Latest news with #TexasSemiconductorInnovationFund
Yahoo
31-03-2025
- Business
- Yahoo
Data: Texas' economy grew by 3.5%, outpacing U.S.
Texas' economy continues to grow rapidly, outpacing the nation in the fourth quarter of 2024. According to data from the U.S. Bureau of Economic Analysis, Texas' real gross domestic product (GDP) grew at an annual rate of 3.5% in the fourth quarter of 2024, compared to the U.S. average of 2.4%. GDP represents the total value of all goods and services produced within the state over a specific period. Preliminary current dollar GDP estimates show Texas' economy grew to an estimated $2.7 trillion, up from $2.6 trillion in 2023. 'It is hardworking Texans who power our booming and growing economy," Texas Gov. Greg Abbott said in a release about the data on Monday. "Year after year, we continue to lead the nation in job creation, in business location and expansion projects, and in innovation across diverse industries. With more Texans working today than ever in the history of our great state, we will build on this momentum for a stronger, more prosperous Texas.' In the report, GDP increased in 48 states and Washington D.C. in the fourth quarter of 2024, with Arkansas growing the most by 5.1%. Personal income increased in all 50 states and D.C., with Texas' growing by 3.9%, less than the national rate of 4.6%. In January and February, Texas continued to lead the nation in job creation and broke all previous records for total jobs, number of Texans working and the size of the Texas labor force. Abbott also announced Monday that he was awarding $7.87 million to DSM Semichem LLC through the Texas Semiconductor Innovation Fund, which was established by the Texas CHIPS Act in 2023. The funding, which is the sixth allotment of the innovation fund, will go toward DSM's expansion of their materials and chemicals facility in Plainview. DSM's total capital investment in its Plainview facility, including the new funding, is $176 million and is expected to create 40 new jobs. DSM is a joint venture between Dongjin USA, Samsung C&T America and Martin ELSA Investment LLC and specializes in producing a highly pure form of sulfuric acid necessary in the manufacturing process for chips. 'Texas is making strategic investments to ensure the stability of critical domestic supply chains for the technologies that fuel our economy. ...,' Abbott said in the Monday announcement. "By working together to meet the rising demand for chip production, Texas will continue to lead the nation as we build a stronger, more prosperous Texas than ever before.' This article originally appeared on Austin American-Statesman: Texas' economy grew to an estimated $2.7T in 2024
Yahoo
13-03-2025
- Business
- Yahoo
Abbott announces Texas Semiconductor Innovation Fund grant to SpaceX
Mar. 12—AUSTIN — Governor Greg Abbott on Wednesday announced that the fifth Texas Semiconductor Innovation Fund grant of $17.3 million has been extended to Space Exploration Technologies Corporation ("SpaceX") for an expansion of their semiconductor research and development (R&D) and advanced packaging facility in Bastrop. This expansion is expected to create more than 400 jobs and more than $280 million in capital investment. "Texas connects the nation and the world with the most advanced technologies manufactured right here in our great state," said Governor Abbott. "I congratulate SpaceX on their more than $280 million investment in this Texas-sized expansion of their semiconductor R&D and advanced packaging facility in Bastrop, which will be the largest of its kind in North America. Working together with innovative industry leaders like SpaceX, Texas will continue to rank No. 1 for semiconductor research and high-tech manufacturing and secure critical domestic supply chains as we build a stronger, more prosperous Texas than ever before." Over the next three years, SpaceX's Bastrop facility will expand by one million square feet to produce Starlink kits and their component parts, including advanced packaged silicon products. Starlink satellites provide high-speed, low-latency broadband internet to more than five million people and businesses in over 120 countries and territories. The proposed project includes printed circuit boards (PCBs), a semiconductor failure analysis lab, and advanced packaging for panel level packaging (PLP). Once complete, the Bastrop facility will be the largest PCB and PLP facility in North America. "Incredible innovation and high-tech manufacturing is happening in Texas as a direct result of Governor Abbott's leadership and the Texas Semiconductor Innovation Fund initiative," said SpaceX President and Chief Operating Officer Gwynne Shotwell. "We love Texas. SpaceX is investing hundreds of millions of dollars into our Bastrop facility. This grant will help continue to expand Bastrop's manufacturing for Starlink to help connect even more people across the state and around the world with high-speed, low-latency internet." "We are incredibly fortunate to have a world-class facility like SpaceX in Bastrop County," said Senator Charles Schwertner. "From the cell phones in our pockets to strengthening our national defense, semiconductors power our everyday lives. This investment will bring hundreds of high-paying jobs to the area and serve as a catalyst for further economic growth. I look forward to SpaceX's continued technological advancements as they revolutionize the industry." "This investment is a game-changer for Bastrop and for Texas," said Representative Stan Gerdes. "SpaceX's expansion reinforces Texas as the nation's leader in high-tech manufacturing and semiconductor innovation. With hundreds of new jobs and a stronger domestic supply chain, this project is a huge win for our economy, our workforce, and our future." View more information about SpaceX. Governor Abbott signed into law the Texas CHIPS Act in 2023 to establish the Texas Semiconductor Innovation Fund, a performance-based incentive program to encourage the continued leadership of Texas in semiconductor research, design, and manufacturing, as well as the Texas Semiconductor Innovation Consortium. These programs, administered by the Texas CHIPS Office, a newly formed division within the Governor's Texas Economic Development & Tourism Office, are designed to leverage Texas' investments in the semiconductor industry, encourage semiconductor-related companies to expand in the state, further develop the expertise and capacity of Texas institutions of higher education, and maintain the state's position as the nation's leader in semiconductor manufacturing.
