AUSTIN, Texas — Manufacturing giant Samsung is investing more money into its semiconductor operations in Texas.
According to a report from the Wall Street Journal, the South Korea-based company plans to add more than double its total semiconductor investment in the state to roughly $44 billion, with the main focus of the company's spending centered on the factory currently being built in Taylor and other existing projects.
The additional investments are on top of the initial $17 billion the company previously committed to the plant more than two years ago.
The Wall Street Journal reports that Samsung is expected to receive billions of dollars in subsidies as part of the the U.S. Chips Act. Talks with the Commerce Department remain ongoing, though Samsung is expected to receive one of the larger payouts given to one company.
The company said it expects the facility to be operational by the end of 2024, with reports indicating that mass production of semiconductor chips is scheduled to begin in 2025.
Samsung's presence in Taylor is one of the many reasons why the town, located about 30 miles northeast of Austin, is experiencing a rapid growth in population.
According to Taylor Mayor Brandt Rydell, the billions of dollars invested into the community are expected to bring in about 2,000 jobs and continue to fuel massive growth in the town.
“We certainly anticipate from 2020 to 2030, Taylor will be one of the most rapidly growing cities in Texas, if not the nation, I would anticipate. Having an economic project out here on a scale that few have seen in the world,” Rydell told KVUE's Matt Fernandez in November 2023.
Samsung is expected to announce the additional investments at an event at the Taylor facility on April 15.
Boomtown is KVUE's series covering the explosive growth in Central Texas. For more Boomtown stories, head to KVUE.com/Boomtown.