A newly formed corporation announced last Friday it is planning to build a beef processing plant in southwest Iowa that would bring 750 jobs to the area.

Cattlemen’s Heritage officials said the plant would be built along Interstate 29 near the Mills-Pottawatomie County line, with construction scheduled to start next spring and end by late 2023, The Daily Nonpareil reported. Officials said the $325 million plant would process 1,500 head a day and have an estimated annual economic impact of $1.1 billion. The jobs will pay an average of $55,000 a year plus benefits.

Iowa Secretary of Agriculture Mike Naig said the plant will be a welcome addition to the state’s agribusiness infrastructure.

“There’s a significant opportunity to expand meat processing capacity around the state,” Naig said. “This facility will create additional market access for our producers, new jobs and economic activity in our rural communities.”

Ernie Goss, a Creighton University economist, said the project would be an “economic game changer” for the surrounding communities.