Arizona Sees Surge in Economic Development with Record Job and Investment Growth
Arizona’s economic landscape is witnessing unprecedented growth, with the Arizona Commerce Authority (ACA) spearheading efforts that have drawn global attention. In the fiscal year ending June 30, 2023, companies partnering with the ACA committed to creating an impressive 24,227 new jobs in the state, offering an average salary of $72,581. This initiative also brought a historic capital investment of $40.73 billion, marking significant milestones in job creation, wage levels, and investment.
These achievements surpassed ACA’s targets by considerable margins: 121% for job projections, 122% for wage forecasts, and a remarkable 1,018% for capital investment goals.
The expansion initiatives covered a broad spectrum of Arizona, with developments in Phoenix, Tucson, Mesa, and several other regions. Noteworthy contributions came from TSMC’s substantial $28 billion investment, totaling $40 billion in the state, and LG Energy Solution’s $5.5 billion commitment to a battery manufacturing facility in Queen Creek.
According to Sandra Watson, President and CEO of the ACA, Arizona is experiencing unprecedented economic growth, delivering increasing economic opportunities to residents across the state.
She emphasized the state’s appeal as a prime business hub for industries like advanced manufacturing and technology, thanking local and state leaders for their support.
Key Projects of Fiscal Year 2023
- TSMC: Invested $40 billion to build a second semiconductor facility in Phoenix, creating 4,500 jobs.
- LG Energy Solution: Committed $5.5 billion for a new battery manufacturing complex in Queen Creek, generating thousands of jobs.
- American Battery Factory: Plans for a $1.2 billion battery cell facility in Tucson, expected to create 1,000 jobs.
- Republic Services: Relocating its headquarters to Phoenix, employing 1,000 people.
- Discount Tire: Developing a new headquarters in Phoenix, accommodating 1,100 employees.
- Virgin Galactic: Establishing a spaceship manufacturing facility in Mesa, creating aerospace jobs.
- Moov: Opened its new U.S. headquarters in Tempe, supporting hundreds of jobs.
- Benchmark Electronics: Launched a $20 million facility in Mesa, supporting up to 100 jobs.
- Procter & Gamble: Planning a $500 million facility in Coolidge, creating 500 jobs.
In recognition of these efforts, Arizona recently earned its third consecutive “Gold Shovel” award from Area Development Magazine, highlighting high-quality job creation. TSMC’s investment was also acknowledged as a top manufacturing project of the year.
Since 2011, Arizona has secured over 1,166 projects, translating into more than 264,000 projected jobs and $112 billion in investments statewide.
Media Contact
Alyssa Tufts, Arizona Commerce Authority, [email protected]
About the Arizona Commerce Authority
The ACA leads Arizona’s economic development, aiming to grow the state’s economy through attracting new businesses, supporting expansion, and fostering entrepreneurship. For more details, visit azcommerce.com or follow them on Twitter @azcommerce.
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