High-volume semiconductor manufacturing (HVSM) with high demands for freshwater is often located in regions with limited water resources. This nexus of water demand and water scarcity has raised concerns among municipal governments, prompting several to consider water supply restrictions as they plan for economic growth and development. Using water use data and economic valuations of land use from Chandler, Ariz., this study compares the fiscal effect of HVSM with three alternative water uses: office, retail, and general manufacturing.