30/07/2024 | Press release | Distributed by Public on 31/07/2024 02:25
Arizona attracted record capital investment and jobs created in Fiscal Year 2024
PHOENIX, AZ (July 30, 2024) - Arizona economic development efforts continued to set a new standard of excellence and build on the state's economic momentum in Fiscal Year 2024 (FY 24). In the 12-month fiscal period that ended on June 30, 2024, the Arizona Commerce Authority (ACA) and local economic development agencies successfully worked with companies that committed to creating a projected 24,251 new Arizona jobs with an average wage of $75,701. Those companies also committed to investing more than $50 billion in local communities - setting records for jobs, capital investment and wages.
The fiscal year also saw substantial wins for workforce development, startup growth, supply chain enhancements, rural business expansions and more.
The ACA's Fiscal Year 2024 results represent 121 percent of the ACA's annual projected jobs goal, 128 percent of its wages goal, and 1,250 percent of its projected capital investment goal.
Expansions took place across the state in nearly 30 distinct jurisdictions including Buckeye, Casa Grande, Chandler, Coolidge, Eloy, Gilbert, Glendale, Goodyear, Hayden, Kingman, Lake Havasu City, Litchfield Park, Maricopa, Mesa, Nogales, Patagonia, Peoria, Phoenix, Prescott, Safford, San Luis, Scottsdale, Somerton, Surprise, Tempe, Tolleson, Tucson, Winslow, and Yuma.
"Arizona has become a global hub for advanced manufacturing and emerging technologies, with no signs of slowing down," said Sandra Watson, President and CEO of the Arizona Commerce Authority. "As the home of America's semiconductor resurgence, Arizona continues to attract global companies in advanced industries. These wins translate to high-paying jobs for Arizonans and increased opportunities for Arizona small businesses and local manufacturers, and they are supported by our top-ranked workforce and leading education institutions. We are grateful to Governor Hobbs, Arizona legislative leaders, and all of our industry, academia, and local economic development partners for their continued collaboration and leadership to advance Arizona's economy."
The ACA's annual metrics represent direct projected jobs and capital investment from companies.
Expansion and attraction projects in FY 2024 include:
Since 2011, Arizona has successfully landed 1,264 companies that have committed to creating more than 285,000 projected new Arizona jobs and investing over $162 billion in new capital statewide.
Media Contact
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 @azcommerce.