Semiconductor industry growth driving Phoenix economic boom | FOX 10 Talks

Dennis Hoffman with the Williams Research Institute at the W.P. Carey School of Business, is an expert in the growth of the semiconductor industry in the Phoenix economy. He joins FOX 10 talks to discuss how the region has transitioned into a prominent leader in the semiconductor game following the introduction of Taiwan Semiconductor Manufacturing Company, which builds upon a long-standing relationship that local communities share with Intel. The historical roots of this tech ecosystem trace back to 1948 when Motorola established research operations in the area with an eye to sell to the military. The emergence of this economic hub resulted from a collaborative effort spanning roughly 15 years to come to the fore, starting with initial visits and groundwork planted during the Brewer administration. A large consortium involving the business community, governors, tax incentives, and the education community—including ASU President Michael Crow working to demonstrate engineering capabilities—helped secure the operations. This growth is significantly impacting economic development in the West Valley, where rapidly increasing job opportunities are shifting traditional traffic patterns that previously forced residents to drive west to east for employment every morning.