Nearly 40 businesses decided to expand in the Phoenix area in fiscal year 2023 through the Greater Phoenix Economic Council and its partners, according to the economic development organization's annual report.
These included major projects such as the Taiwan Semiconductor Manufacturing Co.'s and LG Energy Solution's expanded investments as well as traditional manufacturers, distribution and logistics companies, and new headquarters. "Despite economic uncertainty around the nation, GPEC continues to be a leader in business attraction and execution against civic priorities that set the stage for the next chapter of economic growth," Chris Camacho, CEO of GPEC, said in a statement to the Business Journal.
The 37 companies that announced or expanded in the region in FY 23 also added 7,731 new jobs with an overall average salary of $72,443.