Samsung Electronics Co Ltd said Tuesday it is planning to invest more than $1 billion by the first half of 2017 to meet the growing demands in the industry for advanced system-on-chip (SoC) products, especially for mobile and other electronic devices. Samsung is the world’s second-largest chipmaker behind Intel.

With about 3,000 employees and 2.3 million square feet of space, Samsung Austin Semiconductor (SAS) is one of the largest and most advanced semiconductor manufacturing facilities in the United States. The company said the investment will help boost the Austin economy.

“Samsung remains a shining example of what happens when we create a business friendly environment. The result is a win that enhances and sustains our community’s ability to create a broad range of new jobs and economic opportunities for Austinites and their families,” said Mike Rollins, President, Austin Chamber of Commerce.

The investment comes after Samsung said last week its capital expenditure for 2016 would rise to a record 27 trillion won ($24 billion), with 13.2 trillion won earmarked for its semiconductor business.