Texas Instruments to build new semiconductor factory in Utah
You might know Texas Instruments best for their graphing calculators, the TI-83 and such, which are essential to certain high school math tests. But the manufacturer is set to take on the chip shortage in the U.S., as evidenced recently.
On February 15, the Utah Governor’s Office of Economic Opportunity awarded Texas Instruments Incorporated (TI) a post-performance tax reduction for its new semiconductor factory in Lehi, Utah. The corporate incentive is part of the state’s Economic Development Tax Increment Financing (EDTIF) program.
“Companies like Texas Instruments continue to invest in Utah because of our world-class business climate and exceptional workforce,” said Gov. Cox. “TI’s new semiconductor factory will solidify Utah as a global semiconductor manufacturing hub for generations to come.”
As part of the agreement, TI plans to add 800 new, high-tech jobs and invest $11 billion in Utah. This investment is the largest economic investment in Utah history.
“We’re excited Texas Instruments has decided to build a second factory in Lehi,” said Ryan Starks, the Office of Economic Opportunity’s executive director. “This new factory will bring significant capital investment to the state along with hundreds of high-tech jobs. This is a big win for the state and Lehi City.”
TI designs and makes semiconductors that are then sold to electronics designers and manufacturers all over the world. With its headquarters in Dallas, TX, the company has design, manufacturing, and sales operations in more than 30 countries with around 33,000 employees worldwide.