Fort Worth’s Rise as a Technology Manufacturing Hub
Fort Worth is gathering momentum as a technology manufacturing hub. Earlier this week, city staff presented plans at a city council work session to court Adom Industries, whose goal is to facilitate remote prototyping and testing of electronics in the cloud.
Later this month, the city will consider offering the company $15 million in incentives in the form of economic development grants. Related: Satellite company creating 2,000 jobs granted 40-acre site at Arlington airport. D-FW Real Estate News. Get the latest real estate news you need to know.
The Adom Industries Project
In exchange for the incentives, Adom will build a new headquarters at 4400 Alliance Gateway with an electronics prototyping lab and a remote-access semiconductor fabrication facility. Over its lifespan, the project will also create 267 new jobs in Fort Worth with an average annual salary of $91,000.
These positions are expected to include engineering, research and advanced manufacturing roles. The company’s total capital investment will be an estimated $229 million, most of which will go toward manufacturing equipment and technology for their new headquarters, lab and fabrication facility.
Agreement Terms and Incentives
Terms of the agreement the city plans to propose also include clawbacks if certain job creation and investment goals aren’t met. “Fort Worth hasn’t historically been a creator in this space — companies like Lockheed have typically been the purchasers of this kind of technology. We’re eager to change that.
Rather than seeing opportunities like this always land on the eastern side of the Metroplex, we believe this project will become one of Fort Worth’s most significant semiconductor initiatives to date,” said Kelly Baggett, an economic development coordinator with the city. Baggett referenced the city’s recent win courting Wistron, a Taiwan-based electronics manufacturer that will build two new manufacturing facilities in Fort Worth.
State and National Incentives
Besides the incentives offered by Fort Worth, city staff noted the project is also seeking $20 million from the Texas Semiconductor Investment Fund, a state incentive program to “encourage the continued leadership of Texas in semiconductor research,” according to the governor’s office. Private businesses planning new or expanded semiconductor manufacturing projects are eligible for the funds.
The project is also looking for $10 million from the National Science Foundation. Michael Henning, also with the city’s economic development department, explained that while Forth Worth doesn’t directly tax research and development, attracting R&D-intensive projects raises its per capita GDP, attracts high-quality talent and makes the city more economically competitive for future projects.
Benefits for Fort Worth
The Adom Industries project is expected to have a significant impact on the city of Fort Worth. The creation of 267 new jobs with an average annual salary of $91,000 will contribute to the city’s economic growth and development. Additionally, the project will attract high-quality talent and make the city more economically competitive for future projects.
The project will also raise the city’s per capita GDP, which will have a positive impact on the overall economy. Furthermore, the project will help to establish Fort Worth as a technology manufacturing hub, which will attract more businesses and investment to the area.
Conclusion
In conclusion, the Adom Industries project is a significant development for the city of Fort Worth. The project will create new jobs, attract high-quality talent, and make the city more economically competitive. The city’s investment in the project, combined with state and national incentives, will help to establish Fort Worth as a technology manufacturing hub.
The project is expected to have a positive impact on the city’s economy and will contribute to the growth and development of the area. As the city continues to grow and develop, it is likely that we will see more projects like this in the future, which will help to establish Fort Worth as a major player in the technology manufacturing industry.
FAQs
Q: What is the Adom Industries project? A: The Adom Industries project is a technology manufacturing project that will create 267 new jobs in Fort Worth with an average annual salary of $91,000.
Q: How much will the project cost? A: The project will cost an estimated $229 million, most of which will go toward manufacturing equipment and technology for the new headquarters, lab and fabrication facility.
Q: What incentives is the city offering? A: The city is offering $15 million in incentives in the form of economic development grants.
Q: What are the benefits of the project for Fort Worth? A: The project will create new jobs, attract high-quality talent, and make the city more economically competitive. It will also raise the city’s per capita GDP and help to establish Fort Worth as a technology manufacturing hub.
Q: How will the project impact the city’s economy? A: The project is expected to have a positive impact on the city’s economy, contributing to the growth and development of the area.
