Toyota Texas Move to Help City Economy by $7.2 Billion

(may 16 2014)The location of Toyota Motor Corporation’s U.S. headquarters to Plano, Texas, is likely to bring 7.2 billion dollars of economic activity over 10 years, according to an analysis for the city.
The total figure encompasses $4.2 billion from payroll, together with direct & indirect spending, and sales & property tax revenue, according to the research by a Chicago-based audit, tax & advisory company, Grant Thornton. The report of the analysis was released 12th May, when the city, a suburb of Dallas, approved incentives for the company.


The largest carmaker in the world, based in Toyota City, Japan, said last month that it would actually consolidate U.S. engineering, sales and finance operations to Texas, moving jobs from California, Kentucky and New York. In the next 4 years, the company in Texas could have 3,650 full time workers  with an average salary of $104,000, according to the report.

The city approved $6.75 million of grants for the company, along with notable discounts on property taxes. The state is also offering $40 million of incentives. 

A Toyota spokeswoman, Carly Schaffner, said in an e-mail that the company appreciates the immeasurable support from Plano and its people. Toyota is  fully committed to being a model corporate citizen in Plano & everywhere else ,'' a company representative said.


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