Arizona to attract record capital investment and job creation in 2024
PHOENIX, AZ (July 30, 2024) – Arizona economic development efforts continue to set new standards of excellence in Fiscal Year 2024 (FY24), fueling the state’s economic momentum. In the 12-month fiscal period ending June 30, 2024, the Arizona Commerce Authority (ACA) and local economic development agencies successfully collaborated with businesses who committed to creating 24,251 new Arizona jobs with an average wage of $75,701. These companies also committed to investing more than $500 million in their communities, setting records for jobs, capital investment and wages.
This fiscal year, we also saw significant gains in workforce development, startup growth, supply chain strengthening, and local business expansion.
The ACA’s FY 2024 results represent 121% of the ACA’s annual employment goal, 128% of its wage goal, and 1,250% of its capital investment goal.
The expansion will take place in approximately 30 jurisdictions across the state, including Buckeye, Casa Grande, Chandler, Coolidge, Eloy, Gilbert, Glendale, Goodyear, Hayden, Kingman, Lake Havasu City, Litchfield Park, Maricopa, Mesa, Nogales, Patagonia, Peoria, Phoenix, Prescott, Safford, San Luis, Scottsdale, Somerton, Surprise, Tempe, Tolleson, Tucson, Winslow and Yuma.
“Arizona has become a global hub for advanced manufacturing and emerging technologies with no signs of slowing down,” said Sandra Watson, president and CEO of the Arizona Commerce Authority. “As the home of a resurgent U.S. semiconductor industry, Arizona continues to attract global companies from advanced industries. Their success translates into high-paying jobs for Arizonans and expanded opportunities for Arizona’s small businesses and local manufacturers, supported by our top-class workforce and top-notch educational institutions. We thank Governor Hobbs, Arizona Legislative leaders, and all of our industry, academic and local economic development partners for their continued collaboration and leadership in advancing Arizona’s economy.”
The ACA’s annual index represents projections of direct employment and capital investment from businesses.
Expansion and attraction projects for 2024 include:
TSMC announced plans to build its third state-of-the-art semiconductor fab in Phoenix, Arizona, bringing TSMC’s total investment in Arizona to more than $65 billion and creating more than 6,000 jobs. Semiconductor packaging and test services provider Amkor will build an advanced packaging and test facility in Peoria, creating 2,000 jobs with a $2 billion investment. Netherlands-based semiconductor equipment manufacturer ASM will expand its North American headquarters in Scottsdale, creating 500 new jobs with a $300 million investment. Applied Materials and Arizona State University will establish the Materials-To-Fab Center, a $270 million world-class collaborative research, development and prototyping facility in Tempe. The MTF Center will accelerate the transition of innovations from idea to manufactured prototype using Applied Materials’ semiconductor manufacturing equipment. Nature Sweet celebrated the grand opening of its greenhouse production facility in Graham County. The facility represents an investment of more than $5 million and will create 250 new jobs. CarbonCapture Inc., a U.S. direct air capture systems company that makes modular systems that can be mass-produced, is establishing the world’s first direct air capture manufacturing facility in Mesa, creating up to 400 new jobs. BlackStar Orbital announced it will establish a new spacecraft manufacturing and testing facility in Sierra Vista. When fully operational, the facility will produce 15 spacecraft per year and create more than 50 jobs. Ascent Aviation Services has broken ground on construction of two widebody hangars to establish a passenger-to-cargo conversion facility in Marana, a $55 million investment that will create more than 300 new jobs. Community Health Development Partners has announced plans to open a new $20 million medical center in Lake Havasu City. The Lake Havasu Community Medical Center will create more than 100 new jobs.The company will use state-of-the-art technology to air-cool the facility, and the data center will power digital services such as Google Search, Gmail, Maps, and Google Cloud. Factor, a leading prepared meal delivery service, celebrated the grand opening of its new production center in Goodyear. The 300,100-square-foot facility will serve as the second-largest industrial kitchen in the U.S. and create more than 800 new jobs. Sysco, a leading global foodservice distribution company, broke ground on a new $102 million distribution facility in Mesa, creating more than 250 new jobs. Clayco celebrated the grand opening of its southwest regional headquarters in Phoenix, which will house more than 400 employees and support thousands of skilled workers across the state. Pentagon Technologies will build a new semiconductor equipment cleaning facility in Mesa. A capital investment of more than $50 million, the facility will be the company’s largest precision cleaning facility and create up to 300 new jobs. FrameTec announced it has begun construction on a new $150 million building components manufacturing facility in Casa Grande, creating more than 400 new jobs.
Since 2011, Arizona has successfully attracted 1,264 companies that have committed to creating more than 285,000 new jobs in Arizona and investing more than $162 billion in new capital statewide.
Media Contact
Alyssa Tufts, Arizona Commerce Department; [email protected]
About the Arizona Commerce Authority
Arizona Commerce Authority (ACA) is the state’s leading economic development organization with a streamlined mission: to grow and strengthen Arizona’s economy. ACA develops the whole economy with a three-pronged approach: attracting out-of-state businesses to do business in Arizona, working with existing businesses to expand in and outside of Arizona, and supporting entrepreneurs to create new businesses in Arizona in targeted industries. For more information, visit azcommerce.com and follow ACA on Twitter. From @azcommerce.
