As it builds a $17 billion chip factory in Taylor, tech giant Samsung is eyeing a long-term strategy in the Texas region that could lead to a potential investment of nearly $200 billion. .
Samsung’s plans, first reported by the Austin Business Journal, call for an additional $192.1 billion in investment in the Austin area over several decades, which would create at least 10,000 new jobs at 11 new chip factories. These facilities would be at Taylor’s new site and the company’s existing site in northeast Austin.
The first of 11 new factories will not be completed until 2034, according to the business diary.
“Samsung already has a history in the Austin market as an employer of choice, offering high salaries, excellent benefits and a great work environment. All of this will be on steroids in the not too distant future, creating a historic boost to Austin’s already booming economy,” John Boyd Jr., corporate site selection consultant, told CultureMap.
Samsung’s preliminary plans were revealed in documents filed with the state of Texas seeking possible financial incentives for the more than $190 billion expansion. The South Korean conglomerate says the filings are part of the company’s long-term planning for U.S. chipmaking facilities.
Given that Samsung’s 11 new factories are believed to have been under construction for decades, there’s no certainty at this point that any part of the potential $192.1 billion expansion will ever be built.
Last November, Samsung announced it would build a $17 billion chip fab in Taylor to complete its semiconductor business in northeast Austin. Construction is underway with completion slated for 2024. Boyd proclaimed last year that the Taylor project will spark a “Economic tsunami” in the quiet suburb of Williamson County.
Taylor’s facility, which is expected to employ more than 2,000 people, ranks among the largest foreign economic development projects in US history. The impact of a nearly $200 billion cluster of 11 new chip factories would far eclipse the Taylor project.
The Taylor factory will produce advanced chips that power mobile and 5G capabilities, high performance computing and artificial intelligence.
This article was originally published on CultureMap.