SPECIAL TO THE PRESS
AUSTIN — Samsung Austin Semiconductor, a local subsidiary of South Korean-based Samsung Electronics Co. Ltd., released its 2023 Economic Impact Report Tuesday, Feb. 20.
The report, done by a thirdparty source called Impact DataSource, 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, a press release said.
“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,” Governor Greg Abbott said. “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 goodpaying jobs for Texans and contributing billions to the Texas economy.”
Samsung has invested $18 billion in operating two fabs at the Austin 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.
Key findings from the report describe the semiconductor’s economic growth, direct and indirect employment, jobs and salaries, taxes, community giving and university workforce partnerships.
“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.”
The report said 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.
Samsung Austin Semiconductor supported the creation of 5,322 direct jobs and an additional 12,344 indirect jobs in Austin and 9,595 direct and indirect construction jobs in Taylor, a press release said.
The report said the Austin and Taylor campuses supported 38,144 jobs in the area along with $1.7 billion in workers’ salaries. The campuses generated $245.6 million in annual revenues for local taxing districts.
Samsung Austin Semiconductor said it donated more than $4 million supporting dozens of charities focused on closing the academic achievement gap, creating great futures, community engagement and workforce development.
Samsung Austin Semiconductor launched its 5-Star Workforce Development plan in 2023 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 and 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.”
