The Austin economy is anticipating several boosts in the near future. With its Gigafactory having opened just a few months in the past, Tesla is already planning for the next stages.

The 2500 acre lot currently houses over ten million square feet of factory floor and Tesla intends to expand their global headquarters by 500,000sf more. Plans for the new extension have already been submitted to the city and Austinites are rife with speculation of what will be built in the newer areas of the factory.

Tesla isn’t the only company with big plans for the city of Austin. Samsung, announced in an article from the Austin American Statesman, that they anticipate expanding by adding eleven new facilities in the area. If approved, the expansions will add 10,000 new jobs to the current city area workforce of 3,000.

Samsung has been a leading business in Central Texas since 1997, which may be the reason for the choice to grow their facilities in the area.

“‘I think they’re here because there’s a terrific workforce here. It’s a good quality of life. They have a long, successful history here and that gives them a lot of confidence that they’re going to succeed and what they’re trying to accomplish in the future,’ Ed Latson, Executive Director of the Austin Regional Manufacturers Association, told the Statesman. ‘All those things combined together make this the right place for Samsung to be growing in the United States.’”

According to their website, the first of Samsung’s newest facilities is expected to be operational as early as third quarter of 2024.

Sources include:

Austin American Statesman: Article

Connect CRE: Article

Tesla: Website

Samsung Austin: Website