The Phoenix-Metro West Valley has quickly become one of the most opportunistic areas for new businesses to grow. Between the expansion of Foreign Trade Zones along the 303 corridor, technology companies attracting new talent, and the building of new, affordable housing, areas like Buckeye, Surprise, Goodyear, and Peoria are growing in demand.
Teravalis will be situated in the heart of Buckeye, which features stunning views and beautiful wildlife. Our community will be surrounded by industry-leading employers who are bringing growth and competitive wages to the area. This is in no small part due to the incredible initiatives of local West Valley leaders. Here are just a few examples of the measures that will benefit Teravalis residents for generations.
Foreign Trade Zones are a Huge Draw for Valley Businesses
Cities like Goodyear have been continually expanding business along the 303 corridor that has been given Foreign Trade Zone (FTZ) status. They provide a wealth of benefits for companies looking to relocate and will only become more enticing as the area continues to grow and bring new residents.
FTZs are regions within the U.S. that are not recognized as U.S. soil, which act as a “duty-free” area where goods can be stored, manufactured, and processed without payment of duties and other restrictions. FTZs and the companies that utilize them greatly contribute to the nation’s economy. They attract large companies to local areas, which makes our nation more competitive on the global stage and provide in-demand job skills to the residents of that area.
Some other benefits that FTZs offer include:
- Continuous property tax reduction for approved Arizona properties.
- Reduced supply chain time.
- A significant reduction in annual business fees.
- Duty reduction or even elimination for goods entering the U.S.
- Maximum security that keeps insurance costs low.
The City of Buckeye, where Teravalis is located, utilizes FTZ number 277, where businesses can reduce property taxes by 72%.
Technology is Drawing New Talent
Starting in early 2025, Taiwan Semiconductor Manufacturing Co. (TSMC) will open its giant semiconductor plant in North Phoenix. The plant is located just west of the I-17 and north of the Loop 303, and will add thousands of high-demand jobs to residents in the West Valley. The TSMC plant is aiming to be one of the leading global companies producing N4 or four-nanometer semiconductors in the world.
TSMC is slated to bring nearly 4,500 jobs to the Valley, many of which will offer hands-on training in manufacturing the latest semiconductors. According to estimates, the salary for jobs from technicians to engineers will be higher than Arizona’s average annual wage for the manufacturing sector.
The city of Buckeye will soon see the completion of the 1.33 million-square-foot KOREPlex Battery Facility, which promises to add 1,250 jobs when it’s in full operation. KORE specializes in creating battery cells for electric cars and trucks.
Recently, the facility received a conditional commitment from the federal government for an $850 million loan to finish construction. The plant is scheduled to finish construction between the end of 2024 to early 2025.
The West Valley is Growing
It’s estimated that by 2030, 40 percent of the Maricopa County’s population growth will occur in the West Valley. Around 62% of the population is working age, drawing a lot of companies looking for new talent in the healthcare, aerospace, information technology, and engineering industries.
These investments in the area are proving to be long-term, as West Valley cities are building several new K–12 schools, along with higher education like technical schools, community colleges, and universities focused on Science, Technology, Engineering, and Math (STEM) programs to ensure cities like Buckeye keep talent local and help the area stay prosperous for years to come.
All these investments are clearly paying off, as they have already attracted large companies like Microsoft, Amazon, and Boeing that have built businesses or purchased land in the area for upcoming projects. With the help of local and state leadership, Teravalis will be a place for families to grow, promising a wealth of opportunity for present and future generations.
Teravalis is primed to be a 37,000-acre premier master planned community located in the West Valley of the Phoenix metropolitan area, in Buckeye, Arizona. Translating to “land of the valley,” Teravalis is positioned between the White Tank and Belmont Mountain ranges and is committed to embracing the natural High Sonoran Desert beauty. Utilizing innovative technology and sustainable planning, the community will feature unparalleled amenities and wide-open spaces to explore and discover. Teravalis is a community of Howard Hughes, known for its mission to curate vibrant communities that elevate the everyday, creating meaningful moments in great places where people can live their best lives – and thrive for generations to come.