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

Audi Sport is known for creating high performance versions of some Audi vehicles, with a focus on higher levels of sportiness. So far, its high-performance creations are all powered by...
by - December 14, 2017
As soon as Toyota trademarked the names “LC F” and “Lexus LC F” at the European Union Intellectual Property Office, speculations have emerged that there could actually be a hardcore...
by - December 14, 2017
Mercedes-Benz has a completely new infotainment system that will make its debut as early as 2018. Details are scarce so far, but Mercedes is expected fill in the needed information...
by - December 14, 2017
Just a couple of days ago, BMW published an image of their long term plan for the next couple of years, and this includes electrifying most of their cars. We...
by - December 13, 2017
McLaren’s special department, the McLaren Special Operations (MSO) team, has created a unique colour that is a tribute to the home of the automaker’s founder, Bruce McLaren, in Surrey, England....
by - December 13, 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