How GlobalWafers’ $7.5B Expansion Resets the Playbook for Cash-Flow Investors

The Sherman/Denison corridor just moved to the front of the line for serious investors. With GlobalWafers opening the first U.S. advanced 300mm silicon-wafer facility in over two decades in May 2025, and committing an additional $4B on top of its initial $3.5B build, Sherman isn’t just getting a new employer; it’s getting a multi-phase industrial anchor that rewires the local housing market for years. The project is supported by up to ~$406M in CHIPS Act funding from the U.S. Department of Commerce to strengthen the domestic wafer supply chain. Together, those commitments put GlobalWafers’ Texas total at roughly $7.5B, with Sherman as the flagship. (Reuters)

Below, I break down exactly what this means for rents, vacancies, appreciation, and how to position capital for outsized risk-adjusted returns.

Investment overview: The new anchor of U.S. wafer supply

• What opened: GlobalWafers America’s 300mm silicon-wafer plant in Sherman held its grand opening in mid-May 2025—the first advanced, high-volume wafer facility in the U.S. in more than 20 years. The 142-acre campus is designed for multiple phases, with Phase 1 live and additional phases planned as demand scales. (Reuters)
• How big is “big”: After the initial $3.5B build, GlobalWafers announced plans for another $4B, bringing Texas commitments to $7.5B. Commerce has also finalized up to ~$406M in CHIPS funding tied to facilities in Sherman, TX and St. Peters, MO to support the first U.S. high-volume production of 300mm wafers. (Reuters)
• Why Sherman, why now: This is about supply chain sovereignty. Today, ~90% of global wafer capacity sits in East Asia; bringing wafers onshore reduces geopolitical risk and lead-time volatility while aligning with the broader U.S. reshoring wave. Sherman’s location on US-75, its existing silicon ecosystem (including TI’s mega-site), and speed-to-build advantages made it a standout. (Reuters)
• The cluster effect: Texas Instruments is concurrently investing up to $40B across as many as four fabs on its Sherman mega-site, with production beginning in 2025 and additional phases underway. This deepens the advanced manufacturing cluster and amplifies housing demand across the MSA. (Texas Instruments)

Jobs & hiring timeline: From 650 direct roles to thousands of induced jobs

• Direct jobs: GlobalWafers indicates the project will scale to ~650 permanent engineering/technical/operations roles by the end of 2028, on top of substantial construction staffing and early headcount already in place. (Manufacturing Dive)
• Multiplier math investors can use: The U.S. semiconductor industry carries an employment multiplier of ~6.7—each direct job supports an additional ~5.7 jobs in the broader economy (supplier and induced). If GlobalWafers reaches ~650 direct roles, that implies ~3,700+ additional local jobs over time—a material, sustained demand shock for housing. (Semiconductors)
• Funding milestones de-risk the plan: The Commerce Department’s CHIPS award to GlobalWafers was finalized in December 2024 and is paid as milestones are met. As of mid-2025, news reports indicated disbursements were underway—another signal this buildout is real, staged, and monitored. (Reuters)

Bottom line: Hiring ramps through 2028—not a one-and-done spike—extend the absorption window for both rentals and for-sale product. That’s exactly the profile you want for stable occupancy and multi-year appreciation.

Housing market snapshot: Prices, rents, vacancy today (and where they’re headed)

Pricing & velocity

• Sherman city (Aug 2025): Median sale price ~$300,000, +7.1% YoY; DOM ~90 days (longer holds reflect a 2025 market with more inventory statewide). By zip, 75092, centered near the west-side/newer stock shows a $300K median; 75090 (east/older stock) sits closer to $245K, creating distinct buy-box options by strategy. (Redfin)
• DFW comparison set: Dallas proper carried a $428K median in Aug 2025; Fort Worth was ~$335K. Sherman’s entry prices are meaningfully lower—important for cap-rate math and downside protection. (Redfin)