Yahoo
12-03-2025
- Business
- Yahoo
Texas Gov. Greg Abbott awards $17.3M semiconductor grant to SpaceX for Bastrop expansion
Governor Greg Abbott announced that Elon Musk's SpaceX will receive the fifth Texas Semiconductor Innovation Fund grant, amounting to $17.3 million. According to a release, this funding will support the expansion of semiconductor research and development, as well as the establishment of an advanced packaging facility in Bastrop. On Wednesday afternoon, Gov. Abbott's office stated that this expansion is expected to generate over $280 million in capital investment and create at least 400 jobs. 'Texas connects the nation and the world with the most advanced technologies manufactured right here in our great state,' Abbott said in a statement. 'I congratulate SpaceX on their more than $280 million investment in this Texas-sized expansion of their semiconductor R&D and advanced packaging facility in Bastrop, which will be the largest of its kind in North America. Working together with innovative industry leaders like SpaceX, Texas will continue to rank No. 1 for semiconductor research and high-tech manufacturing and secure critical domestic supply chains as we build a stronger, more prosperous Texas than ever before.' The expansion project has a three-year timeline. As progress continues, SpaceX's Bastrop facility is expected to grow by one million square feet. This growth is aimed at bolstering the production of Starlink kits and their components, including advanced packaged silicon products. Starlink, a subsidiary of SpaceX, is a satellite company that provides high-speed, low-latency broadband internet to more than five million people and businesses in over 120 countries and territories. More: Tesla, X and SpaceX all in turmoil as Elon Musk continues making waves in Washington The proposed project includes printed circuit boards, a semiconductor failure analysis lab, and advanced packaging for panel-level packaging. Once complete, the Bastrop facility will be the largest PCB and PLP facility in North America. 'Incredible innovation and high-tech manufacturing is happening in Texas as a direct result of Governor Abbott's leadership and the Texas Semiconductor Innovation Fund initiative,' said SpaceX President and Chief Operating Officer Gwynne Shotwell. 'We love Texas. SpaceX is investing hundreds of millions of dollars into our Bastrop facility. This grant will help continue to expand Bastrop's manufacturing for Starlink to help connect even more people across the state and around the world with high-speed, low-latency internet.' As business interest has forced Bastrop to grow quickly to meet the demands of its new tenets, representatives from the area seem to be endorsing its presence in the community. More: Elon Musk's shadow looms over this tiny Texas town. Can it cope with the rapid growth? 'This investment is a game-changer for Bastrop and for Texas,' said Representative Stan Gerdes. 'SpaceX's expansion reinforces Texas as the nation's leader in high-tech manufacturing and semiconductor innovation. With hundreds of new jobs and a stronger domestic supply chain, this project is a huge win for our economy, our workforce, and our future.' Beck Andrew Salgado covers trending topics in the Austin business ecosystem for the American-Statesman. To share additional tips or insights with Salgado, email Bsalgado@ This article originally appeared on Austin American-Statesman: Abbott awards semiconductor grant to SpaceX; Bastrop plant to grow
Yahoo
12-03-2025
- Business
- Yahoo
Texas Gov. Greg Abbott awards $17.3M semiconductor grant to SpaceX for Bastrop expansion
Governor Greg Abbott announced that Elon Musk's SpaceX will receive the fifth Texas Semiconductor Innovation Fund grant, amounting to $17.3 million. According to a release, this funding will support the expansion of semiconductor research and development, as well as the establishment of an advanced packaging facility in Bastrop. On Wednesday afternoon, Gov. Abbott's office stated that this expansion is expected to generate over $280 million in capital investment and create at least 400 jobs. 'Texas connects the nation and the world with the most advanced technologies manufactured right here in our great state,' Abbott said in a statement. 