Samsung aims to build a $17 billion semiconductor manufacturing facility in Texas as part of its attempts to alleviate a global chip shortage. The South Korean electronics giant announced its largest-ever investment in the United States on November 23, claiming that the facility will immediately create 2,000 high-tech employment and thousands more in the local economy once it is fully operating. The plant is expected to open for business in the second half of 2024. “With greater manufacturing capacity, we will be able to better serve the needs of our customers and contribute to the stability of the global semiconductor supply chain,” Kinam Kim, Vice Chairman and CEO of Samsung Electronics, said in a statement.

According to Samsung, the city of Taylor in Texas was chosen for the new factory due to a variety of factors, including its proximity to the company’s current manufacturing location in Austin, the local semiconductor ecosystem, and government support. The Taylor site, which will be adjacent to Samsung’s latest new production line in Pyeongtaek, South Korea, will occupy more than 5 million square meters and is expected to serve as a major hub for the company’s global semiconductor manufacturing capability. President Joe Biden is supporting semiconductor production and research in the United States at the time of Samsung’s announcement.