Texas Instruments, which is grappling with a slowdown in its industry, is delaying its plans for a Richardson plant.

The chipmaker is set to build a facility that will garner about $3.1 billion in capital investments and create more than 480 jobs, Texas Governor Greg Abbott said earlier this year on his website.

But in May, Texas Instruments advised in a letter to the Texas Comptroller of Public Accounts that it would delay the facility for two years based upon current market conditions.

The letter was sent by a lawyer for the company. The project is now expected to begin construction in the third quarter of 2021.

The Dallas-based chipmaker was set to receive $5.124 million grant from the Texas Enterprise Fund as part of the deal.

The Dallas Morning News first reported on the letter sent to the state comptroller's office.

The company picked Richardson for the "facility because of its access to talent, an existing supplier base and multiple airports, as well as operational efficiencies due to the close proximity of the new facility to our existing Richardson factory,” said Kyle Flessner, senior vice president of TI’s Technology & Manufacturing Group, in a prepared statement earlier this year.

“This factory is an important step in our strategy to invest in more 300mm manufacturing capacity, which is a competitive advantage for our company and will enable us to continue to support our customers well into the future,” Flessner said.

Editor’s Note: This is a guest post from Dallas Business Journal, originally written by Brian Womack.