This month, Austin received some news about a huge visitor coming to town – TESLA. After teasing a possible move to Texas back in February, TESLA reached an agreement to build its next Gigafactory in Travis County according to a press release from Governor Greg Abbott.
The $1.1 billion assembly plant will be built on 2,100 acres in southeaster Travis County off Texas 130 and Harod Green Road. At the plant, Tesla plans to employ 5,000 people with wages starting at $35,000 per year.
“Tesla is one of the most exciting and innovative companies in the world, and we are proud to welcome its team to the State of Texas,” Abbott said. “Texas has the best workforce in the nation, and we’ve built an economic environment that allows companies like Tesla to innovate and succeed. Tesla’s Gigafactory Texas will keep the Texas economy the strongest in the nation and will create thousands of jobs for hardworking Texans. I look forward to the tremendous benefits that Tesla’s investment will bring to Central Texas and to the entire state.”
Earlier in July, the Travis County Commissioners Court and Del Valle ISD each approved tax breaks to make the deal work. Tesla was also considering Tulsa, OK in their search and these tax breaks certainly made a difference.
At the new factory, Tesla plans on producing its new Cybertruck electric pickup and its Model Y SUV. Groundbreaking could happen as early as this third quarter of 2020.
The economic impact of this deal is far-reaching. Besides new jobs and career paths for graduate and non-graduate workers, the tax revenue, local economy and housing market should all see boosts.
If you have a question about how this impacts your homes value in the area or are interested in buying a home in Austin, contact us and we’d love to help!