'I congratulate SpaceX on their more than $280 million investment in this Texas-sized expansion of their semiconductor R&D and advanced packaging facility in Bastrop, which will be the largest of its kind in North America. Working together with innovative industry leaders like SpaceX, Texas will continue to rank No. 1 for semiconductor research and high-tech manufacturing and secure critical domestic supply chains as we build a stronger, more prosperous Texas than ever before.' The expansion project has a three-year timeline. As progress continues, SpaceX's Bastrop facility is expected to grow by one million square feet. This growth is aimed at bolstering the production of Starlink kits and their components, including advanced packaged silicon products. Starlink, a subsidiary of SpaceX, is a satellite company that provides high-speed, low-latency broadband internet to more than five million people and businesses in over 120 countries and territories. More: Tesla, X and SpaceX all in turmoil as Elon Musk continues making waves in Washington The proposed project includes printed circuit boards, a semiconductor failure analysis lab, and advanced packaging for panel-level packaging. Once complete, the Bastrop facility will be the largest PCB and PLP facility in North America. 'Incredible innovation and high-tech manufacturing is happening in Texas as a direct result of Governor Abbott's leadership and the Texas Semiconductor Innovation Fund initiative,' said SpaceX President and Chief Operating Officer Gwynne Shotwell. 'We love Texas. SpaceX is investing hundreds of millions of dollars into our Bastrop facility. This grant will help continue to expand Bastrop's manufacturing for Starlink to help connect even more people across the state and around the world with high-speed, low-latency internet.' As business interest has forced Bastrop to grow quickly to meet the demands of its new tenets, representatives from the area seem to be endorsing its presence in the community. More: Elon Musk's shadow looms over this tiny Texas town. Can it cope with the rapid growth? 'This investment is a game-changer for Bastrop and for Texas,' said Representative Stan Gerdes. 'SpaceX's expansion reinforces Texas as the nation's leader in high-tech manufacturing and semiconductor innovation. With hundreds of new jobs and a stronger domestic supply chain, this project is a huge win for our economy, our workforce, and our future.' Beck Andrew Salgado covers trending topics in the Austin business ecosystem for the American-Statesman. To share additional tips or insights with Salgado, email Bsalgado@ This article originally appeared on Austin American-Statesman: Abbott awards semiconductor grant to SpaceX; Bastrop plant to grow
Yahoo
10-03-2025
- Business
- Yahoo
Gov. Greg Abbott awards Round Rock semiconductor supplier $2M in Texas CHIPS Act funding
Texas Gov. Greg Abbott awarded a $2 million Texas Semiconductor Innovation Fund to Round Rock-based semiconductor supplier KoMiCo Technology. Abbott announced Thursday that KoMiCo would receive the fourth TSIF grant for its facility in Round Rock, located at 201 Michel Angelo Way, just past North Austin. According to Abbott, the funding will support the creation of 70 new jobs and a $36 million capital investment. 'Texas is leading the American resurgence in semiconductor manufacturing and making strategic investments to secure critical domestic supply chains,' Abbott said in the statement Thursday. 'KoMiCo's $36 million investment to expand their clean room capacity and production lines in Round Rock supports increased chip production right here in Texas." KoMiCo, a wholly owned subsidiary of South Korea-based KoMiCo Ltd., works with global chipmakers on semiconductor equipment parts cleaning, coating and repair. The TSIF funding will support KoMiCo's Round Rock facility expansion by over 40,000 square feet, increasing its clean room capacity along production lines, according to the Thursday statement. Nearly a year ago, KoMiCo secured funding and celebrated the completion of the shell of the $30 million expansion, aided by $750,000 in incentives from the city of Round Rock. 'KoMiCo is profoundly grateful to the State of Texas for their generous grant supporting the semiconductor manufacturing supply chain,' KoMiCo USA CEO Sung Soo Jang said in the Thursday statement. 'This investment not only reinforces our industry but also strengthens the technological fabric of our nation." The Texas Semiconductor Innovation Fund was established through the Texas CHIPS Act, which Abbott signed in 2023. The fund aims to invest in semiconductor research, design and manufacturing in Texas. More: President Trump must focus on CHIPS act for Texas, U.S. manufacturing success | Opinion This is the fourth allocation from the fund. In February, Abbott awarded $23.25M to Austin-based Silicon Labs to support research and development and the company's new lab focused on artificial intelligence. He also awarded $2.4 million to Korean Dongjin Semichem Texas Inc., a specialty chemical and materials company with a facility in Killeen, in February. Additionally, $4.12 million was awarded to Intelligent Epitaxy Technology for its new facility in Allen in November. This article originally appeared on Austin American-Statesman: Texas Gov. Abbott awards KoMiCo Technology $2M through state CHIPS Act
