If Taiwan Semiconductor Manufacturing Co. Ltd. builds a plant in Phoenix, the city estimates it will have a $38.2 billion economic impact on the region over 20 years.
That’s one of the reasons why, at its Nov. 18 meeting, Phoenix City Council will consider entering into a development agreement with the Asian company and paying for up to $205 million in public infrastructure work to prepare for the facility.
“This innovative growing company will bring one of the largest single foreign investments in Arizona history and provide thousands of quality jobs and will facilitate thousands of additional jobs to support its ecosystem and operation,” a report included in the City Council agenda stated. “This could greatly benefit those that have been impacted by layoffs and furloughs due to the Covid-19 pandemic.”
In public documents, the city said the plant also is estimated to create $314 million in annual personal income over 20 years.
TSMC announced in May, after conducting a nationwide search, plans to build a $12 billion plant in Phoenix and create about 1,900 full-time jobs over a five-year period. Manufacturing would begin at the plant in 2024.