Toyota has recently announced its plans to invest an additional $500 million in expanding its San Antonio plant, which was initially opened in 2006 with a whopping two billion-dollar investment. This expansion will include the construction of a new facility and potential growth of the existing plant, resulting in an increase of over 500,000 square feet. With this expansion comes the creation of approximately 411 new jobs with competitive wages starting at $20.54 per hour and an average annual salary of $68,245.
The approval for land use matters by county commissioners has paved the way for negotiations on economic development incentives valued at over $14 million for Toyota by county officials.
According to reports from The San Antonio Report, these incentives may include a ten-year abatement on real and personal property investments up to 100%. In previous years (2010 and 2019), both Bexar County and City officials have provided additional incentives when Toyota proposed investing millions into expanding their plant – first with a Tacoma production line followed by further growth initiatives.
This latest announcement is yet another testament to Toyota’s commitment towards strengthening their presence within San Antonio’s thriving economy.
