The $44 billion investment is in addition to the company’s initial investment of $17 billion.
AUSTIN, Texas — Manufacturing giant Samsung is investing more money into its semiconductor operations in Texas.
The South Korea-based company plans to more than double its total semiconductor investment in the state to about $44 billion, with the main focus of the company’s spending currently on construction projects, according to a Wall Street Journal report. It is said that they are concentrated in the factories of Taylor and other existing projects.
This additional investment is on top of the initial $17 billion the company invested in the plant more than two years ago.
Related: Samsung Austin Semiconductor donates $40,000 to employee development efforts
The Wall Street Journal reported that Samsung is expected to receive billions of dollars in subsidies as part of the US Chip Act. Talks with the Commerce Department are still ongoing, but Samsung is expected to receive one of the largest payments ever given to a company.
The company said the facility is expected to be operational by the end of 2024, with some reports saying mass production of semiconductor chips is expected to begin in 2025.
One of the many reasons this town, located about 30 miles northeast of Austin, is experiencing rapid population growth is Samsung’s presence in Taylor.
RELATED: Big growth coming for Taylor as Samsung facility construction continues
The billions of dollars invested in the community are expected to bring about 2,000 jobs and continue to fuel massive growth in the town, according to Taylor Mayor Brant Reidel.
“I definitely predict that from 2020 to 2030, Taylor will be one of the fastest growing cities in Texas, if not the state of Texas. There are economic projects being done here that are unprecedented in scale,” Reidel told KVUE’s Matt Fernandez in November 2023.
Samsung plans to announce additional investments at an event at its Taylor facility on April 15.
Boomtown is KVUE’s series covering the explosive growth of Central Texas. For more Boomtown stories, visit KVUE.com/Boomtown.
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