Ducey Announces $100 Million Investment in Arizona’s Semiconductor Industry

semiconductor

Arizona Governor Doug Ducey announced a $100 million investment in the state’s semiconductor industry, according to a press release from his office.

“Arizona has earned a place as one of the world’s leading destinations for chip design, manufacturing and innovation,” Ducey said in a press release. “With historic opportunities before us, this funding ensures we make the most of this moment and cement our semiconductor leadership for decades to come. My thanks to all our partners in the private sector and higher education for their commitment to expanding our high-tech economy.”

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Arizona Sees Record Number of Jobs in the State

The Arizona Commerce Authority (ACA) revealed Monday that efforts to work with companies to bring jobs to Arizona have paid off, bringing in the most jobs seen by the organization in a single year.

“For the second year in a row, Arizona economic development efforts broke records. During the 12-month fiscal period that ended June 30, 2022, the Arizona Commerce Authority (ACA) and local economic development agencies successfully worked with companies that committed to creating a projected 24,186 new Arizona jobs – a single year record. Those companies also committed to investing $10.75 billion in local communities,” according to the ACA.

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Thousands Joined Arizona’s Workforce Last Month

Arizona’s seasonally adjusted unemployment rate remained steady, remaining at 3.3% from June 2022 to July 2022. In that stretch, the state’s seasonally adjusted labor force increased by 7,209 individuals (0.2%); plus, Arizona added 18,300 jobs in that span, according to a report from the Arizona Commerce Authority. 

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Arizona Unemployment Rate Hits 45-Year Low

The unemployment rate in Arizona continues to decline.

In March 2022, Arizona had a seasonally adjusted unemployment rate of 3.3%. This was slightly lower than the national unemployment rate at the same time, according to data released by the Arizona Commerce Authority this week.

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Report: Arizona to Add 700K Jobs by 2030, Triple the U.S. Rate

Arizona’s economic conditions are estimated to attract hundreds of thousands of new workers to the state.

A report from the Arizona Office of Economic Opportunity indicated the state’s economic growth is expected to outpace the national average.

“The Office of Economic Opportunity (OEO) is projecting Arizona employment to increase to 3,751,905 jobs in 2030 from 3,030,216 jobs in 2020,” the report said. “This represents growth of 721,689 jobs, or 2.2% annualized growth. By comparison, United States employment is projected to grow by 0.7% annually from 2020 to 2030.”

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