Local, state and federal officials, including President Joe Biden, as well as industry leaders, descended on North Phoenix on Tuesday for a “first tool-in" event at a Taiwan Semiconductor Manufacturing Company factory that’s set to start producing microchips next year.

President Joe Biden today plans to visit the building site for a new computer chip plant in north Phoenix, using it as a chance to emphasize how his policies are fostering job growth in what could be a challenge to the incoming Republican House majority.

To address the growing need for a continually diversified and modern workforce, the New Economy Initiative was signed into law, providing millions of dollars in state funding through the Arizona Board of Regents to invest in Arizona’s economic future. This initiative aims to create 40,000 new jobs by 2041, increase economic output to $6.9 billion by 2023, and double the state’s investment in return, much of which can and should be generated within the space ecosystem.