A new $17 billion Samsung chip-making facility will be built in Taylor, Texas, Gov. Greg Abbott confirmed during an economic announcement from the governor's mansion Tuesday afternoon, saying it is the largest foreign direct investment in the state of Texas ever.
"The implications of this facility extend far beyond the boundaries of Texas," Abbott said. "It's going to impact the entire world."
Abbott mentioned that Samsung had other options, alluding to the company's consideration of sites in New York and Arizona. "I want you to know that Texas is grateful that you chose Texas for this project," Abbott said, turning to CEO Ki Nam Kim.
Welcome to Texas, Samsung!
Samsung will build a new semiconductor manufacturing facility in Taylor, Texas.
➡️ $17B capital investment
➡️ Thousands of NEW jobs
The largest foreign direct investment in the state of Texas EVER. pic.twitter.com/a7VhbK3B9Q
— Greg Abbott (@GregAbbott_TX) November 24, 2021
Kim said the decision was based on a set of key factors including incentive programs, infrastructure readiness and stability, and talent pool. The plant will bring 2,000 high-tech jobs, thousands of indirect jobs and at least 6,500 construction jobs to Taylor.
"We would like to share our sincere gratitude with everyone who has been part of this journey with us from the beginning, especially to representatives from the great state of Texas, Williamson County and the City of Taylor," Kim said.
Sen. John Cornyn also attended the announcement, noting a visit he made this past summer to Austin's Samsung semiconductor facility to discuss the impact of the nation's chip shortage.
"From automotive to consumer electronic manufacturing, virtually every industry has been negatively affected by the chip shortage," Cornyn said. "What keeps me up at night is how the chip shortage is a threat to our national security."
As Austonia reported in September, the South Korean tech giant selected Taylor for its plant in a deal that is said to include tax abatement and development agreements with the city. Abbott said they were provided incentives at the federal, state, county and city level. A Texas Enterprise Fund grant of $27 million has been extended to Samsung for their job creation. They were also offered a $20,000 veteran-created job bonus.
Recent months have hinted at Taylor, 30 miles northeast of Austin, being a strong contender for the roughly 1,200-acre plant. In July, Samsung filed an application with the Texas comptroller's office for an incentives deal with Taylor ISD.
Then, in September, leaders with Williamson County and the City of Taylor held meetings to discuss the plant.
Williamson County Judge Bill Gravell confirmed local officials had met with Samsung representatives in September, describing the possible Taylor plant as a significant economic development project. "Good paying jobs for all skill levels to drive economic growth in our region are needed now more than ever," Gravell said as he pledged officials were doing everything they could to land the project.
The city of Austin has already responded to the announcement. From City Manager Spencer Cronk:
"We are proud to say that Austin is still home to Samsung and that the products made here remain in high demand. Our 25-year history with Samsung is a valued relationship and one that is not ending. The announcement of Samsung's investment is about an additional expansion and not about relocating their Austin facility. This expansion in our region will add more jobs for Austinites, create new contract opportunities for local businesses, and spur additional business growth in Austin. We look forward to a continued relationship with Samsung, including the opportunity for future expansions of the Austin facility."
This story was updated at 5:15 p.m. with the announcement and against 6:30 p.m. with more quotes about the announcement.
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So you want to buy a house?
To anyone trying to get on the "housing ladder," it's been a discouraging couple of years as prices skyrocketed in a market crowded with buyers bidding against each other for just about any available home.
Things may be calming down, with the Austin Board of REALTORS reporting fewer sales and more available homes this summer.
Mortgage rates have more than doubled in the last year, from around 3% to well over 6% on a 30-year fixed rate loan, getting even more of a bump this week after the Federal Reserve raised bank rates on Wednesday.
So how affordable are homes right now? That, of course, depends on what you want and how much you're able or willing to pay, but here are some rough estimates of what a typical buyer would pay to buy a $650,000 home, which would be considered "mid-price" in today's market.
Mortgage banker Chris Holland (NMLS 211033) of Austin's Sente Mortgage ran some numbers for Austonia to illustrate a typical purchase.
Holland says that while the 30-year fixed rate mortgage is often mentioned in the media, the most popular loan that he's seeing now is a 7/1 adjustable rate mortgage, which has a fixed rate for 7 years and then adjusts every year based on market rates, with a limit on how much it can increase each year. The interest is amortized over a 30-year period. Adjustable Rate Mortgages (ARMs) offer lower rates than fixed rate loans.
Here are the numbers, which are examples. In practice, exact numbers vary with a buyer's credit rating and overall financial situation, and with the rate, which can move up or down at any time.
- $650,000 home purchase price
- 7/1 ARM at 5.875%
- 5% down payment, equals $32,500
- 95% financed, equals $617,500
- $4,990 payment, including principle and interest (P&I), insurance, and property tax
- Typically, a borrower's debt to income ratio needs to be at or below 45%. So for this mortgage, a borrower, or borrowers, would need income of roughly $11,100/month, or $133,200/year. That number could be higher, depending on the buyer's outstanding credit balances on things like credit cards and car loans.
Holland says he's had a lot of clients approved for loans who were house hunting but have put that on hold, hoping prices come down.
Camp Fimfo Waco, a brand new camping resort, is kicking off football and fall camping season in style! With top-notch amenities, premium accommodations, and 10 weekends of fall fun, there’s no better place to have a fall camping getaway, especially if you’re a Baylor football fan!
Fall promises to be a one-of-a-kind camping experience. From Sept. 16 to Nov. 24, weekends will be packed with fall-themed activities, including special Halloween weekends in October. Campers can enjoy activities like fall crafts, campground trick-or-treating, costume contests, site decorating, outdoor movie nights, and more!
Packages and Ways to Stay
Camp Fimfo Waco
Located just 5 miles from McLane Stadium, Camp Fimfo Waco is the perfect place to stay during home game weekends. Skip the stuffy hotel room and embrace the great outdoors before cheering on the Baylor Bears! Campers can purchase a Baylor Tailgating Package that includes a pre-game meal from Executive Chef Sean Kelley and transportation to and from the game! Chef Kelley will also be cooking up delicious, elevated tailgating meals near the stadium so make sure to check out The Plaid Plate food truck before the game.
Stay in style and comfort, no matter your camping preference! At Camp Fimfo Waco, there are multiple ways to stay. Red Carpet RV sites come with a concrete pad and patio, full hook-ups, cable hook-up, a charcoal grill, fire ring and fire pit. Back-in or pull-thru options are available, as well as coveted spots tucked along the Bosque River!
Don’t have an RV? Not a problem, Camp Fimfo Waco has cabins too! Book a Riverview Firewheel Cabin if you’re looking for an air-conditioned oasis for the whole family. Complete with a kitchen and private bathroom, this cabin can fit up to 10 people. Elevate your stay by adding on a golf cart or snag a private cabana by the pool for guaranteed shade. With wifi available throughout the park, you can stay connected during your stay!
Amenities and Activities
Camp Fimfo Waco
Camp Fimfo Waco features lots of amenities to fill your days with fun, whether you’re a kid or kid at heart. After challenging your friends to a game of pickleball, basketball, or mini golf, go for a dip in the resort-style, heated pool - open daily through October! Stay on the weekends through October to enjoy the interactive splash playground. With plenty of ways to burn off energy, like the jumping pillow or playground, you can be sure to end the day with a peaceful night around the campfire!
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