By Mike Bodeen · 31 May 2021
The Phoenix Business Journal just published an article we knew was coming soon and I’m sure will be followed up by the AZ Republic about the not-so-distant future boom taking place in North Phoenix. The article, entitled North Phoenix – How Taiwan Semiconductor’s new factory will transform the city’s north side is an interesting read for sure (see link below).
Ever since the Journal began reporting on the Taiwan Semiconductor Manufacturing Company’s (TSMC) purchase of 1128 acres from the State recently, between the Carefree Highway south to the newer #303 Parkway/Highway, abutting Highway 17, the project is quite the talk of north Phoenix.
The state and city foresaw the North Valley becoming a business corridor, but it’s been slower to evolve. Insurance companies have built north of the 101 on the 17 with USAA and State Farm expanding their footprints. Commercially, the Norterra Shopping/Retail area at Happy Valley Rd has suffered numerous vacancies, but was recently purchased by Bob Parsons, the Billionaire founder of GoDaddy, who plans major reno and expansion. I guess he must have known something eh?
Phoenix Business Journal Article
The article pointed out originally TSMC was going to be investing $11 Billion in the first phase of construction, but that eventually that would balloon to be almost 3X as much, as in $35 Billion dollars. This announcement co-incidentally followed a global “chip” shortage which is affecting so much of our national and international commerce currently. Intel is likewise investing billions in new chip manufacturing in the southeast valley.
“… this announcement co-incidentally followed a global “chip” shortage which is affecting so much of our national and international commerce currently.”
The article also points out that although this record setting project is in itself huge, the “reverberations” that will occur in the state’s economy will be large as well. For every manufacturing job created, four or five new jobs will be needed to support it. Four Asian companies called “supplier sites” have now announced that they plan to follow TSMC to Arizona.
Arizona has been growing at a pretty healthy clip but this type of massive increase will hugely accelerate all forms of real estate growth in the North Valley. Residential areas such as Anthem just north of the project and Vistancia to the west had been slower to catch on till more recently. These communities and all of the North Valley will languish no more!