Samsung Closes In On Tiny Texas Town For New $17B Plant
Samsung Electronics has selected a Texas city with a population of less than 17,000 for an enormous chip manufacturing plant after considering sites in Arizona, New York and Florida.
Samsung plans to develop the factory in Taylor, Texas, The Wall Street Journal reports, and confirmation could come Tuesday evening when Gov. Greg Abbott is due to give an “economic announcement” at 5 p.m. Central time. The plant would eventually employ 18,000 people in the city. A representative from Samsung told the WSJ no final decision has been made for the plant's location, however.
Taylor lured the tech company by offering the equivalent of property tax breaks of up to 92.5% for the first decade, per the WSJ. The write-offs would slowly decrease over the next few decades. Samsung was seeking a $1B incentive package, according to a filing with Texas that was made public in February.
The application, which required a $100K filing fee, indicated a 360-acre site had already been selected for a 7M SF complex, CoStar reported at the time. Samsung estimated in its application that it would invest over $5B of its own capital into the real estate portion of the project.
Production of high-tech microchips has been a critical snag in the supply chain, but production at the Taylor plant wouldn't begin until late 2024.