The McAllen Economic Development Corporation (MEDC) is expected to land two big technology companies, according to a report from Texas Border Business. MEDC president and CEO Keith Patridge has been working to make McAllen a hub for various industries, and has announced that the city is nearing the announcement of a high-tech company moving into the region. Both of the impending projects are technology-based and will occupy 200 acres of land, add 1.5 million square feet of space, and create approximately 2,500 to 3,000 jobs. One of these projects involves a Boston-based company looking to manufacture silicon wafers, a key piece of the solar industry supply chain, and would represent a capital investment of over $1 billion. The other project, a solar power component plant, is believed to be seeking zoning approvals or incentives from Austin.
Patridge noted that education and quality of life issues were important to companies of this size when they decide on locations. One of the companies mentioned by Patridge, which is said to be sending people to look at moving from the east coast, has a general manager who will run the plant. A young family with three children aged between two and seven is also said to be considering the move, and education was identified as the family&https://adarima.org/?aHR0cHM6Ly9tY3J5cHRvLmNsdWIvY2F0ZWdvcnJ5Lz93cHNhZmVsaW5rPVdsb0tLMFB6TmZ3QXBic0NhZGZFZUZsZ2lIbmlrWkVVdk5XOVNLMEo2YldKNFduSnFTbXhhVnpGcFp6MDk-8217;s top priority.
In addition to this, the recent signing of House Bill 5 by Governor Greg Abbott will help further attract bigger manufacturing companies to the region. The Texas Jobs, Energy, Technology and Innovation Act establishes a new transparent, accountable, and flexible economic development incentive program called Chapter 403. This program focuses on manufacturing facilities related to semiconductors, aerospace, pharmaceuticals, automotive, and the energy industry and can provide state-matching funds for private entities with an established presence in Texas to encourage economic development.
The state also recently signed House Bill 5174, better known as the Texas CHIPS Act, to bolster the state&https://adarima.org/?aHR0cHM6Ly9tY3J5cHRvLmNsdWIvY2F0ZWdvcnJ5Lz93cHNhZmVsaW5rPVdsb0tLMFB6TmZ3QXBic0NhZGZFZUZsZ2lIbmlrWkVVdk5XOVNLMEo2YldKNFduSnFTbXhhVnpGcFp6MDk-8217;s position in the semiconductor industry. The bill creates a state fund and a consortium with representatives from Texas higher education institutions to focus on education, research and development, and commercial production of semiconductors. Governor Abbott stated that the bill aims to promote onshoring microchip production by leveraging federal funding from the Chips Act.
Texas has been making significant efforts to attract technology and semiconductor companies in recent years. The state currently ranks number one in the US for semiconductor manufacturing and boasts a highly skilled workforce and robust infrastructure. The passing of House Bill 5 and the Texas CHIPS Act, coupled with the impending arrival of two technology-based companies, are expected to further boost the region&https://adarima.org/?aHR0cHM6Ly9tY3J5cHRvLmNsdWIvY2F0ZWdvcnJ5Lz93cHNhZmVsaW5rPVdsb0tLMFB6TmZ3QXBic0NhZGZFZUZsZ2lIbmlrWkVVdk5XOVNLMEo2YldKNFduSnFTbXhhVnpGcFp6MDk-8217;s industrial capacity.