New Austin? Small Texas town with cheap real estate explodes after $44 BILLION investment from global tech giant

The sleepy Texas town will get a boost in popularity after Samsung invested $44 billion to build a new high-tech facility.

The tech giant is opening “the largest semiconductor manufacturing complex in America” ​​in Taylor near Austin, bringing thousands of jobs and billions in investment to the region.

Taylor is currently a small, quiet town of just 16,000 people, but that’s about to change.

Mayor Brandt Rydell told KVUE, “From 2020 to 2030, Taylor will be one of the fastest-growing cities in Texas, if not the entire country.”

The average home price is just $298,000, but with the factory expected to open later this year, home prices could rise as more luxury properties are built.

Samsung will invest $44 billion in the new factory and surrounding infrastructure, including the “Samsung Highway” connecting the plant with the city.

At a ribbon-cutting ceremony over part of the highway on Friday, Gov. Greg Abbott said: “Texas is more committed than ever to the future of chips and Samsung in our great state.

“By investing more than $40 billion in Texas and creating thousands of jobs, Samsung is a leading company that will drive the future success of our great state.”

He added: “This highway will be the gateway to the largest foreign direct investment project in Texas history, and we are proud that the chips that determine our future will be Made in Texas by Samsung for generations to come.”

With new infrastructure and employment opportunities, Taylor will be transformed into a technology hub.

Locals are hoping for a repeat of the Austin boom that sent real estate prices soaring during the pandemic.

Austin was seen as the epitome of the Sunbelt’s real estate boom during the pandemic.

The region has proven particularly popular among well-paid tech workers who have been freed from their San Francisco offices due to the lockdown.

Between March 2020 and May 2022, the average home sales price in Austin increased from $420,000 to $669,000.

However, home prices in the city remain low, and according to real estate search site Redfin, only three properties are currently for sale for more than $1 million.

Homebuyer search data suggests prices may soon rise as many people consider relocating from tech hubs across the United States.

Between March and May this year, more than 1,300 people wanted to move to Taylor from the San Francisco tech hub, according to Redfin.

Another 1,215 people wanted to move from Los Angeles and 868 from Dallas.

Samsung expects the Taylor plant to create 2,000 jobs.

They said: “In 2023, construction activity at the Taylor site contributed $11.6 billion to the local economy and supported a total of 8,897 direct and 9,264 indirect construction jobs.

“In the same year, operations at the Taylor plant pumped $115 million into the region while creating 2,317 jobs in the area.

“These incentives will increase city and county funding, bringing long-term benefits to the community and positive impacts on Taylor’s overall development.”