PHOENIX – More than 270 companies from around the planet are looking to expand operations or relocate to the Phoenix area, a spokesman for a Valley economic development agency said.

“The projects represent some massive numbers in terms of impacts for our residents – 16,000 jobs and more than $50 billion in capital investments,” Josh Reed with the Greater Phoenix Economic Council told KTAR News 92.3 FM.

“On the business-attraction front, there really never has been more interest than greater Phoenix is seeing right now from firms across the globe looking to make investments and expanding and relocating to the region.”

Taiwanese chipmaker TSMC, the world's largest semiconductor foundry, is building a $12 billion production facility in Phoenix that's expected to open in 2024.

“We are really seeing a super cycle of what a project of that magnitude can do for a region,” Reed said.

“Within the semiconductor space alone there are 45 companies that are evaluating greater Phoenix for investment and a number of business operations to support TSMC directly but our larger semiconductor ecosystem as a whole.”

Reed added those projects represent 12,000 construction jobs and more than $65 million in capital expenditures.

He said the Valley had lost approximately 242,000 jobs at the height of the pandemic. Roughly 80% have been recovered and he’s optimistic for full recovery in early 2022.