Semiconductor industry growth driving Phoenix economic boom

Export-based industries like semiconductors support local businesses through big employee salaries, explains ASU economist.

In this interview aired June 11, 2026, on FOX 10 Phoenix:

Where does our money flow from? If we just focus on local businesses, local service providers, or even retail, when we buy goods and services, the money flows out of the state. Typically, it goes out to the owners of the retail establishment. When people work in export-based industries like semiconductors, money is made from the sale of those semiconductors, which then pays big salaries to manufacturing workers, and that's how that money flows into the Valley. And it's that money that flows in that sustains everything else. So, even if you're running a pizza shop, or a restaurant, or a hair salon, you ought to be very happy to see these businesses thrive because that's where the money comes from for your customers to purchase your services.

— Dennis Hoffman, director of ASU’s Office of the University Economist