Toyota Motor Corp.’s relocation of its U.S. headquarters to Plano, Texas, may bring $7.2 billion of economic activity over 10 years, according to an analysis for the city.

The figure includes $4.2 billion from payroll, along with direct and indirect spending, and sales and property tax revenue, according to the analysis by Grant Thornton LLP, a Chicago-based audit, tax and advisory company. The report was released May 12, when the city, a Dallas suburb, approved incentives for the company.

The world’s largest carmaker, based in Toyota City, Japan, said last month that it would consolidate U.S. sales, engineering and finance operations to Texas, moving jobs from California, New York and Kentucky. By 2018, the company could have 3,650 full-time workers in Plano at an average salary of $104,000, according to the report.

Plano approved $6.75 million of grants for the company, along with discounts on property taxes. The state is offering $40 million of incentives.

Carly Schaffner, a Toyota spokeswoman, said in an e-mail that the company appreciates support from Plano and its residents. The company is ``committed to being a model corporate citizen,'' Schaffner said.

Tesla has knocked off Toyota as the biggest auto employer in the state of California, employing over 6,000 people to the Japanese company's 5,300. That lead is only likely to grow, as the EV manufacturer prepares to add another 500 jobs by the end of the year, and as Toyota begins its relocation to its new North American headquarters in Texas. The news comes barely a week after the company announced a $50 million loss during the first quarter of 2014.

Tesla's statewide employment could be set to double, beyond even 6,500 people, if it follows through on rumors to construct its eagerly awaited gigafactory in the Golden State. The $5-billion venture could add another 6,500 employees, making Tesla not just the largest automotive employer in the state, but making it one of the largest employers in the state full stop.

The investment of Tesla and its founder (and real-life Tony Stark), Elon Musk, has been substantial. The company has added 3,000 employees in the state since 2013, reopening the Toyota and General Motors joint-venture factory that use to be known as NUMMI in 2009 and constructing a design studio in Los Angeles, all in addition to its Palo Alto headquarters.

TOYOTA PLOWS FORWARD IN PLANO, BREAKS GROUND ON NEW HEADQUARTERS

PLANO, TEXAS, JAN. 20, 2015 – A V-8 engine growls, and the earth moves.

With the roar of a 2015 TRD Pro Series Tundra, Toyota today formally broke ground on its new North American headquarters at the intersection of Headquarters Drive and Palomino Crossing in Plano, Texas. The Tundra took center stage, bulldozing the first soil on the site of Toyota's new campus in a manner that can only be described as not your traditional groundbreaking ceremony.

"The support and encouragement we've received from the community, civic leaders, business partners and nearby corporations has been nothing short of tremendous," said Jim Lentz, Toyota Motor North America chief executive officer. "Our goal is to build an environmentally-sustainable campus that our new neighbors will welcome and our team members and associates will be proud to call home."

Toyota also unveiled an installation during the ceremony: the word "TOYOTA" in large letters, standing 10 feet tall and 64 feet wide. Inside each letter are native Texan Yaupon Holly trees, which represent "wish" trees, a Japanese cultural tradition. Students from the Plano ISD Academy High School and community participants contributed to the event by adding handwritten notes to the trees representing their wishes, dreams, hopes and inspirations. The notes will be collected from the holly trees and placed into a time capsule at the new headquarters.

The trees will be planted permanently once the Toyota headquarters is completed and will represent the long-standing friendship between Japan and the United States and the Company's commitment to the Plano community.

Plano Mayor Harry LaRosiliere joined Lentz, addressing about 100 dignitaries and Toyota "Pioneers" – team members and associates who have already made the move to North Texas.

"Today's groundbreaking event marks another milestone for the future of Toyota and the future of the City of Plano," he said. "Toyota has already proven to be a great corporate citizen and neighbor, and we look forward to the continued impact they will have not only on Plano but on the whole North Texas region."

"Breaking ground in Plano is an exciting and tangible demonstration of the great progress we are making in bringing our major North American business affiliates and leaders together in one location for the first time," said Mike Groff, President and CEO of Toyota Financial Services. "As we create this best place to work for our people, we will strengthen our ability to put customers first and make a meaningful difference in the communities we are privileged to serve."

Since announcing the relocation last April, Toyota has purchased property; hired a developer (KDC), architect (Corgan Associates) and project manager (JLL), and filed a preliminary site plan with the City of Plano. The Company is now engaged in the design process, and formal construction activity is set to begin in the next several weeks. Completion is expected by late 2016 or early 2017.