Samsung Austin Semiconductor Announces 2023 Economic Impact of $26.8B into Central Texas

Report Highlights Economic Impact Nearly Doubled from 2022 and Showcases $4M in Corporate Giving

.

AUSTIN, Texas, Feb 20, 2024 – Samsung Austin Semiconductor, a world leader in advanced semiconductor technology, today released its 2023 Economic Impact Report—a comprehensive third-party report that highlights $26.8 billion in economic contribution and impact generated through operations of the Austin fab and the construction of the future manufacturing facility in Taylor.

“Texas is the No. 1 state for semiconductor manufacturing in the nation, thanks to partners like Samsung who contribute so much to our economy and communities in Central Texas and beyond,” said Governor of the State of Texas, Greg Abbott. “Today’s announcement is a testament to the incredible work Samsung and Texas have done to accelerate growth and innovate in semiconductor manufacturing, creating thousands of good-paying jobs for Texans and contributing billions to the Texas economy. There is no better place to innovate than Texas, and we thank Samsung for choosing to grow and expand in our great state.”

“I’m incredibly thankful that Samsung chose Taylor, Texas, for its new home for reasons represented in this report,” said U. S. Representative John Carter (TX-31). “While $26.8 billion is an impressive number, what I find most impressive is the people-focused impact of this number. I was recently at a local Chamber of Commerce event. While there, I met a business owner working on concrete for Samsung, another business owner doing pest control, and another business owner with a hand in construction. Everywhere I go, I hear the stories of how Samsung is bringing our local talent along for this exciting journey. These are the small businesses and people that this report represents. I applaud Samsung for their commitment to our community, and I look forward to a very long partnership between Central Texas and Samsung.”

“I have enjoyed working with Samsung and am looking forward to the continued success of their projects in Taylor, which promise to provide long-term economic opportunities for Central Texas,” said U.S. Representative Pete Sessions (TX-17).

Samsung has invested $18 billion in operating two fabs at the Austin, Texas campus, since 1996—making it one of the largest direct foreign investments in United States history. The 2023 Economic Impact Report provides a detailed overview of the economic impact of Austin’s 600-acre campus and Samsung’s substantial investment to construct a minimum $17 billion manufacturing facility in Taylor, Texas.

“Since 1996, Samsung Austin Semiconductor has been an integral part of the Central Texas community by being drivers of job generation, economic impact, and engagement within the community,” said Jon Taylor, corporate vice president, Samsung Austin Semiconductor. “With a $26.8 billion economic impact, this number represents more than just dollars and cents.  It represents people with GEDs to PhDs finding new opportunities in their careers and being able to pay their bills, provide for their families and loved ones while working toward their financial and personal goals.

“Samsung Austin Semiconductor’s remarkable achievement of doubling its impact to $26.8 billion in 2023 underscores the company’s pivotal role in our region’s economic growth,” said Ed Latson, CEO of Opportunity Austin.  “From providing opportunities across all education levels to investing in skilled labor, community development, and environmental stewardship, Samsung exemplifies what it means to be a great community asset and partner. We value their commitment to building a resilient and inclusive economy in Central Texas.”

Key findings from the report include:

• Economic Growth:  From 2022 to 2023, Samsung Austin Semiconductor’s economic impact on the region nearly doubled from $13.6 billion to $26.8 billion. In 2021, prior to the Taylor expansion, the company contributed $6.3 billion to the local economy.
• Direct and Indirect Employment: Samsung Austin Semiconductor supported the creation of 5,322 direct, and an additional 12,344 indirect jobs in Austin and 18,161 direct and indirect construction jobs in Taylor.
• Jobs and Salaries: The Austin and Taylor campuses supported 38,144 jobs in the area along with $1.7 billion in workers’ salaries.
• Taxes: The Austin and Taylor campuses generated $245.6 million in annual revenues for local taxing districts
• Community Giving and Workforce Partnerships: Building on its commitment to charitable giving and partnerships, Samsung Austin Semiconductor donated more than $4 million supporting dozens of charities focused on closing the academic achievement gap, creating great futures, community engagement, and workforce development.
  • In 2023 Samsung Austin Semiconductor launched its 5-Star Workforce Development plan and provided significant contributions to key learning institutions such as The University of Texas at Austin, Texas A&M University, University of Illinois at Urbana Champagne, and the Taylor Independent School District.

“Samsung has already proven itself to be an amazing community partner,” said Tia Rae Stone, President & CEO, Greater Taylor Chamber of Commerce. “The facility isn’t even up and running yet and we have already felt a positive impact at our local nonprofit organizations, additions to our City and school budgets and the personal friendship of many of their staff. We are looking forward to many years of growing prosperity for our community thanks to Samsung’s investment.”

To read the full 2023 Economic Impact Report, click here. The report was compiled by Impact DataSource.

To learn more about Samsung Austin Semiconductor, visit semiconductor.samsung.com/us/sas.