Taiwan Semiconductor to build Arizona manufacturing plant

The company plans to spend $12 billion on the project

Taiwan Semiconductor (TSMC) has announced its intention to build a manufacturing facility in Arizona that will employ 1,600 high-tech workers.

Continue Reading Below

Construction is planned to start in 2021 with production targeted to begin in 2024.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The company plans to spend $12 billion on the project.

"TSMC welcomes continued strong partnership with the U.S. administration and the State of Arizona on this project. This project will require significant capital and technology investments from TSMC."a according to a company statement. "The strong investment climate in the United States, and its talented workforce make this and future investments in the U.S. attractive to TSMC."

TickerSecurityLastChangeChange %
TSMTAIWAN SEMICONT MAN.97.49+0.85+0.88%

A Commerce Department statement praised the semiconductor industry as being critical to U.S. economic growth, underpinning many of the advanced technologies that consumers depend on.

“TSMC’s plan to build and operate a $12 billion semiconductor facility in Arizona is yet another indication that President Trump’s policy agenda has led to a renaissance in American manufacturing and made the United States the most attractive place in the world to invest,” said Secretary Wilbur Ross. “This plan is the result of years of close collaboration among TSMC, the Governor of Arizona and his staff, and the Administration, particularly our Assistant Secretary of Commerce Ian Steff.”

CLICK HERE TO READ MORE ON FOX BUSINESS

Taiwan Semiconductor currently operates in Camas, Washington and design centers in both Austin, Texas and San Jose, California. The Arizona facility would be its second manufacturing site in the United States.