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

Article by Christian A., 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]

If you liked the article, share on:

Comments

Recommended

For many years, Lamborghini has always relied on the use of large and powerful engines including the V10 and the V12. In fact, the company’s very first engine in the...
by - October 17, 2017
You can now get the Opel Crossland X that’s LPG-powered if you are not a fan of diesel. Recently, the company released their version of the Peugeot 2008 equipped with...
by - October 17, 2017
As seasons change, temperatures rise and fall. The changes affect our preferences when it comes to driving cars. Therefore, Aston Martin introduces the new DB11 Volante or convertible, and it...
by - October 16, 2017
Aston Martin may be known for building many of the stylish Bond cars we see on the big screen but nobody really knew how it can get super aggressive when...
by - October 16, 2017
Today, manual transmissions have become rare in mainstream cars and are more commonly found in performance cars within the $20,000 to $40,000 range. However, the selection of affordable, three-pedal performance...
by - October 16, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries