TAYLOR, Texas (KXAN) — Sources close to the Samsung semiconductor plant said construction is still on target despite an article earlier this week with a source that implied it could be delayed.
An article published by Reuters on Wednesday said the plant was exceeding its original projected costs by at least $8 billion, which could rise if construction were to take longer than planned.
Anonymous sources cited in the Reuters article said inflation was the main cause for the uptick in prices – with projected costs now allegedly soaring past $25 billion.
KXAN.com spoke with sources close to the project who said they could not comment on construction costs.
That same source did say the Taylor project is still on its projected timeline.
Current state of construction prices
Ken Simonson, chief economist for the Associated General Contractors Association, said construction costs up until recently were rising much more rapidly.
Simonson said construction inputs rose at an annual rate of 20% or more over the last 12 months which has now slowed.
In January 2023, the price of individual materials like concrete, asphalt, and glass rose anywhere from .2% – 1.1.% from the year before.
Comparatively, from February 2021 to February 2022 costs rose from 8.3% – 22.2%.