Toyota’s Move To Plano: $7 Billion Impact
PLANO (CBSDFW.COM) - Long before Toyota opens it new North American headquarters in Plano, the company will have a significant impact on the city’s bottom line. Plano city leaders approved a package at Monday night’s council meeting, including tax breaks and millions of dollars in incentives.
Grant Thornton, an accounting and consulting firm, released its analysis outlining the automaker’s $7.2 billion economic impact on the city over the next ten years. From taxes to job creation, the city will benefit by the billions from the automaker’s move to North Texas.
The report divides the timeline into three phases: start up (2014), construction (2015-2017), and headquarters opening (2018).
During the first two phases, restaurants, health-care providers, retailers, architects, engineers, IT services, and advertisers will be among those most impacted. As many as 1,400 jobs in those industries will be created as a result of Toyota’s move to North Texas.
When it opens its new doors in 2018, Toyota is expected to employ 3,650 full time employees with an average wage of $104,000 and will hire another 1,000 people as contractors.
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