In January this year, it came to be known that the South Korean tech giant Samsung Electronics was considering investing the whopping US $15 billion to build a new chip factory in the United States. On May 18 it came to be known that the tech giant has been in talks with the US government for the same.

After coming to a conclusion the company will announce the details about the new chip factory at the end of May. Although there has not been any official announcement yet, a few sources have claimed that Samsung’s new US chip factory will begin construction in the third quarter of this year. Moreover, the company has planned to invest the US $ 17 billion in the upcoming chip factory.

In February this year, the officials at the Greater Austin Chamber of Commerce had told a few sources that it had identified sites for building the new factory.

Back then Austin was selected as the most suitable place for the new factory, and now the reports have surfaced that the Samsung Electronics factory is expected to be built in Austin, Texas. Interestingly, Samsung also has a chip factory in operation in Austin.

Greater Austin Chamber of Commerce CEO Laura Huffman said in a statement, “Samsung has assured us that they’re still very much evaluating all of the sites that they have identified for this new facility, and Austin is still in the running. One thing that is clear to everyone that’s involved – very specifically, the City, the County, and the State – is that speed is going to be really important for the company. It’ll be part of how they make their decision – which community that is competing for this project can move through the incentive process the most efficiently and quickly. But also, who is ready to make sure that the facility is built on time? There is a track record there (for Austin) and … with both building facilities with attracting and retaining workforce.”

Although the talks about the building of the factory have concluded, there is still a long way to go before the new factory can be operational. Any chip manufacturing plant is complex and as such it requires a lot of advanced equipment. It is expected that the new chip factory in Austin can be functional in 2024.

In a report, it has come out that Samsung had mentioned that if the plant were to be built in Austin, it can create at least 1800 jobs.

 

Sign up for Newsletters

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.

Showcase your brand this holiday season

Place your brand on TechGenyz with sponsored content, display ad, newsletter, product review, and more that will give more trust to your prospects, boost website traffic and increase conversions. Avail discount up to 55%. Join thousands of businesses and start growing your business.

Claim the Offer