Arizona’s Record 2022: High-Tech Growth and Rural Business Success

Arizona’s Economic Surge: High-Tech Investments and Small Business Wins in 2022

Arizona has emerged as a focal point for business investments in 2022, with a surge in high-tech industries and record-breaking developments in manufacturing sectors such as semiconductors, electric vehicles, and renewable energy. By October, the state boasted the highest year-over-year growth in manufacturing jobs nationwide.

The state’s commitment to rural communities and small businesses was also evident, with significant investments in broadband and infrastructure, alongside the launch of the Small Business One Stop.

Explore Arizona’s economic highlights in the video below

2022 represented another transformational year for Arizona’s economy, stated Sandra Watson, President and CEO of the Arizona Commerce Authority, expressing gratitude to Governor Ducey and partners for their efforts in strengthening the state’s economy.

Business Development Milestones

Throughout 2022, the Arizona Commerce Authority (ACA) secured over 75 projects, promising more than 31,000 new jobs and $41 billion in investments. This was marked by significant manufacturing developments across the state, including major projects by companies like TSMC, Sunlit, and others.

Leading the Nation in Job Growth

Arizona led the nation in manufacturing job growth by October, adding over 15,000 jobs through November. The state is projected to add 541,770 new jobs by 2031, according to the Arizona Office of Economic Opportunity.

National Recognition and Rankings

Arizona was ranked no. 1 for economic performance over the last decade by the American Legislative Exchange Council and achieved top rankings in various categories, including being named among the top 4 “Best States For Business” by Chief Executive Magazine.

Semiconductor Industry Advancements

Governor Ducey announced a historic $100 million investment in November to boost Arizona’s semiconductor industry, followed by the publication of the National Semiconductor Economic Roadmap to enhance U.S. competitiveness.

Investing in Workforce and Infrastructure

The state invested in workforce development with a $30 million fund for manufacturing training centers and received a $15 million grant to assist dislocated workers.

Support for Small Businesses and Connectivity

April marked the 2nd Anniversary of the Small Business Boot Camp, while November saw the launch of the Arizona Business One Stop. Broadband expansion initiatives also progressed with the Arizona Broadband Development Grant Program, enhancing connectivity across the state.