Samsung says it will build $17B chip factory in Texas

Samsung said it plans to build a $17 billion semiconductor factory in Texas amid a global shortage of chips used in phones, laptops, cars and other electronic devices.

Texas Gov. Greg Abbott and Samsung announced the project Tuesday.

The chip shortage has emerged as both a business obstacle and a serious national-security concern many U.S. companies are dependent on chips produced overseas, particularly in Taiwan.

Samsung said the groundbreaking will be in the first half of 2022 with plans to be operational in the second half of 2024.

Many chipmakers are spreading out their manufacturing operations, now concentrated in Asia, in response to the shortages.

The facility will be built in the Williamson County town of Taylor and is expected to create more than two thousand tech jobs.