Semiconductor, Clean Energy Industries saw Major Wins in 2023

Article originally posted on Phoenix Business Journal on December 29, 2023

All eyes are on Phoenix now as major corporations make huge commitments to the market and growth perseveres on all levels in the region.

Continuing the momentum from the past few years, the Phoenix area in 2023 saw another influx of advanced manufacturers, distributors and new headquarters announced for locations across the Valley, including a steady flow of companies moving out of California and into Arizona.

The greater Phoenix area saw 31 companies move to the Valley in 2023 for more than 4,100 phase-one jobs, 3.7 million square feet of space and $7 billion in investments, according to data compiled by the Greater Phoenix Economic Council.

Chris Camacho, president and CEO of GPEC, said inflation in Phoenix has started to come back down since reaching a peak in 2022 at 13%. Job creation in the Phoenix area also chugged along in 2023 and is expected to see a 2.2% growth in 2024, he said.

“A large part of that is because we’re just seeing much more economic diversity than we’ve seen in past cycles,” Camacho told the Business Journal.

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