SAN ANGELO, Texas (Concho Valley Homepage) — According to the Texas Economic Snapshot, the state is one of the strongest and most diverse economies in the nation.
Texas’ economy is ranked ninth-largest in the world, even above Canada, Korea, Russia, and Australia for 2021 GDP.
In December 2022, 23 new project locations were announced in areas across Texas. The projects are expected to create $1.23 billion in capital investment and 922 new jobs.
The Texas Comptroller listed six of what it considers to be the state’s most significant economic developments. Here is what you should know about them.
Samsung’s new chipmaking plant in Taylor
Samsung chose the state of Texas as the home for its next-generation chipmaking plant. The $17 billion plan was officially announced in November 2021 and construction began in 2022. The company is aiming to start production in the second half of 2024.
Samsung promised to create at least 2,000 direct jobs, at least 6,500 construction jobs and a 6-million-square-foot factory on roughly 1,200 acres. Incentives included a Texas Enterprise Fund grant of $27 million. The factory will produce advanced computer chips and has been described as “the largest foreign, direct investment in the state of Texas, ever” by Governor Greg Abbott.
Semiconductor wafer fabrication facility in Collin County
Texas Instruments is looking to invest $3.2 billion into creating a semiconductor wafer fabrication facility which will include the tools, machinery and equipment to develop 300-millimeter semiconductors to be shipped to other sites for finishing and assembly. The company could employ up to 3,000 people and invest nearly $30 billion in the project over the coming decades. The first facility should begin production as early as 2025 in Sherman, according to the Office of the Texas Governor.
Texas Instruments is one of the largest employers in the state and the only semiconductor company headquartered in Texas.
Solar energy plants in Culberson County
Sister renewable energy projects from IP Aragorn LLC and SB Energy include utility-scale, grid-connected solar energy plants. The projects will be constructed on approximately 1,765 acres and represent an investment of more than $470 million.
The I-14 Corridor will connect the Texas cities of Odessa, San Angelo, Killeen and Bryan to Mississippi and on to Georgia.
A significant benefit of the corridor is providing an interstate linkage between a dozen military facilities. These facilities are Fort Bliss at El Paso, Goodfellow AFB in San Angelo, Fort Hood at Killeen, Fort Polk in Louisiana, Camp Shelby at Hattiesburg, Kessler AFB at Biloxi, Maxwell AFB at Montgomery, Fort Benning at Columbus, Robins AFB at Macon, Fort Gordon near Augusta, and Fort Stewart near Savannah.
New cheese distribution and packaging center in Abilene
Great Lakes Cheese is establishing a new distribution and packaging center in Abilene with a $3 million Texas Enterprise Fund grant. The facility will create more than 500 jobs and close to $185 million in capital investment.
Wind farm in Zapata County
Las Lomas Wind Energy LLC proposed a wind farm on 32,000 acres in Zapata County with a generating capacity of 200 Megawatts made up of 44 to 80 wind turbines with an estimated $182 million proposed total investment.