Arizona’s Economic Development Breaks Records: A Look at 10 Companies Investing in the State
Arizona’s economic development efforts are breaking records. In the fiscal year that ended June 30, 2023, the Arizona Commerce Authority and local economic development agencies worked with companies that committed to creating 24,246 new Arizona jobs with an average wage of $71,893. Those companies also committed to investing a record $40.73 billion in local communities.
This is a major accomplishment for Arizona, and it is a testament to the state’s strong business climate and skilled workforce. These new jobs and investments will help to boost the economy and create a better future for all Arizonans.
Here is a look at 10 of the companies that are investing in Arizona:
1. TSMC TSMC, the world’s leading semiconductor manufacturer, is investing $28 billion to build a new semiconductor fab in Phoenix. This is the largest single economic development project in Arizona history. The new fab is expected to create 10,000 new jobs and support an additional 10,000 indirect jobs.
2. LG Energy Solution LG Energy Solution, a leading battery manufacturer, is investing $5.5 billion to build a battery manufacturing complex in Queen Creek. The new complex is expected to create 2,500 new jobs and support an additional 2,500 indirect jobs.
3. American Battery Factory American Battery Factory, a joint venture between Lithium Americas and Ganfeng Lithium, is investing $1.2 billion to build a lithium iron phosphate battery cell manufacturing facility in Tucson. The new facility is expected to create 500 new jobs.
4. Sunlit BioSciences Sunlit BioSciences, a leading developer of gene-editing technologies, is investing $1 billion to build a new headquarters and research facility in Phoenix. The new facility is expected to create 200 new jobs.
5. Bespoke Manufacturing Company Bespoke Manufacturing Company, a leading manufacturer of custom components for the aerospace and defense industries, is investing $500 million to expand its operations in Phoenix. The expansion is expected to create 200 new jobs.
6. Lucid Motors Lucid Motors, an electric vehicle manufacturer, is investing $700 million to build a new manufacturing plant in Casa Grande. The new plant is expected to create 3,000 new jobs.
7. Intel Intel, a leading semiconductor manufacturer, is investing $20 billion to build two new semiconductor fabs in Chandler. The new fabs are expected to create 3,000 new jobs and support an additional 3,000 indirect jobs.
8. Samsung Samsung, a leading electronics manufacturer, is investing $17 billion to build a new semiconductor fab in Taylor. The new fab is expected to create 1,800 new jobs and support an additional 1,800 indirect jobs.
9. Footprint Footprint, a leading maker of plant-based food, is investing $500 million to build a new manufacturing plant in Goodyear. The new plant is expected to create 350 new jobs.
10. Switch Switch, a leading data center provider, is investing $1 billion to build a new data center campus in Mesa. The new campus is expected to create 2,000 new jobs.
11. Zoom Video Communications Zoom Video Communications, a leading video conferencing company, is investing $500 million to build a new headquarters and campus in Tempe. The new campus is expected to create 2,000 new jobs.
These are just a few of the many companies that are choosing to invest in Arizona. These investments are creating jobs, boosting the economy, and making Arizona a better place to live, work, and raise a family.
Why are companies investing in Arizona?
There are a number of reasons why companies are investing in Arizona. The state has a strong business climate, with low taxes, no personal income tax, and a right-to-work law. Arizona also has a skilled workforce and a growing economy.
In addition, Arizona is a great place to live and work. The state has a warm climate, beautiful scenery, and a variety of outdoor activities to enjoy. Arizona is also home to a number of world-class universities and research institutions.
What are the benefits of these investments for Arizona?
The investments that companies are making in Arizona are creating jobs, boosting the economy, and making Arizona a better place to live, work, and raise a family.
The new jobs that are being created are high-paying and will help to raise the standard of living for all Arizonans. The new investments are also helping