Texas is currently experiencing one of the largest, most significant construction development projects with Samsung Semiconductor Chipmaking Facility in Taylor, Texas. According to a recent article by Justin Sayers, posted in the Dallas Business Journal this project is poised to transform into one of the largest developments in United States history. This is being accomplished by Samsung announcing their plans to utilize the CHIPS and Science Act to pump $6.4 billion more into the development pushing the total investment to $45 billion.
As discussed in Justin Sayers article it is estimated within the next 5 years Samsung's investment could yield up to 4,500 manufacturing jobs and not less than 17,000 construction jobs. Of course in the greater context this means more contractors, subcontractors, specialty trades and suppliers will be flush with work. Additionally, it can be reasonably expected that greater residential and commercial expansion will occur in this area leading to greater regional impact economic growth.
The amount of planned spending related to this endeavor will naturally result in a feeding frenzy for construction companies both new to and familiar with the Texas construction market. For new contractors entering the Texas market local contractors should expect a lack of familiarity with Texas specific construction laws and customary contractual practices. Contractors might additionally be on guard for quick terminations due to a likely large pool of waiting replacement contractors. Lastly, contractors will need to be on guard regarding alternate payment protections such as the existence of payment bonds or the ability to file liens.
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