Arizona’s Economic Growth Reaches New Heights with Record Job Creation and Investments
Arizona has once again set the bar high for economic development, with the Arizona Commerce Authority (ACA) reporting unprecedented achievements for the fiscal year ending June 30, 2022. Companies collaborating with the ACA have pledged to create a staggering 24,186 new jobs, surpassing previous records and committing to invest $10.75 billion in the state’s communities.
This achievement reflects 151% of the ACA’s job creation target, 110% of its wage goals, and an astonishing 768% of its capital investment objectives.
Once again, Arizona’s robust economic development is setting records and gaining national recognition. With our state’s strong fiscal position, rising revenues and population growth, Arizona remains unstoppable,
remarked Governor Doug Ducey. He commended Arizona’s entrepreneurs and the ACA team for their efforts in advancing the state’s economic excellence.
A significant contributor to these results is KORE Power’s decision to establish a massive battery manufacturing facility in Buckeye, promising 3,000 new jobs. “Arizona checked all the boxes,” said KORE Power CEO Lindsay Gorrill, highlighting the state’s supportive environment for energy and technology sectors.
Sandra Watson, President and CEO of the ACA, praised the conducive environment fostered by state leaders, which has attracted advanced industries, including semiconductor and electric vehicle manufacturing. She expressed gratitude for the collaborative efforts that have propelled Arizona’s economic growth.
Noteworthy Expansion and Attraction Initiatives in FY 2022:
- Sunlit Chemical plans to build its first U.S. manufacturing plant in Phoenix, worth $100 million.
- Kohler is developing a major manufacturing facility in Casa Grande, generating over 400 jobs.
- Gulfstream Aerospace is investing more than $70 million in a new aircraft service center in Mesa.
- Leonardo Electronics is setting up a semiconductor laser manufacturing facility in Oro Valley with a $100 million investment.
- Zero Electric Vehicles will establish a new headquarters and production site in Gilbert, creating 300 jobs.
In addition to these projects, Intel’s substantial $20 billion investment in Chandler was recognized as one of the year’s top manufacturing projects by Area Development Magazine. Arizona’s achievements in job creation and capital investment have also earned it a Gold Shovel Award for the fourth time.
Since 2011, Arizona has successfully secured over 1,067 competitive projects, leading to more than 237,000 projected jobs and a capital investment of over $69 billion.
Media Contact
Alyssa Tufts, Arizona Commerce Authority, [email protected]
About the Arizona Commerce Authority
The Arizona Commerce Authority (ACA) is the state’s leading economic development organization with a streamlined mission to grow and strengthen Arizona’s economy. The ACA uses a three-pronged approach to advance the overall economy: attract, expand, create – attract out-of-state companies to establish operations in Arizona; work with existing companies to expand their business in Arizona and beyond; and help entrepreneurs create new Arizona businesses in targeted industries. For more information, please visit azcommerce.com and follow the ACA on Twitter @azcommerce.
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