The small city of Buda, Texas, is gearing up for a significant boost to its local economy and job market. South Korean-based electric vehicle component manufacturer Futronic USA Inc. has chosen the town as the location for its first American manufacturing facility. This major development is expected to create an estimated 350 jobs, as reported by the KXAN.
Enthusiasm within the Buda Economic Development Corporation (EDC) is palpable, as the arrival of Futronic represents a coup for the city's industrial ambitions. Jennifer Storm, CEO of Buda EDC, highlighted the city's readiness for business, boasting over 3 million square feet of industrial spec space. Futronic will occupy a 66,000-square-foot commercial space, previously estimated at $11 million in value, with another $17 million set to enhance the facility. In a statement obtained by KXAN, city manager Micah Grau expressed how this move embodies the Buda EDC's commitment to advancing regional economic vitality.
The initiative to establish Futronic USA's presence in Buda received both city and county approval, signifying a collaborative effort to develop the local economy further. Acting as a supplier to the EV giant Tesla, whose Giga Texas operation lies in close proximity, Futronic's impact in Central Texas appears synergistic with existing industry leaders. Production for electric vehicle transmissions and powertrain operations at the new site will begin by late 2025, and full employment is eventually anticipated to constitute Buda's largest workforce. MySA reports that the Buda EDC Incentive Task Force recommended allotting $600,000 to incentivize job creation, further underlining the project's significance to the region.
With the average wage for future employees at the plant pegged at around $52,000, there's a palpable sense of opportunity for Buda residents and the broader community. Shannon Mumley, Assistant Director CEO of the Buda EDC, conveyed excitement around this development, emphasizing how it aligns with the skilled local workforce and the city's robust Career and Technical Education (CTE) programming. In a statement obtained by MySA, Mumley described the venture as a formidable asset for both the economy and future generations. Futronic aims to start upfitting the former Fat Quarter building by at least the third quarter of 2024.
