Advancing Arizona Economy

During calendar year 2024, the Arizona Commerce Authority and economic partners successfully won over 100 competitive projects from companies that committed to creating more than 25,800 projected new jobs and investing over $53.6 billion in the state.

The ACA worked with companies statewide in calendar year 2024, with expansions taking place in Apache Junction, Avondale, Buckeye, Bullhead City, Casa Grande, Chandler, Coolidge, El Mirage, Eloy, Flagstaff, Gilbert, Glendale, Goodyear, Kingman, Lake Havasu City, Litchfield Park, Maricopa, Mesa, Nogales, Patagonia, Peoria, Phoenix, Prescott, Prescott Valley, Scottsdale, Snowflake, Somerton, Surprise, Tempe, Tucson, Yuma and more.

Throughout the year, Arizona saw significant manufacturing projects across the semiconductor, aerospace and defense, bioscience, automotive industries and more happening statewide, including:

• Magna, CarbonCapture, Nucleus RadioPharma,  XNRGY and JX Advanced Metals in Mesa;
• Hyperion in the West Valley and Rehrig Pacific in Buckeye; GEOST in Tucson;
• Kohler, Lucid, FrameTec and Chlorum Solutions in Casa Grande;
• Pure Wafer in Prescott;
• TSMC, Sunlit and Planatome in Phoenix; Saras Micro Devices and 3D Barrier Bags in Chandler;
• And BlackStar Orbital (Sierra Vista) in rural Arizona;

Arizona also continued to grow in various industries such as technology, aerospace and defense, renewable energy and more including:

• KoMiCo and Pentagon Technologies in Mesa; Comtech and Wedgewood Pharmacy in Chandler; Arizona Lithium and Setnix in Tempe; Content at Scale in Scottsdale;
• MiiHealth and Fender in Phoenix and Terraline in the greater Phoenix area;
• PUMA in Glendale; Blue Polymers and Fortescue (Buckeye) and Tricolor (Surprise) in the West Valley;
• Ascent Aviation Services in Marana and MHI RJ Aviation in Tucson;
• Green Bay Packaging in Casa Grande;
• And NatureSweet (Bonita) and Community Health Development Partners (Lake Havasu City) in rural Arizona.

Advancing Arizona’s Workforce

Arizona continued to set the standard for education excellence in 2024, launching collaborative new partnerships among government, industry and education.

In July 2024, Intel announced the launch of its first U.S. registered apprenticeship for semiconductor technicians in partnership with Governor Hobbs, the Arizona Commerce Authority, SEMI Foundation, Fresh Start Women’s Foundation, Maricopa Community Colleges, and the Phoenix Business and Workforce Development Board. The first all-women cohort will be hired as full-time Intel employees as they learn the core competencies needed for facility technician roles.

In November 2024, TSMC Arizona, alongside Governor Hobbs, Phoenix Mayor Kate Gallego, and the ACA, announced the expansion of its Registered Technician Apprenticeship program. TSMC Arizona’s program expansion will offer new pathways to a career in the semiconductor industry, including new equipment and process technician apprenticeships in collaboration with Arizona universities and community colleges.

The state launched two new Future48 Workforce Accelerators, including the announcement of a battery-focused accelerator in Apache Junction in partnership with Central Arizona College, Pinal County and LG Energy Solution. In November, Governor Hobbs announced the launch of a semiconductor-focused Future48 Workforce Accelerator at GateWay Community College in Phoenix. Once complete, the training facility will offer customized, hands-on training in support of the state’s rapidly expanding semiconductor industry. The Future48 Workforce Accelerator represents a partnership between the Arizona Commerce Authority, Maricopa Community Colleges, and industry partners Intel, TSMC, and NXP.

Partners also broke ground on a manufacturing-focused accelerator in Kingman in partnership with Mohave Community College.

To support technician apprenticeship offerings, the ACA launched the AZ Semi Career and Apprenticeship Network in partnership with the SEMI Foundation. Through the partnership, employers have access to customized training and curriculum as well as an established network of training providers, education institutions, and community-based organizations.

Advancing Startups

In December, nearly two dozen Arizona startup leaders convened to launch the Arizona Venture Alliance (AVA), a new coalition that will work to make Arizona the No. 1 state in the nation for startups and investors, increase funding for Arizona startups, and grow deal flow for investors both inside and outside Arizona. The goals of the AVA align with the ACA’s goals to support five unicorns, relocate more than 50 startups to Arizona, and catalyze at least $500 million in private investment.

