focus on direct job creation and capital investments from participating companies.
Notable Expansion and Attraction Projects in FY 2024
- TSMC plans to construct its third semiconductor fabrication plant in Phoenix, boosting its Arizona investment to over $65 billion and creating over 6,000 jobs.
- Amkor is set to build a new packaging and test facility in Peoria, representing a $2 billion investment and 2,000 new jobs.
- ASM will expand its North American headquarters in Scottsdale, with a $300 million investment, adding 500 jobs.
- Applied Materials and Arizona State University will develop a $270 million Materials-To-Fab Center in Tempe, enhancing semiconductor manufacturing research.
- NatureSweet unveiled a greenhouse production facility in Graham County, a $5 million investment creating 250 jobs.
- CarbonCapture Inc. will establish the first direct air capture manufacturing facility in Mesa, adding up to 400 jobs.
- BlackStar Orbital plans a spacecraft manufacturing facility in Sierra Vista, creating over 50 jobs.
- Ascent Aviation Services began construction on two aircraft hangars in Marana, a $55 million project creating over 300 jobs.
- Community Health Development Partners will open a $20 million health center in Lake Havasu City, adding over 100 jobs.
- Google started building a $600 million data center in Mesa, enhancing its digital service capabilities.
- Factor launched a new production center in Goodyear, creating over 800 jobs.
- Sysco is building a $102 million distribution facility in Mesa, generating over 250 jobs.
- Clayco opened its Southwestern regional headquarters in Phoenix, employing over 400.
- Pentagon Technologies will construct a semiconductor equipment cleaning facility in Mesa, a $50 million investment creating up to 300 jobs.
- FrameTec began building a $150 million manufacturing facility in Casa Grande, adding over 400 jobs.
Since 2011, Arizona has attracted 1,264 companies, resulting in commitments for over 285,000 new jobs and investments exceeding $162 billion statewide.
Media Contact
Alyssa Tufts, Arizona Commerce Authority, [email protected]
About the Arizona Commerce Authority
The Arizona Commerce Authority (ACA) is the leading economic development organization in the state, focusing on attracting, expanding, and creating new businesses in Arizona. For more information, visit azcommerce.com and follow ACA on Twitter @azcommerce.
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