This is HUGE even by Texas standards. According to newscast and the Austin American Statesman, Taylor, Texas beat out Austin and locations in New York and Arizona for Samsung’s $17B chip manufacturing plant. Taylor is about 35 miles northeast of Austin (city hall to city hall) and is about 9 miles northeast of Hutto, itself a growing city. The size of the plant is projected at a mere 6M square feet! The location will have 1,000 acres and be southwest of Taylor. Samsung expects that 2,000 people will work at this site (that’s about the population of a small city).
Mike Paxton, an economist with the Angelou Economics, stated that this news will bring the need for additional housing, retail and restaurants to the area. In other words, Taylor is going to BOOM and so will the areas near it. In fact, the whole area is booming. Recently Oracle and Tesla have stated that they are moving their HQ to Austin. And don’t forget that little plant that Elon Musk is building a $1.1B in south Austin to build trucks.
What’s bringing these firms to our area – inexpensive land compared to California, a talented labor pool, affordable housing compared to California, and no state income tax.
For us investors in local residential real estate, the news couldn’t be better. For those of you who don’t own a piece of our local residential real estate, well what are you waiting for!?