Pharmaceutical company Eli Lilly and Company—or Lilly—announced plans to build a $6.5 billion manufacturing facility at Generation Park at a news conference Sept. 23. Lilly representatives said the new site will bring 615 new jobs to the area along with 4,000 construction jobs in the area as the site build takes off.
“Texas is stepping up to ensure that we do our part and expand biomedical manufacturing right here in our great state,” Gov. Greg Abbott said at the conference.
The impact: For every dollar Lilly spends in the area, the company estimates up to an additional $4 in local economic stimulation, Lilly officials said in a news release
“$6.5 billion is what we'll spend [for] over $25 billion of economic impact ... here in Texas,” Lilly Chair and CEO Dave Riggs said at the conference.
What’s next: Lilly’s new manufacturing facility is expected to be up and running within five years, according to Lilly representatives.