Samsung discreetly revealed more details about its planned $17 billion investment in Austin, Texas, promising to create nearly 2,000 high-paying jobs in the process. That’s according to its latest preliminary filing with the local authorities. Submitted late last month, the document primarily aimed to summarize some basic projections about the likely effects of the investment.
While the filing might be labeled as just a formality, Samsung still has a whole lot of bureaucracy to power through. And while its preference for Texas has been widely reported in recent weeks, the Korean giant unsurprisingly emphasized how it’s currently also considering other locations, both in the U.S. and its home country.
Samsung wants to quadruple its Austin, TX silicon footprint
According to the analysis of the investment’s economic impacts that Samsung commissioned, around 1,800 high-paying jobs would be created in the general Austin area over the course of the next decade. Nearly $10 billion of the project’s budget will go toward manufacturing equipment and maintenance, the filing reveals, reiterating past disclosures on the matter. On the other hand, roughly $5.1 billion has been allocated for property upkeep and improvements.
In terms of actual real estate development, the project would quadruple Samsung’s footprint in the second-largest U.S. state. Namely, the late February filing reveals the project would expand the company’s existing Austin campus by about seven million square feet.
As for the expected openings, Samsung’s current plan allocates $7.3 billion toward salaries in the medium term. That includes a commitment toward generous employee compensation starting at $150,000 per year for qualifying positions. Should Samsung find common ground with Texas officials, the development of its so-called Project Silicon Silver would begin as soon as the second quarter of the year.