The state of Texas just pulled off a major coup.
While Joe Biden and his fellow Democrats would have loved for one of their precious blue states to become the new home to a Samsung plant, that honor will now reportedly go to Texas.
On Tuesday, it was announced that Samsung has committed to building its $17 billion chip-making plant in the Lone Star state.
Texas is one of only a handful of states that continues to thrive during the pandemic.
The state’s economy is about to get another boost as well.
According to reports, Samsung plans to build a massive $17 billion chip-making plant in Taylor, TX.
Taylor, which is just outside of Austin, has a population of about 16,000 people, so this will be a significant boon for the local economy.
Between the jobs provided and the added influx to spending in the area, it will be life-changing for this city.
The new plant is expected to create about 1,800 jobs, but production is not slated to start until 2024.
Taylor offered Samsung massive incentives to build the plant there, including property tax breaks for the first 10 years of up to 92.5 percent.
When asked about the new plant, Samsung denied any firm decision has been made, stating, “A final decision has not yet been made regarding the location,” however, sources close to the situation insist that the deal being announced is a mere formality.
This will be Samsung’s second major imprint in Texas and the second major acquisition for the state in recent months, with Tesla announcing earlier this year that it would be moving some of its operations to Texas.
This also helps solve the problem regarding the lack of production of semiconductors in this country.
Many manufacturers were put in a holding pattern during the pandemic due to supply chain issues, so having this plant located in the United States will help to alleviate concerns on that front.
I am sure Joe Biden will try to take some credit for this one, but this was all the city of Taylor and Governor Abbott doing what had to be done to bring a massive manufacturing plant to the state to provide more jobs for Texans.
Source: Fox Business