The planned relocation of Toyota’s US headquarters to Plano, Texas, may bring US$7.2bn of economic activity to the area over 10 years, according to an analysis for the city, a media report said.
The figure includes $4.2bn from payroll, along with direct and indirect spending, and sales and property tax revenue, Bloomberg News reported, citing analysis by Grant Thornton.
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Toyota said last month that it would consolidate US sales, engineering and finance operations to Texas, moving jobs from California, New York and Kentucky. By 2018, the company could have 3,650 full-time workers in Plano at an average salary of $104,000, according to the Grant Thornton report.
Bloomberg said Plano approved $6.75m of grants for the company, along with discounts on property taxes. The state is offering $40m of incentives.
Carly Schaffner, a Toyota spokeswoman, told Bloomberby by email the company appreciates support from Plano and its residents. The company is “committed to being a model corporate citizen,” Schaffner said.
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