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Strategies & Market Trends : The Financial Collapse of 2001 Unwinding
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From: Elroy Jetson11/23/2021 7:25:38 PM
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Samsung has announced construction of their most advanced new chip-fab facility 35 miles northeast of Samsung's existing chip fab on Austin, Texas.

Construction on the $17 billion project will start early 2022 and the highly automated plant will be operational by 2024 employing 2,000 people.
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The Taylor Independent School District OK'd a deal that could provide about $300 million in tax savings, while Williamson County and the city of Taylor previously approved incentives that could be worth $350 million combined to Samsung over the first 10 years and more in later years. The state of Texas provided another $24 million in immediate subsidies - for a total of $674 million.

Samsung had sought tax breaks from the city of Austin of $872.5 million over 20 years, tax breaks from Travis County valued at $610.5 million over 20 years and tax breaks from Manor Independent School District valued at $285.5 million over 10 years -- asking for a total of $1.7 billion in subsidies. Austin declined to offer any.
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The project will still provide Austin and Travis County significant economic benefits. Samsung's exiting Austin facility employs 10,000 with additional personnel at their Austin-based research and development facility.

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