Samsung Austin Semiconductor has recently unveiled its 2023 Economic Impact Report, showcasing a staggering $26.8 billion contribution to the economy. This milestone marks a nearly twofold increase from the previous year, reflecting the company’s continued commitment to driving growth and creating opportunities.
The report highlights the significant economic impact generated through Samsung’s operations at its Austin fab and the construction of a state-of-the-art manufacturing facility in Taylor, Texas. These endeavors have solidified Texas as the leading state for semiconductor manufacturing in the nation.
Governor Greg Abbott commended Samsung’s substantial contribution to the economy, emphasizing the creation of thousands of high-paying jobs for Texans and the billions added to the Texas economy. He credited the collaborative efforts between Samsung and the state of Texas for fostering innovation and accelerating growth in the semiconductor industry.
The report also sheds light on the people-focused impact of Samsung’s economic contribution. U.S. Representative John Carter expressed his gratitude for the opportunities created by Samsung’s presence in Taylor, citing examples of local businesses benefiting from collaborations with the company. This collaborative spirit has allowed individuals across various industries, from construction to pest control, to thrive alongside Samsung’s growth.
The Economic Impact Report further outlines Samsung’s long-standing investment in the Austin campus, with $18 billion dedicated to operating two fabs since 1996. This substantial investment solidifies Samsung as one of the largest direct foreign investors in the United States.
Jon Taylor, Corporate Vice President of Samsung Austin Semiconductor, highlighted the report’s significance, noting that the $26.8 billion impact represents more than just monetary value. It symbolizes individuals at all education levels finding new opportunities to support themselves and their families while working towards their personal and financial goals.
Ed Latson, CEO of Opportunity Austin, commended Samsung’s achievement in doubling its economic impact in 2023, affirming the company’s pivotal role in driving the region’s economic growth. Samsung’s commitment to education, skilled labor, community development, and environmental stewardship exemplifies its status as a valuable community asset and partner.
Samsung’s Economic Impact Report showcases the company’s unwavering dedication to creating a resilient and inclusive economy in Central Texas. With its continued growth and commitment to innovation, Samsung is poised to make an even greater economic contribution in the years to come.
An FAQ section based on the main topics and information presented in the article:
1. What is the main focus of Samsung Austin Semiconductor’s 2023 Economic Impact Report?
– The main focus of the report is to showcase Samsung’s $26.8 billion contribution to the economy and its commitment to driving growth and creating opportunities.
2. What is the significance of the economic impact mentioned in the report?
– The economic impact reflects Samsung’s substantial contribution to the economy, the creation of high-paying jobs, and the billions added to the Texas economy.
3. What role does Samsung play in semiconductor manufacturing in Texas?
– Samsung has solidified Texas as the leading state for semiconductor manufacturing through its operations at its Austin fab and the construction of a manufacturing facility in Taylor, Texas.
4. How does the report highlight the people-focused impact of Samsung’s economic contribution?
– The report mentions local businesses benefiting from collaborations with Samsung, allowing individuals across various industries to thrive alongside Samsung’s growth. It emphasizes the creation of opportunities for individuals at all education levels.
5. What is the significance of Samsung’s long-standing investment in the Austin campus?
– Samsung has dedicated $18 billion to operating two fabs since 1996, making it one of the largest direct foreign investors in the United States.
6. Who commended Samsung’s achievements mentioned in the report?
– Governor Greg Abbott and U.S. Representative John Carter both commended Samsung’s substantial contribution to the economy and its collaborative efforts with the state of Texas.
7. What is the role of Opportunity Austin and its CEO, Ed Latson?
– Opportunity Austin’s CEO, Ed Latson, commended Samsung’s achievement in doubling its economic impact. Opportunity Austin focuses on education, skilled labor, community development, and environmental stewardship, and recognizes Samsung as a valuable community asset and partner.
Definitions for key terms or jargon used within the article:
1. Semiconductor: A material that has electrical conductivity between a conductor and an insulator, and its conductance increases with temperature.
2. Fab: Short for “fabrication plant.” It refers to a facility where electronic chips or semiconductors are manufactured.
3. Economic Impact: The effect of an entity or activity on the economy, including its contribution to economic growth, job creation, and financial value.
4. Direct Foreign Investor: A company or individual that invests capital directly into a foreign country, often to establish or expand business operations.
5. Inclusive Economy: An economy that provides equal opportunities and benefits to all individuals and sectors of society.
Suggested related links:
Samsung Austin Semiconductor: link
Texas Governor’s Office: link
Opportunity Austin: link