SpaceX plans to add thousands of jobs by 2030 and seeks $7.5 million in economic incentives

City of Starbase leaders approved two state economic incentive applications on Wednesday night, which could yield the company a $7.5 million refund of sales and use taxes in exchange for at least 1,000 new jobs by 2030. The money is expected to be reinvested in the company’s infrastructure projects. 

SpaceX estimates it will have more than 3,700 employees in the next five years, according to its Texas Enterprise Zone Program applications on file for two Triple Jumbo projects. Triple Jumbo projects represent the program’s largest incentive tier, requiring at least $250 million in investment and 500 newly created jobs to qualify for the maximum state tax refund.

SpaceX’s existing positions are not eligible for the $7,500 reimbursement per job. 

The statewide economic incentive program is meant to encourage companies to invest and create jobs in otherwise economically distressed communities across the state.