In December, the ACA announced that 10 companies from a pool of 130 applicants were selected as awardees for the 2024 Arizona Innovation Challenge (AIC). This year, the ACA launched new venture programs to scale the highly successful Arizona Innovation Challenge (AIC) Program, providing more Arizona entrepreneurs access to support and one-on-one mentorship. Venture Scale will connect the 2024 AIC Awardees with serial entrepreneurs, high-level executives, and subject matter experts. AIC Semifinalists and Finalists who did not become AIC Awardees have been invited to participate in Venture Raise, a 12-week accelerator that focuses on funding options, investor pitching, startup financial health, and more. Venture Start will be targeted toward more early-stage startups, connecting them with mentors to improve their business plans and help them prepare to enter and succeed in business plan competitions such as the Arizona Innovation Challenge.

Since launching in 2023, Plug and Play accelerateAZ, a program of the ACA, has accelerated nearly 50 startups across multiple manufacturing cohorts and sustainability cohorts. In addition, Plug and Play accelerateAZ celebrated the launch of the Sustainability Accelerator program in May alongside Governor Hobbs and Saeed Amidi, CEO of Plug and Play.

Supporting Small Businesses

In September, Governor Hobbs and the ACA announced Arizona will receive a $7.9 million grant from the U.S. Department of Treasury as part of their State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP). The funding will be used to expand and enhance already successful small business programs including Moonshot, DreamBuilder, and expand Arizona Manufacturing Extension Partnership services.

To promote small business stability, growth, and success, the ACA launched the Arizona Loan Guarantee Program, which provides guarantees to partnering lenders for up to 50% of principal on loans to eligible businesses. In addition, the ACA established a new Technical Assistance Program, which prepares Arizona small businesses for debt or equity funding and provides financial literacy training.

In April 2024, the Arizona Commerce Authority (ACA) celebrated the fourth anniversary of the Small Business Boot Camp, an award-winning program that connects entrepreneurs and small business leaders with local experts. Since launching in 2020, the ACA and its partners have hosted 350 Small Business Boot Camp sessions with over 17,400 entrepreneurs representing all 15 Arizona counties have participated.

Connecting All Arizonans

In December, Governor Hobbs announced ConnectAllAZ, a new initiative to ensure all Arizonans have access to information about statewide broadband programs. ConnectAllAZ brings all of Arizona’s broadband expansion efforts, including the historic $993 million in funding for the Broadband Equity, Access and Deployment (BEAD) Program, under one initiative. ConnectAllAZ.com provides Arizona residents information about all state broadband programs, community engagement opportunities, and resources like webinars and action plans. This resource supports state, local, and federal efforts to address gaps and advance new connections.

In addition, Governor Hobbs joined local leaders to break ground on rural broadband projects that, once completed, will connect thousands of households to high-speed, reliable internet in Navajo County and Apache County.

Significant Semiconductor Wins

In 2024, Arizona continued to further its position as the epicenter of America’s semiconductor resurgence, attracting significant public and private sector investments across the semiconductor supply chain.

Arizona companies have secured significant new investments under the CHIPS Act, including:

• $7.8 billion agreement with Intel;
• $6.6 billion agreement with TSMC;
• And a $407 million agreement with Amkor Technology

In addition, Arizona partners have secured more than $200 million in CHIPS Act research and workforce development funding, including nearly $30 million to ASU-led SWAP Hub to advance R&D initiatives; $100 million to ASU and Deca Technologies under the SHIELD USA Initiative; and $1.7 million to Maricopa County Community College District through the NSTC Workforce Partner Alliance program.

Semiconductor companies that announced expansions in 2024 include TSMC, Hyperion, KoMiCo, Pure Wafer, Pentagon Technologies and more.

Earning Top National Rankings

Arizona’s premier business climate, workforce development programs, and rapid economic growth were recognized nationally throughout the year.

In May, the Arizona Commerce Authority was recognized for the second year for innovative economic development initiatives. Arizona and the ACA were named one of six winners of the Economic Development Organization Awards by Business Facilities Magazine, recognizing Arizona’s Future48 Workforce Accelerator training centers.

In June, Arizona was awarded its fourth prestigious “Gold Shovel” award from Area Development Magazine, recognizing the state’s success in “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.” In addition, LG Energy Solution’s investment in Queen Creek was named one of 15 “Manufacturing Projects of the Year” and one of 10 “Cleantech Projects of the Year.” Area Development also named Amkor one of 10 “Non-Manufacturing Projects Of The Year.”

Read more about Arizona’s economic momentum at azcommerce.com.