Texas Economic Growth Soars With Samsung’s $40B Factory!

Texas keeps experiencing significant economic growth, meaning many jobs are coming. 

According to an article by NPR, the Biden Administration has given the South Korean electronics company Samsung 6.4 billion dollars to start making semiconductor chips in Texas. 

Samsung will now start building a massive semiconductor plant in Taylor, TX, spending at least $40 billion of its own money. The Central Texas Region is the state's snowballing economy. 

The region has added Tesla, SpaceX, numerous tech companies, and now a semiconductor manufacturing plant as the U.S. tries to diversify the number of semiconductor chips available.

The new Texas plants will include facilities dedicated to research and development and will be able to manufacture and package chips. Many chips made in the U.S. still have to be sent to Taiwan to be packaged.

Let's describe the size of the first plant in an easily understandable way for us Texans: It will be as big as 11 large football fields! The plants will create 17,000 construction jobs and at least 4,500 permanent jobs—good-paying jobs. It will be the end of the decade before all the plants are completed, but they certainly will be needed when they begin operation. 

The Biden Administration has worked to bring more semiconductor plants to the U.S., and the funds used to entice the corporations to the U.S. are from the CHIPS and Science Act passed in 2022

Earlier this year, the Biden Administration announced grants to Taiwanese company TSMC for a large manufacturing project in Arizona and U.S. company Intel for plants in Arizona, Ohio, New Mexico, and Oregon.