Business leader says TSMC, Mayo Clinic expansion could transform Arizona’s economic DNA

PHOENIX — Two massive investments are coming to Arizona, which has many local business leaders excited for an economic boom, massive construction projects and tens of thousands of new jobs.

One of them is Danny Seiden, the president and CEO of the Arizona Chamber of Commerce. He said the Mayo Clinic and Taiwan Semiconductor Manufacturing Co. (TSMC) expansion plans could permanently change Arizona’s economy and infrastructure.

“This will help change the DNA of our economy,” Seiden said. “We’re becoming more research-focused; we’re developing things here.”

How will TSMC expansion change Arizona economy in the long run?

He’s especially excited about all the jobs coming to the Valley after TSMC promised to invest another $100 billion in its U.S. operations.

TSMC already has three factories either built or under construction in north Phoenix. The company announced Tuesday it will create two more package fabs and a research and development center in Arizona.

All of this expansion will create thousands of high-paying jobs in advanced manufacturing, Seiden said.

“One manufacturing job supports four non-manufacturing jobs,” Seiden said. “The ROI for these types of investments and announcements is huge.”

He believes these jobs will have positive ripple effects throughout Arizona’s economy.

“We’re not just talking about the direct connections either,” Seiden said. “We’re also talking about restaurants, small businesses, dry cleaner’s, car washes, home building, all of that is supported by these types of announcements. So it matters to our economy.”

Massive investments could also change Arizona transportation infrastructure

TSMC’s expanded investment will likely support 40,000 construction jobs over the next four years.

“There’s going to have to be massive infrastructure expansion,” Seiden said. “Whether it’s the infrastructure and roads, it’s been planned for. The electrical infrastructure needs, energy infrastructure needs, it’s been planned for and being worked on right now. So, again, we we are ready for this.”

In addition to TSMC, the Mayo Clinic also recently announced massive investments in Arizona. It’s set to invest $1.9 billion to expand its campus in Phoenix.

“It is huge news that they’re growing there,” Seiden said. “What we’re talking about is 3,500 new jobs. These are high-paying jobs in the medical and bioscience fields. … What Mayo Clinic is doing is building up our ecosystem.”

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