Today Texas Governor, Greg Abbott announced that Samsung Electronics would build a new semiconductor manufacturing facility in Taylor. According to Abbott, Samsung's investment is almost $17 billion investment and will be the largest foreign direct investment in Texas on record.
The good news for Texas is that the project will create over 2,000 high-tech jobs, thousands of indirect jobs, and a minimum of 6,500 construction jobs.
Governor Abbott was quick to talk up the positive announcement.
"Companies like Samsung continue to invest in Texas because of our world-class business climate and an exceptional workforce. Samsung's new semiconductor manufacturing facility in Taylor will bring countless opportunities for hardworking Central Texans and their families and play a major role in our state's continued exceptionalism in the semiconductor industry. I look forward to expanding our partnership to keep the Lone Star State a leader in advanced technology and a dynamic economic powerhouse."
Samsung already has a chip manufacturing plant in Austin, and this is another sign of faith in Texas. The company said it chose Texas again based on infrastructure stability, government support and proximity to its existing plant.
In February this year, the severe winter storms which caused a multi-day, widespread power outage resulted in almost $339 million in damages to Samsung's existing chip plant in Austin.
Reporters were quick to ask Governor Abbott if there were any concerns with the power for the upcoming winter.
"I'm extremely confident that the power grid is stable, resilient, and reliable," Abbott said.
Construction will begin in Taylor in early 2022, with production starting in the second half of 2024.
Readers, what are your thoughts on this new announcement? Please leave your comments in the section below.