Toyota’s transfer to Plano, Texas to help city economy by $7.2 billion in 10 years

Article by Christian Andrei, on May 23, 2014

Toyota Motor Corp.’s move to transfer its United States sales base to Plano, Texas, may bring $7.2 billion of economic activity to the city over 10 years, according to an analysis by Grant Thornton LLP. The amount includes $4.2 billion for payroll, direct and indirect spending, and sales and property tax revenue.

The Grant Thornton report was released May 12, when Plano green-lighted incentives for the Japanese carmaker, which announced in April that it would consolidate US sales, engineering and finance operations to Texas, from the states of California, New York and Kentucky.

The carmaker said that by 2018, it could have employed 3,650 full-time workers at Texas with an average salary of $104,000. Plano is offering $40 million of incentives to Toyota, and recently okayed $6.75 million of grants for the Japanese carmaker, with discounts on property taxes.

Toyota spokeswoman Carly Schaffner told Bloomberg in an e-mail that the carmaker appreciates support from Plano and its residents, saying that the Japanese firm is committed to being “a model corporate citizen." [source: automotive news - sub. required]

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