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Posted Jul 7, 2022, 4:15 PM
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Registered User
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Join Date: Jan 2010
Posts: 6,599
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Manufacturing Boom
There are a lot of reasons for this that can and does fill books but the manufacturing boom in Phoenix is real, broad and its going to change the economic landscape in this region for decades. Right now its in the plants but (as you will see below) this will cause follow on supply chain, logistics, legal, financial, servicing etc etc etc.
This is the type of real industry that makes places like Chicago, LA, Houston and NYC the powerhouses they are, and Arizona as primarily an extraction based and tourism based economy for decades, shifting into a secondary services industry (call centers etc) between 1990-2012 and now into a real broad base industrial economy.
https://azbigmedia.com/business/ariz...in-since-1966/
Arizona posts largest manufacturing jobs gain since 1966
Quote:
Arizona’s unemployment rate hit (another) new low at 3.2% in April. The state’s seasonally-adjusted nonfarm payroll jobs increased by 16,100 in April, after a revised drop of 4,400 in April. The preliminary estimate for March showed a decline of 3,700 jobs. Over-the-month job gains were driven by Arizona manufacturing jobs, which added a whopping 4,900 jobs over the month.
That was followed by leisure and hospitality (up 4,600), education and health services (up 2,300), professional and business services (up 1,500), trade, transportation and utilities (up 1,200), information (up 1,000), other services (up 700), and government (up 500). Employment in natural resources and mining and financial activities was stable, while construction jobs dropped by 600.
Government and leisure and hospitality jobs remained far below their pre-pandemic levels in April. Government jobs (primarily local government) were 20,300 below and leisure and hospitality jobs were 13,500 jobs below. Education and health services were still down 1,900, followed by information (down 1,200), natural resources and mining (down 200), and other services (down 100).
In contrast, trade, transportation, and utilities jobs were up 55,600 in April, followed by financial activities (up 11,200), manufacturing (up 10,600), construction (up 5,500), and professional and business services (up 3,000).
Overall, Arizona jobs were up 48,700 jobs from February 2020 to April 2022. Even so, state jobs were down 133,800 from where they would have been had the pandemic not occurred (Exhibit 2).
There also remains a lot of variation in job recovery rates across Arizona’s metropolitan statistical areas (Exhibit 3). The current estimates suggest that four of the state’s seven metropolitan areas have replaced all of the jobs lost during the February to April 2020 period: Lake Havasu City-Kingman, Phoenix, Prescott, and Yuma. As of April 2022, Sierra Vista-Douglas replaced 63.6% of the jobs lost early in the pandemic, Tucson replaced 88.4%, and Flagstaff replaced 92.2%.
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Bank of Taiwan sets up Phoenix office as massive TSMC chip factory takes shape
https://www.bizjournals.com/phoenix/...tor-plant.html
Quote:
With little fanfare, a major Asian bank has set up a small Phoenix office to support one of its biggest customers, Taiwan Semiconductor Manufacturing Co., which is building a huge computer chip factory in the Valley.
The Bank of Taiwan opened the office in June, led by Vice President Carol Yeh, at Deer Valley Financial Center at 22601 N. 19th Ave., about six miles south of the TSMC site in north Phoenix. Documents filed with the Arizona Corporation Commission show that the bank received preliminary approval in February to operate in Arizona, with its final paperwork filed in March.
The Phoenix office is what's known in the industry as a representative office, meaning it will not open accounts for business customers locally, but will work on forging business relationships and can start the process of setting up business loans, particularly with Taiwan semiconductor industry suppliers and related information technology companies that are looking to set up shop in the Valley to support the TSMC factory, known as a fab.
Strengthening economic ties between Taiwan and Phoenix
Yeh, who confirmed the office opening to the Business Journal, will initially refer business loan customers to Bank of Taiwan's U.S. branch office in Los Angeles. Typically, representative offices eventually do switch over to offering loans and other services to business customers on their own if the level of business can support such a move.
In an emailed statement, Yeh said the bank would also look to help strengthen economic ties between Taiwan and Phoenix.
The bank held a dinner on June 21 in Phoenix to officially christen the opening of the office, with Bank of Taiwan Chairman Joseph Jye-Cherng Lyu in attendance, along with political and business dignitaries, including Arizona State Treasurer Kimberly Yee, Phoenix Mayor Kate Gallego, Arizona Commerce Authority President and CEO Sandra Watson and Greater Phoenix Economic Council President and CEO Chris Camacho.
"We can witness that Phoenix and Taiwan have built close economic ties through the direct investment of Taiwanese enterprises here. Therefore, this is the location where Bank of Taiwan also needs to establish its presence to support future prospects in this region and have direct dialogue with local clients," Lyu said in his prepared remarks at the dinner.
"The opening of Phoenix representative office today shows that Bank of Taiwan always stands by Taiwanese enterprises. Along with our branches in LA and New York, this office will be able to better serve the expansion and sustainable development of our customers in the U.S. market," he added.
Taiwanese companies flocking to the Valley
Indeed as the massive TSMC fab takes shape, several Taiwanese semiconductor supplier companies have set up shop in the Valley.
Taiwan Puritic Corp. has signed new leases in both Phoenix and Glendale; Kokusai Semiconductor Equipment Corp. has set up distribution, training centers and offices in Glendale; and CTCI has set up a new office in Phoenix. Rinchem, which is based in Albuquerque, New Mexico but has expanded into Taiwan, is looking to set up in Surprise.
In his remarks at the dinner, Camacho said GPEC is working behind the scenes with 22 companies from the Asia-Pacific Region that are exploring opportunities in the Valley.
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