Rents & vacancy

• Rents: Zillow’s observed rent index pegs Sherman’s average asking rent at ~$1,487 (Aug 31, 2025), with rents cycling after the pandemic run-up. That’s below Dallas’ ~$1,671—again supporting stronger gross yields at comparable bedroom counts. (Zillow)
• Vacancy: HUD’s 2023 market analysis for the Sherman-Denison HMA characterized conditions as balanced, with apartment vacancy around 7.7% in Q3 2023 amid a wave of new deliveries; the City’s 2024 housing study recorded vacancy reaching ~9.2% in 2023 as projects stabilized. With GlobalWafers now live and TI ramping, the pendulum should swing tighter through 2026–2028 as new professional hiring absorbs stock. (denisontx.org)

Population growth

• The MSA climbed to ~150.5K residents in 2024, continuing a steady uptrend—another tailwind for long-run demand. (FRED)

Investor read: Today’s data points reflect a market mid-transition—from supply catching up to pre-fabrication migration, to demand outpacing deliveries as the semiconductor cluster hires. That transition is when investors typically capture both better entry pricing and the early legs of rent growth.

Specific housing implications: Where demand will concentrate

1. Workforce rentals (Class B/B-): Engineers/technicians and support roles create sticky demand for 3-bed SFRs and townhomes with garages, yards, and commute-friendly access to US-75. Expect rent leadership for well-finished SFRs within 15–20 minutes of the GlobalWafers/TI campuses. (Reuters)
2. Duplexes and small multis: Duplex-to-fourplex inventory in 75090 (east/Sherman core) and Denison offers strong rent-per-square-foot and manageable CapEx, ideal for cash-flow + light value-add plays. Zip-level pricing spreads make the numbers pencil with reasonable leverage. (Redfin)
3. New-construction SFR (75092, west Sherman): Newer product near high-growth retail nodes commands lower maintenance, higher tenant retention, and better insurance profiles—useful in DSCR underwriting and debt-service covenants. (Redfin)
4. Mid-term housing: 3–6 month “landing pads” for relocating staff and vendors should perform near hospital and highway nodes; these can monetize corporate per diems without the regulatory exposure of short-term rentals. (Underwrite conservatively to 12-month rents; treat mid-term upside as gravy.)
5. Denison & lake-adjacent spillover (north): As US-75 growth stacks up, Denison and nodes toward Lake Texoma capture overflow demand from workers trading commute for lifestyle amenities—particularly for hybrid workers splitting time between Sherman and Dallas.

Strategic investor opportunities (by thesis)

A. Cash-flow first (duplex/SFR under $325K)

• Buy-box: 3-bed/2-bath SFRs or side-by-side duplexes in 75090/Denison priced $220K–$325K.
• Why now: Entry cap rates remain attractive relative to Dallas while salary-driven demand is forming. Use standard make-ready (floors, paint, lighting, hardware) to maximize rent-per-foot. (Redfin)

B. Appreciation + depreciation (newer SFR $350K–$475K in 75092)

• Buy-box: 2018+ construction near schools/retail west of US-75.
• Why now: Lower ongoing CapEx + bonus depreciation on qualifying components (consult your CPA) enhances true after-tax yields while benefitting from wage-anchored rent growth.

C. Small-portfolio builder (3–6 doors in 12 months)

• Buy-box: Mix of one new SFR + two duplexes for blended risk.
• Why now: Staggered debt maturities and diverse tenant profiles smooth cash flows while capturing two-engine demand (GlobalWafers + TI). (Texas Instruments)

D. Build-to-rent (BTR) infill

• Buy-box: Scattered-lot packages within city services, or small plats where horizontal is largely complete.
• Why now: 2023–2024 vacancy “head fake” as new units delivered creates land buys at a discount ahead of 2026–2028 absorption.

