Intel makes landmark investment in Ohio
- The company will add an extra $100 million to create talent pipelines
- The investment will be the most significant Ohio has ever seen from a single private investor
- The building procedure was set to create 3,000 construction jobs.
Intel Corporation (NASDAQ: INTC) announced that it was planning to make an initial investment of over $20 billion towards constructing a pair of top-in-class microchip manufacturing facilities in Ohio. The investment will help increase the company’s production to meet the ever-growing demand for enhanced semiconductors.
To support the development of this new facility, Intel Corporation has pledged an extra $100 million to partner with educational organizations to create a talent pipeline and enhance research programs in the area.
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Intel’s Chief Executive Officer, Pat Gelsinger, claimed the investment marked another important way the company is leading the way when it comes to restoring the United States semiconductor manufacturing dominance. Mr. Gelsinger said:
Intel’s actions will help build a more resilient supply chain and ensure reliable access to advanced semiconductors for years to come.
In addition, the CEO claims that the company is bringing top-in-class capacity and capability to the US to enhance the worldwide semiconductor industry.
Mr. Gelsinger says that the new facilities will act as the new epicenter for advanced microchip manufacturing in the United States and will eventually improve the company’s local lab-to-fab pipeline.
What’s the impact?
Ohio has never seen a single private-sector investment this big before. The project’s first phase is expected to bring the region 7,000 construction jobs and 3,000 intel jobs during the build. It will also support thousands of additional long-term jobs for the locals across a wide ecosystem of partners and suppliers.
Spanning almost a thousand acres located, this new facility can accommodate up to eight microchip facilities, also commonly referred as “fabs”, and support ecosystem and operations partners.
The company says the construction of the two new facilities will start in late 2022 but the planning will begin immediately. It expects production to commence online by 2025. Ohio will act as the home to the company’s first new facility location in almost 40 years.
In addition to the company’s presence in the region, the investment is set to attract many other ecosystem suppliers and partners needed to offer local support for the company’s operation, from material suppliers and semiconductor equipment to a wide array of service providers.