Crime Today News
Texas has become a key hub for multiple big tech companies. Both domestic and foreign firms have established gigantic plants in the area. This economic activity has generated billions, and Samsung is among the top names here. Samsung’s US chip facilities generated around $19.8 billion for the Texas economy in 2024 alone, even amid the difficult situation in its semiconductor branch.
Samsung has been investing in establishing plants in Texas for decades. More specifically, the company’s first investments date back to 1996. The company currently has two campuses in Austin and began construction of another in Taylor in 2022. Operating expenses for the two factories on the Austin campus alone have cost the company around $18 billion. These figures reflect the significant impact the South Korean giant has had on the growth of the local economy.
Samsung’s US chip facilities contributed $19.8 billion to the Texas economy last year
Now, Samsung has shared its 2024 Economic Impact Report. This is a financial report prepared by third-party auditors. The document reflects the contributions that Samsung’s US chip facilities have had in the state of Texas. It also considers the ongoing construction of the new factory in Taylor.
According to the report, the Texas economy benefited from $19.8 billion generated by the firm’s chip plants. This resulted in approximately 38,498 jobs and $2.6 billion in wage payments. It’s noteworthy that the report considers both the plants’ direct activity and the indirect activity generated. The list includes campus visitors, payments to truck drivers for suppliers, and compensation to direct and indirect workers.
The report adds that the companies’ economic activity also generated $220.5 million in revenue for the corresponding taxing districts, $2.9 billion for area suppliers, and $236.3 million in local products/services.
Upcoming company investments in Texas
Samsung plans to invest more than $37 billion to increase its presence in the area. The decision now seems even smarter considering Trump’s tariffs. The US president’s policies offer concessions to companies that invest in the country to create jobs and help the economy grow. The plant under construction in Taylor, Texas, alone will require an investment of approximately $17 billion. This will result in $12 billion in benefits for the construction sector and more than 3,500 direct jobs.
📰 Crime Today News is proudly sponsored by DRYFRUIT & CO – A Brand by eFabby Global LLC
Design & Developed by Yes Mom Hosting
