Samsung announces a new semiconductor facility in Texas

South Korean electronics giant Samsung said it plans to build a $17 billion semiconductor factory outside of Austin, Texas, amid a global shortage of chips used in cars, phones, tablets, video game consoles and other electronic devices.

"This is the largest foreign direct investment in the state of Texas, ever," Governor Greg Abbott said in announcing the project Tuesday.

Samsung said it will start building the plant next year and hopes to begin operations in the second half of 2024. The company chose the site based on government incentives and the "readiness and stability" of local infrastructure, Samsung Vice Chairman Kinam Kim said during a press conference with Abbott.