Samsung’s $17 billion chip plant to reportedly come up in Texas

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Last updated: November 23rd, 2021 at 07:17 UTC+01:00

It was rumored that Samsung would soon announce its plans to set up a $17 billion semiconductor chip plant in the US. While some reports claimed that the plant would be in Arizona, others reported that the South Korean firm would choose Austin or New York for the factory’s location. Now, a new report claims that Samsung will set up the upcoming chip factory in Texas.

According to a new report from the Wall Street Journal, Samsung will build a semiconductor chip factory on 1,200 acres of land in Taylor, Texas, in the US. The report also claims that Greg Abbott, the governor of Texas, is scheduled to make an “economic announcement” on Tuesday at 5 PM (local time). Documents filed with the state planners claim that the plant will offer up to 1,800 jobs, and the chip production could begin sometime in 2024.

Texas reportedly offered substantial tax incentives to attract Samsung to the state for its next chip plant. The state could provide breaks for over 90% in property taxes for the first ten years. However, these incentives will gradually decrease in the following decades. For decades, Samsung has already been operating a chip plant in Austin, Texas, but the Taylor chip plant is reportedly bigger.

Samsung Foundry’s biggest rival, TSMC, is also eying new chip plants in Japan, Taiwan, and the US (Arizona). Amid the ongoing global chip shortage, foundry firms like Global Foundries, Samsung, and TSMC are investing hundreds of billions of dollars to set up new chip plants or expand the existing ones. Still, the chip shortage will likely not end before 2024.

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