Market analysis insights (PSA notes investors can act on)

1. Relative pricing edge: In August 2025, Sherman’s median ~$300K, versus Dallas ~$428K and Fort Worth ~$335K supporting better gross yield potential without sacrificing a deep job base. Underwrite conservative rents to the ZORI $1,487 citywide average, then layer premiums for SFRs near the US-75 corridor. (Redfin)
2. Vacancy compression setup: Apartment vacancy (~7.7–9.2% in 2023) coincided with deliveries outpacing absorption; with 650 direct GlobalWafers roles and a high semiconductor jobs multiplier, expect tightening into 2026–2028—particularly for renovated Class B and newer SFRs. (denisontx.org)
3. Zip-code bifurcation:
• 75090: Lower medians (~$245K), faster days on market than citywide, older stock = value-add cash flow.
• 75092: Newer stock (median $300K), longer DOM but stronger tenant profiles, lower long-run CapEx = appreciation + retention. (Redfin)
4. Cluster compounding: TI’s $40B mega-site launching production in 2025 meaningfully increases non-GlobalWafers demand (vendors, suppliers, service economy), extending the runway for rent growth and for-sale absorption. This is a two-anchor story, not a single-plant bet. (Texas Instruments)
5. Underwriting guardrails (quick hitters):
• Expense load: In practice, 35%–45% OpEx (tax/ins/PM/turnover) on stabilized SFRs; duplexes run leaner per-door for lawn, turnovers, and roofs.
• Debt: DSCR loans have been competitive for stabilized duplexes; bake in 1–2% rate stress and +10% insurance over trailing to be safe.
• CapEx: Budget year-1 reserves at $3,000–$4,000/unit for older stock; new build $1,000–$1,500.

Actions to take in the next 30–90 days

1. Define your Sherman buy-box (one hour): price bands ($250K–$850K), product (duplex vs. SFR), target zips (75090 vs. 75092), minimum DSCR.
2. Zip-level comping (48 hours): pull sold & rented comps by bed/bath within 0.5–1.0 miles of the plant’s commuter sheds; align price adjustments to condition, year built, and garage count.
3. Assemble your lender stack (1 week): conventional vs. DSCR vs. bank portfolio; rate-buydown scenarios tied to rent-ready CapEx.
4. Pipeline 6–10 addresses (2 weeks): three “now,” three “watch,” four “stretch”—build in fallbacks for appraisal spreads.
5. Property management readiness (2 weeks): secure PM with semiconductor-cluster lease-up experience; test corporate housing channels for mid-term demand.
6. Quarterly review rhythm: Re-underwrite on GlobalWafers/TI milestone cadence (new phase announcements, hiring updates, vendor expansions) and reset assumptions on rent growth/vacancy quarterly.

Why Sherman/Denison beats the alternatives (right now)

• Better buy-in price: ~$300K median vs. core DFW at ~$428K gives you room to be wrong and still hit target yield. (Redfin)
• Durable demand drivers: Two-anchor advanced manufacturing (GlobalWafers + TI) compounds employment and supplier ecosystems rather than relying on a single employer. (Reuters)
• Staged hiring = predictable absorption: GlobalWafers’ ramp to ~650 by 2028 + semiconductor multipliers = multi-year rental tailwinds, not a one-year sugar high. (Manufacturing Dive)
• Timing edge: 2023–2024 vacancies and 2025 longer DOM mean negotiability today; investors who plant flags before 2026-2028 hiring peaks will likely enjoy both initial cash flow and appreciation from tightening conditions. (denisontx.org)

Next steps—let’s underwrite your ROI to the GlobalWafers timeline

If you’re targeting high cash flow with low vacancy risk and strong appreciation, Sherman/Denison now checks all three boxes—and does so at entry prices that are increasingly rare in advanced-manufacturing metros. I’m actively comping duplex and SFR opportunities within 15–20 minutes of the GlobalWafers and TI campuses and can deliver a zip-specific ROI brief (rent roll assumptions, cap-rate sensitivity, DSCR scenarios, 5-year hold IRR, and exit comps) tied exactly to GlobalWafers’ 2025–2028 hiring cadence.

Schedule a consult and I’ll build a personalized buy-box, lender plan, and acquisition calendar in under a week—so your capital is working before the 2026–2028 absorption wave hits.

Key sources for this analysis: Commerce/NIST CHIPS award details; May 2025 opening and $4B expansion announcements; Sherman pricing and rent data; HUD/City vacancy trends; TI Sherman mega-site plans. (NIST)

• The Wall Street Journal
• Reuters