Arizona records over US$31 billion in FDI inflows during 2022

ARIZONA – The Government of Arizona highlighted that the state ranked first in the United States for dollars invested by international companies during 2022.

According to FDI Markets, Arizona attracted expansion projects from 35 international companies last year, representing $31.954 billion in investment, making the state a leader in the United States for foreign direct investment (FDI).

Arizona’s FDI total was led by TSMC, which announced a new $28 billion project in December, bringing its total investment to build and operate two high-tech semiconductor fabs in north Phoenix to $40 billion.

In addition, Arizona received significant additional investments from companies such as LG Energy Solution ($1.4 billion), XNRGY Climate Systems ($300 million), Chang Chun Group ($300 million), Nestlé ($213 million) and Sunlit Chemical ($100 million).

“We only expect this success to continue as Arizona’s profile and international reach grows. The word is getting out about what we have to offer. And tomorrow’s investments will start with conversations today, right here in this room,” said Governor Katie Hobbs.

Last year was the second in the last three years that Arizona led the U.S. in FDI, demonstrating the state’s strong attractiveness for investment by global technology companies.

International projects in the Arizona Commerce Authority’s pipeline have seen a 52% increase in the last quarter, with a focus on expansion in the manufacturing and technology sectors.

Recently LG Energy Solution, a leading global battery and renewable energy manufacturer based in South Korea, announced it will quadruple its planned investment in Arizona from $1.4 billion to $5.5 billion.

The investment will support the construction of two battery manufacturing plants in Queen Creek, making the investment the largest single stand-alone battery manufacturing plant project in North America.