July 15, 2025 3:15 pm
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Arizona wins award recognizing best-in-class economic momentum

By InBusiness Phoenix

In recognition of yet another banner year for economic development wins, Arizona today received a prestigious “Gold Shovel” award from Area Development Magazinein the 5-8 million state population category, marking the state’s fifth consecutive gold shovel. The Shovel Awards recognize states that “garnered large job-creating and investment projects through innovative policies, infrastructure improvements, and other processes that attracted new employers as well as investments in expanded facilities.”

In addition, Area Development named TSMC’s third fab expansion as one of the “Manufacturing Projects of the Year.” In April 2024, TSMC announced plans to build a third leading-edge semiconductor fab in Phoenix. The company has since announced the addition of six more high-tech facilities in Arizona, including three additional fabs, two advanced packaging facilities, and a major R&D center, bringing the company’s total investment in Arizona to over $165 billion.

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