The new Austin? Tiny Texas town with cheap property is set to explode after $44 BILLION investment from global tech giant

A sleepy Texas town is about to rise 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 area.

Taylor is currently a small, quiet town with only 16,000 residents, but that is 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 nation.’

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 is investing $44 billion in the new factory and surrounding infrastructure, including the ‘Samsung Highway’ to connect the factory to the city.

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

“With more than $40 billion invested in Texas – and the creation of thousands of jobs – Samsung is the leading company in the future success of our great state.”

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

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

Locals hope it will repeat Austin’s boom, when real estate prices soared during the pandemic.

Samsung is investing $44 billion in the new factory and surrounding infrastructure, including the ‘Samsung Highway’ to connect the factory to the city

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

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

The region proved especially popular with well-paid tech workers, who were no longer chained to their offices in San Francisco due to the lockdown.

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

But home prices in the city remain low, with only three properties currently worth more than $1 million, according to real estate search site Redfin.

Homebuyer search data shows that prices could soon rise as many look to move away from the US’s tech hubs.

Samsung predicts the Taylor facility will create 2,000 jobs

According to real estate search site Redfin, only three properties in the city are currently listed for more than $1 million

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

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

Samsung predicts the Taylor facility will create 2,000 jobs.

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

“That same year, operations at the Taylor site pumped $115 million into the region while supporting 2,317 jobs in the area.

“These incentives will boost city and county funds, creating long-term benefits for the community and positive implications for Taylor’s overall development.”