For the third year in a row, the state of Arizona was awarded the Gold Shovel by Area Development magazine for states within the 6-10 million residents category.
The award, given on June 7, recognizes states that, “garnered large job-creating and investment projects through innovative policies, infrastructure improvements, and other processes that attracted new employers as well as investments in expanded facilities.” Since 2007, Arizona has won five gold shovel and six silver shovel awards. The state bested silver shovel winners Virginia, Indiana, and Tennessee in the population category.
Arizona also received a Top 15 Manufacturing Project of the Year award, recognizing Taiwan Semiconductor Manufacturing Company’s $40 billion investment in northern Phoenix. The funds will be used to build two semiconductor fabrication plants, creating an estimated 4,500 jobs for the region.
“It was just over three years ago that we announced our plans to bring the most advanced semiconductor manufacturing technology to the United States,” Rick Cassidy, chairman of TSMC Arizona, said. “Then in late 2022, we doubled down on our plans, and now construction of two leading-edge fabs is well underway in Phoenix, Arizona. This investment is not only critically important to our valued customers, but it also supports a U.S. goal to bolster a thriving and competitive semiconductor ecosystem. It’s terrific that this project has been recognized for its significant economic impact, but it is an honor we share with our important partners in the State of Arizona as well as the City of Phoenix.”
Arizona’s largest growth industries included semiconductor, lithium battery, and aerospace manufacturing.
In addition to recognizing the TSMC investment, Area Development magazine also highlighted new facilities, including LG’s $1.4 billion battery factory in Queen Creek and Nestle’s $675 million project in Glendale. XNRGY, Williams-Sonoma, Nucor, Virgin Galactic, Corning, JX Nippon Mining and Metals, Chang Chun Arizona, Procter & Gamble, FrameTec, and American Battery Factory were also recognized.
“Arizona has demonstrated an unwavering commitment to fostering innovative business and creating high-quality jobs, and this third consecutive Gold Shovel award is a testament to that,” Chris Camacho, president and CEO of the Greater Phoenix Economic Council, said.
Area Development magazine uses weighted scores based on high-value jobs per capita, investment cost, and number of new facilities.
Republished with the permission of The Center Square.
