Arizona's Economic Triumphs in 2023: A Recap from the ACA
As we step into 2024, it's crucial to reflect on the remarkable achievements that shaped Arizona's economic landscape in 2023. This overview, sourced from the Arizona Commerce Authority (ACA), highlights key milestones, collaborative efforts, and strategic initiatives that fueled the state's robust growth across diverse sectors.
Business Development
In 2023, Arizona experienced an influx of record investments, with over 95 competitive projects garnering commitments to generate 24,600 new jobs and inject over $10.3 billion into the state's economy. Expansions spanned numerous cities, showcasing a statewide economic boom. Noteworthy projects included LG Energy Solution, Amkor, HyRel Technologies, American Battery Factory, and EVelution Energy, reflecting a vibrant and expanding business landscape.
Earning Top National Rankings
Arizona secured prestigious accolades, underscoring its business-friendly environment. Recognitions such as being among the "Best States For Business" by Chief Executive Magazine and a top 5 state for innovation according to the Consumer Technology Association highlight the state's attractiveness to businesses. Additionally, Maricopa County claimed the top spot for talent attraction for the fourth consecutive year, solidifying Arizona's appeal for skilled professionals.
Advancing Arizona’s Semiconductor Industry
Strategic moves in 2023 cemented Arizona's position as a semiconductor leader. Partnerships with SEMI and significant investments in ASU and UArizona underscored the commitment to innovation. Governor Hobbs' initiatives, including a Registered Apprenticeship Program and the Future48 Workforce Accelerator, demonstrated a forward-looking approach to nurturing semiconductor talent and fostering industry growth.
Investing In Arizona’s Workforce
Arizona's commitment to workforce development shone through Governor Hobbs' announcement of the Future48 Workforce Accelerators in collaboration with key educational institutions. These accelerators, in Kingman and Yuma, aim to enhance the state's workforce in alignment with emerging industry needs.
Supporting Startup Success & Advancing Innovation
Plug and Play accelerateAZ's entry into Arizona marked a significant milestone, with the launch of the Advanced Manufacturing Accelerator program and the announcement of the Sustainability Accelerator program. These initiatives will catalyze growth in areas like renewable energy, water resiliency, and carbon neutrality, positioning Arizona as a hub for cutting-edge startups.
Advancing Arizona’s Global Competitiveness
Arizona's global reach expanded with the opening of international trade and investment offices in Taiwan and the Republic of Korea. These offices, coupled with significant investments from TSMC and LG Energy Solution, exemplify Arizona's prowess in attracting international business and fostering economic collaborations.
Supporting Small Businesses
Initiatives like the Super Bowl LVII Business Connect Program and the Small Business Boot Camp demonstrated Arizona's commitment to supporting small enterprises. The state's dedication to nurturing a diverse business ecosystem remains unwavering.
Connecting More of Arizona
Governor Hobbs' announcement of a groundbreaking $993.1 million federal broadband grant underscored Arizona's commitment to bridging digital divides. The Broadband, Equity, Access, and Deployment (BEAD) Program aims to ensure high-speed internet access for all Arizonans, reinforcing the state's commitment to inclusivity.
As we bid farewell to 2023, Arizona stands tall as an economic powerhouse, with a diverse and thriving business ecosystem. The collaborative efforts of the ACA, government, educational institutions, and industry partners have propelled the state into a position of strength, setting the stage for continued growth in the years to come.