Arizona Sets Records Again For Economic Development

PHOENIX, AZ (July 30, 2024) – Arizona economic development efforts continued to set a new standard of excellence and build on the state’s economic momentum in Fiscal Year 2024 (FY 24). In the 12-month fiscal period that ended on June 30, 2024, the Arizona Commerce Authority (ACA) and local economic development agencies successfully worked with companies that committed to creating a projected 24,251 new Arizona jobs with an average wage of $75,701. Those companies also committed to investing more than $50 billion in local communities – setting records for jobs, capital investment and wages.

The fiscal year also saw substantial wins for workforce development, startup growth, supply chain enhancements, rural business expansions and more.

The ACA’s Fiscal Year 2024 results represent 121 percent of the ACA’s annual projected jobs goal, 128 percent of its wages goal, and 1,250 percent of its projected capital investment goal.

Expansions took place across the state in nearly 30 distinct jurisdictions 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 America’s semiconductor resurgence, Arizona continues to attract global companies in advanced industries. These wins translate to high-paying jobs for Arizonans and increased opportunities for Arizona small businesses and local manufacturers, and they are supported by our top-ranked workforce and leading education institutions. We are grateful to Governor Hobbs, Arizona legislative leaders, and all of our industry, academia, and local economic development partners for their continued collaboration and leadership to advance Arizona’s economy.”

The ACA’s annual metrics represent direct projected jobs and capital investment from companies.

Expansion and attraction projects in FY 2024 include:

• TSMC announced plans to build its third state-of-the-art semiconductor fab in Phoenix, bringing TSMC’s total investment in Arizona to over $65 billion and creating more than 6,000 total jobs.
• Amkor, a semiconductor packaging and test services provider, will build an advanced packaging and test facility in Peoria, representing a $2 billion investment and creating 2,000 jobs.
• ASM, a semiconductor equipment company based in the Netherlands, will expand its North American headquarters in Scottsdale, representing a $300 million investment and creating 500 additional jobs.
• Applied Materials and Arizona State University will create the Materials-To-Fab Center, a world-class, $270 million shared research, development and prototyping facility in Tempe. The MTF Center will accelerate the transfer of innovations from ideation to fab prototype using Applied Materials’ semiconductor manufacturing equipment.
• NatureSweet celebrated the grand opening of its greenhouse production facility in Graham County. Representing an over $5 million investment, the facility will create 250 new jobs.
• CarbonCapture Inc., a U.S. direct air capture system company that builds modular systems that can be mass produced, will establish 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 test facility in Sierra Vista. The facility will produce 15 spacecraft per year once fully operational, creating more than 50 jobs.
• Ascent Aviation Services broke ground on two wide-body aircraft hangars to establish a passenger-to-freighter conversion site in Marana, representing a $55 million investment and creating over 300 new jobs.
• Community Health Development Partners announced plans to open a new $20 million health center in Lake Havasu City. The Lake Havasu Community Health Center will create over 100 new jobs.
• Google broke ground on its new $600 million data center in Mesa. The company will use state-of-the-art technology to air cool the facility–the data center will help power digital services including Google Search, Gmail, Maps, Google Cloud, and others.
• Factor, a leading ready-to-eat meal delivery service, celebrated the grand opening of a 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 over 800 new jobs.
• Sysco, a leading global foodservice distribution company, broke ground on its new $102 million distribution facility in Mesa, creating over 250 new jobs.
• Clayco celebrated the grand opening of its Southwestern regional headquarters in Phoenix, which houses over 400 employees, supporting several thousand skilled workers throughout the state.
• Pentagon Technologies will build a new semiconductor equipment cleaning facility in Mesa. Representing an over $50 million capital investment, the facility will be the company's largest precision cleaning facility, creating up to 300 new jobs.
• FrameTec, announced the commencement of construction on its new $150 million building component manufacturing facility in Casa Grande, creating over 400 new jobs.

Since 2011, Arizona has successfully landed 1,264 companies that have committed to creating more than 285,000 projected new Arizona jobs and investing over $162 billion in new capital statewide.

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.