Samsung today announced that its Samsung Austin Semiconductor LLC subsidiary is going to invest $1 billion by the first half of next year to increase chip production in the United States. The investment will be used to enhance existing System LSI production in order to meet the industry's growing demand for advanced system-on-chip products particularly for mobile devices. “We are committed to Austin and our contributions to the community,” said Catherine Morse, General Counsel and Senior Director of Public Affairs at Samsung Austin Semiconductor.
This announcement follows Samsung's revelation from last week that it's going to invest a record amount of money in its semiconductor business in the coming year. Samsung Austin Semiconductor has already contributed quite a bit to Austin's economy. An Impact Data Source Economic Impact Study revealed that the company poured $3.6 billion into the regional economy of central Texas last year and supported 10,755 jobs in the area during that time. Samsung has invested over $16 billion in the expansion of its maintenance of its Austin facility since it was established back in 1997.
