ARIZONA – The Arizona Commerce Authority (ACA) noted that during the 12-month fiscal period ending June 30, 2023, local economic development agencies successfully worked with companies that committed to create a projected 24,246 new jobs in the state with an average wage of $71,893.
Those companies would also have committed to invest a record $40.73 billion in local communities, an annual record in jobs, capital investment and wages.
The Fiscal Year 2023 (FY 23) results represent 121% of the ACA’s projected jobs target, 121% of its wage target, and 1,018% of its projected capital investment target.
The ACA reported that over the last year it worked with companies throughout the state, with expansions occurring in Avondale, Buckeye, Camp Verde, Casa Grande, Chandler, Coolidge, El Mirage, Eloy, Gila Bend, Gilbert, Glendale, Goodyear, Kingman, La Paz, Mesa, Phoenix, Pima, Peoria, Queen Creek, Sahuarita, Scottsdale, Sierra Vista, Surprise, Tempe, Tolleson, Tucson, Willcox and Yuma.
TSMC and LG Energy Solution contributed significantly to the FY23 results. TSMC’s $28 billion investment announced in December 2022, bringing its total investment in Arizona to $40 billion, and LGES’ $5.5 billion investment to build a battery manufacturing complex in Queen Creek merited international recognition, the ACA noted.
“Arizona is experiencing unprecedented economic growth, offering increasing economic opportunities for residents across the state,” said Sandra Watson, President and CEO of the Arizona Commerce Authority.
Watson noted that with a reputation as the premier destination for doing business, Arizona continues to attract global companies in high-wage industries such as advanced manufacturing, life sciences, technology and more.
Some of the expansion and attraction projects in fiscal 2023 also included American Battery Factory and its plans to build a $1.2 billion lithium iron phosphate battery manufacturing plant in Tucson; as well as companies such as Republic Services, Discount Tire, Virgin Galactic, Moov, Benchmark Electronics, Procter & Gamble (P&G), EVelution Energy, Blue Origin Corning, FrameTec, JA Solar, Rehrig Pacific, Sion Power, Nucor, JX Nippon Mining & Metals USA, Chang Chun Arizona, Ecobat, Cirba Solutions and HyRel Technologies.
In June, in addition, Arizona received Area Development Magazine’s “Golden Shovel” award in the 6 to 10 million population category, marking the state’s third consecutive award.
Since 2011, Arizona has successfully won more than 1,166 competitive projects, representing more than 264,000 projected new jobs in Arizona and more than $112 billion in capital investment statewide.
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