SHERMAN, Texas (KTEN) — Another major technology manufacturer has selected Sherman, Texas, for expansion plans.

Gov. Greg Abbott announced Monday morning that GlobiTech will add a $5 billion manufacturing facility for advanced 300 millimeter silicon wafers that currently must be imported from Asia.

"Having the first wafer plant built in the United States built in 20 years coming to Texas is a big deal," said Sherman Mayor David Plyler. "It's a big deal for our state, and it's a big deal for national security."

Texas Gov. Greg Abbott emphasized the impact on the region's economy.

"GlobiTech's ongoing partnership with the City of Sherman will create more than a thousand new jobs for the region and invest billions of dollars into our state's economy, boosting Texas’ global position in the semiconductor industry amid a worldwide chip shortage," the governor said in a written statement.

Doris Hsu, chairman and CEO of GlobiTech's parent company, Taiwan-based GlobalWafers, said state and local incentives were a big part of her company's decision to expand its existing Sherman facility instead of steering the project to competing sites in Ohio or Korea.

"For this large investment, we received tremendously competitive proposals, and it was a difficult decision on selecting our location," Hsu said. "After serious deliberation, we have once again chosen our long-time partner, the City of Sherman, Texas, based on the aggressive local and state incentives, ample resources and especially the business and personal relationships that we have developed over 20 years."

GlobiTech will be expanding its existing facility on a 143-acre site at U.S. 75 and FM 1417.

While the plant is expected to create 1,500 new jobs in Grayson County, the economic impact is estimated to be much greater.

"The added tax value to our tax base — the city, county, school and college — indirect benefit, it'll create jobs in the retail, commercial, finance, real estate," said Sherman Economic Development Corporation president Kent Sharp.

With construction already underway on Texas Instruments' high tech expansion not far away, Sherman Independent School District Superintendent Dr. Tyson Bennett sees an opportunity for students.

"It aligns with our vision," Bennett said. "We're all about preparing for the workforce and providing kids that are just ready to take those jobs now."

Construction on the GlobiTech facility is expected to commence this fall.