ARIZONA (TVBS News) — Taiwan Semiconductor Manufacturing Company’s (TSMC, 台積電) Arizona factory has reshaped Phoenix’s economy and lifestyle, spurring significant growth in housing and infrastructure.
Within an 8-kilometer radius of the plant, 2,100 apartment units have been built, 1,038 are under construction, and 1,550 are in the planning stages, according to Colliers International data.
Local business owners shared their experiences with the influx of families and new economic opportunities. Yvette Stumpf, a children's salon owner, described the development as booming, noting, “If you drive on the I-17 freeway, it used to be nothing, now you're looking at all these developments.”
Similarly, Kat Blaz, who runs a toy store, remarked on the area's transformation over the past 15 years, pointing out that, “When we first moved to this area, there wasn't even a Norterra shopping center.”
The Phoenix metro area’s inflation rate, which peaked at 13% in August 2022, dropped to 2.3% by August 2024, staying below the national average for 12 consecutive months.
Arizona’s economy has flourished under the Biden-Harris administration, with the state’s August unemployment rate at 3.4%, its lowest since 1976, partly due to the CHIPS and Science Act, which has bolstered semiconductor investments.
However, the cost of living remains a concern. Phoenix's cost of living is 4% higher than the national average, with rent prices up by 24%. Local residents report decreased purchasing power, with one saying, “I used to bring home six bags, but now I only bring three with the same amount of money.”
With the U.S. presidential election approaching, TSMC’s ongoing impact on local employment and the economy is likely to remain a key point of discussion.