SALT LAKE CITY — In what leaders say is the "largest private economic investment in Utah history," Texas Instruments is set to invest $11 billion in an expansion of its Lehi facility.
"This is not something that is going to benefit us for a year or two - this is going to benefit us for years to come," Cox said in the announcement.
Texas Instruments has been in Lehi for the last 14 months and the investment will build a new 300-millimeter semiconductor wafer fabrication plant (fab) as an extension of its existing facility.
“Companies like Texas Instruments continue to invest in Utah because of our world-class business climate and exceptional workforce,” said Cox. “TI’s new semiconductor factory will solidify Utah as a global semiconductor manufacturing hub for generations to come.”
Elizabeth Converse, Executive Director of Utah Tech Leads says that this investment is expected to create additional jobs past the 800 on-site jobs.
"We have a really interesting economic multiplier in the tech sector here in Utah, so 800 jobs actually mean the original 800 that are going to be at the actual center that TI is extending," said Converse. "But there are an additional 1600 jobs that will be created throughout the state by the impact and the needs of those original 800 people."
Converse says the creation of this Wafer Fab is a huge step forward in bringing manufacturing back to the United States. This investment gives Utah the opportunity to be at the forefront.
"Fabrication labs like this are very, very specific to bringing manufacturing back to the United States so that we don't face supply chain issues that we had before," she said. "That we don't face price gauging like we had before."
Converse says she understands people may be upset about the state rewarding the company with a tax reduction, but based on her math, Texas Instruments will only get back .3% of what they are investing into the state.
"It's worth the investment I think from the state over the course of 20 years," Converse said.
Utah was not the only choice for the TI expansion and Cox explained that the fact that Lehi was chosen "matters."
Haviv Ilan, soon-to-be president and CEO of Texas Instruments, said that even though the team in Lehi is relatively new, it's quickly become a "crowd favorite."
"The team here has shown us everything about innovation, raising the bar, finding solutions...we are very impressed," he said.
In addition to a new facility, the expansion will bring about 800 new TI jobs to Lehi, with salaries averaging $110,000.
TI will also invest $9 million in the Alpine School District to "improve student opportunities and outcomes," a release from the company reads.
A representative from the Alpine School District said the money will "focus on improving student opportunities and outcomes as they donate funding for extended STEM educational programs."
"This investment is part of a long-term strategy to build manufacturing capacity," Ilan said, "Providing our customers with the chips they will need for decades to come."
Converse says this investment is a testament to Utah's workforce and the talent in the state.
"We have an incredibly dedicated workforce in Utah, we're committed to building companies here, we're committed to founding companies here, we're committed to finding ideas and creating things here in ways that other states don't always see," Converse said.
TI manufactures, designs, tests and sells embedded processing chips that are used in various technology and industrial markets.
Cox said in the announcement that, "if there's anything you have that turns on and off, there's a very good chance there's a TI chip in there."
Construction on the new facility will begin soon and will take about three to four years to complete.
