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$1.1B in incentives – most of which is state money – for a $4B plant…
I really hope that these incentives are for more than just the single plant packaging plant.
I totally get the national security concern and the federal grant, but we are talking about $1M in incentives per employee. More than half of that is state money.
You neglected to factor in the cost of building the facility and the jobs its construction alone will require (site prep, materials manufacturing, upgrading/adding utilities infrastructure, crane operators, laborers, etc.) and the fact that the public costs will be amortized over many years. Perhaps the biggest “win” from this project is how it will enhance the state’s ability to attract other, additional high tech businesses. If we seek ways to increase household earnings, this is the path toward that goal.
Robert H’s sworn nemesis is industrial policy
Then there’s the nat’l security factor of having this technology in US. Far too much chip-related technology is Taiwan-based right now, geographically very close to China.
Looks like “all the CHIPS are in”….
In addn to grants, the 25% tax credit + discounted land price have value, too. Will likely be closer to $2 million per “high paying” job DIRECTLY created. (Per ZipRecruiter, avg salary in W Lafayette is under $47K so high paying may be relative.) Nat’l security, indirect economic benefit, possible opportunities for Purdue collaboration, momentum, and hope that Hynix adds addl processes later seem to weigh heavily into equation. Previous job-building grants in Indiana have been solid investments so here’s to another winner!
Thanks, Joe!