Arizona Leads Nation in Foreign Investment with Record-Breaking Projects
Arizona has emerged as the top destination for foreign direct investment (FDI) in the United States, as revealed in Governor Katie Hobbs’ recent International State of the State address. In 2022, the state attracted $31.954 billion from 35 international companies, securing its position as the nation’s leader for FDI according to FDI Markets.
Central to Arizona’s impressive FDI figures was the substantial investment from Taiwan Semiconductor Manufacturing Company (TSMC), which announced a $28 billion project in December, bringing its total commitment to $40 billion in North Phoenix. This project highlights Arizona’s growing appeal as a hub for high-tech semiconductor manufacturing.
Additional significant investments were made by international businesses such as LG Energy Solution with $1.4 billion, XNRGY Climate Systems and Chang Chun Group with $300 million each, Nestlé with $213 million, and Sunlit Chemical with $100 million.
Governor Hobbs emphasized Arizona’s expanding global reach, stating, “We only expect this success to continue as Arizona’s international profile and reach grows. News is getting out about what we have to offer. And the investments of tomorrow will start with conversations today, in this very room.”
Arizona’s leading position in FDI marks the second time in three years that it has topped the nation, demonstrating the state’s allure for global technology companies. Sandra Watson, President and CEO of the Arizona Commerce Authority, noted, “With our ideal business environment, high-skilled workforce, and thriving innovation ecosystem, Arizona has become the go-to place for technology globally.”
The Arizona Commerce Authority (ACA) reported a 52% increase in international projects in its pipeline over the last quarter, focusing on expanding manufacturing and technology sectors that offer higher wages.
In a recent development, LG Energy Solution announced an increase in its investment in Arizona from $1.4 billion to $5.5 billion to build a battery manufacturing complex in Queen Creek, marking the largest single project for a stand-alone battery facility in North America.
Governor Hobbs also unveiled Arizona’s new Asian trade and investment offices located in Taipei, Taiwan and Seoul, South Korea. These offices aim to further enhance economic collaboration and FDI opportunities in the region.
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 focused on growing and strengthening Arizona’s economy. The ACA aims to attract out-of-state companies, expand existing businesses, and nurture new enterprises in targeted industries. For more information, visit azcommerce.com and follow them on Twitter at @azcommerce.
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