NEW: Arizona #1 In The Nation For International Investment
PHOENIX, AZ (March 24, 2023) — As just announced in Governor Katie Hobbs' International State of the State address, Arizona ranked first in the nation in 2022 for the amount of dollars invested by international companies. According to FDI Markets, Arizona attracted expansion projects from 35 international companies last year, representing $31.954 billion in investment, making Arizona the leading market in the nation for foreign direct investment (FDI).
Arizona’s FDI total was led by TSMC, which announced a new, $28 billion project in December, bringing their total investment to construct and operate two, high-tech semiconductor fabs in north Phoenix to $40 billion. Arizona saw significant additional investments from companies including LG Energy Solution ($1.4 billion), XNRGY Climate Systems ($300 million), Chang Chun Group ($300 million), Nestle ($213 million), and Sunlit Chemical ($100 million).
“We only expect this success to continue as Arizona’s international profile and reach grows,” Governor Hobbs stated during her speech. “News is getting out about what we have to offer. And the investments of tomorrow will start with conversations today, in this very room.”
Last year marked the second year in the past three in which Arizona led the nation for FDI, demonstrating the state’s leading attractiveness for investment from global technology companies.
“With our ideal business environment, high-skilled workforce, and thriving innovation ecosystem, Arizona has become the go-to place for technology globally,” said Sandra Watson, President and CEO of the Arizona Commerce Authority. “We are immensely grateful to all our international partners for their commitment to Arizona and look forward to building on these nation-leading investments in the years ahead."
International projects in the ACA’s project pipeline have seen a 52% increase over the last quarter, reflecting a strategic effort to target the expansion of manufacturing and technology sectors, which offer higher than average wages for Arizonans.
Just today, LG Energy Solution, a leading global battery manufacturer and renewable energy company based in South-Korea, announced a four-fold increase to their planned Arizona investment, from $1.4 billion to $5.5 billion. The investment will support the construction of two battery manufacturing facilities in Queen Creek, making the investment the largest single project ever for a stand-alone battery manufacturing facility in North America.
Today, Governor Hobbs also announced the launch of Arizona’s Asian trade and investment offices - one in Taipei, Taiwan; the other in Seoul, South Korea. The offices will serve as a platform to further accelerate economic collaboration and foreign direct investment opportunities in the region.
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 at @azcommerce.