The Greater Phoenix area has long been a favorite among real estate investors large and small looking for a great mix of appreciate and revenue, but now there is a new reason to be bullish on this market. Back in May of 2020, TSMC (Taiwan Semiconductor Manufacturing Co.) announced a plan to build their first US based, state of the art manufacturing plant, in North Phoenix at an investment of $12 billion.
Although not a household name, TSMC is responsible for manufacturing about 25% of the world’s semiconductors. The chips they produce are used in varying applications from household appliances, vehicles, and smartphones such as the iPhone, to aerospace equipment.
The Phoenix plant, which broke ground in July and is scheduled to begin production in 2024, plans to hire over 2,000 people to work in the first phase of the manufacturing. Additionally, supporting suppliers and businesses are already beginning to flock to the area, plus the need for workers to secure housing.
Though the plant itself is a great economic achievement for North Phoenix to attract, it will also be a catalyst for exponential growth and development of industrial, office, retail and housing projects in the area for years to come.
