Intel will invest more than $20 billion into constructing a series of semiconductor manufacturing factories in Ohio, the company announced Friday.
The chip manufacturer said the site would be the “largest single private-sector investment in Ohio history.” The plant would allow the United States to reduce reliance on the Taiwan-based TSMC semiconductor plants.
“Today’s announcement is monumental news for the state of Ohio,” said Ohio Gov. Mike DeWine in a press release. “Intel’s new facilities will be transformative for our state, creating thousands of good-paying jobs in Ohio manufacturing strategically vital semiconductors, often called ‘chips.’ Advanced manufacturing, research and development, and talent are part of Ohio’s DNA, and we are proud that chips — which power the future — will be made in Ohio, by Ohioans.”
FED TAKES ‘FIRST STEP’ TOWARD CONSIDERING DIGITAL DOLLAR, SEEKS PUBLIC COMMENT
President Joe Biden praised the plans, saying that they were “just the beginning” while at a Friday press conference with Intel CEO Pat Gelsinger.
“To be able to say ‘made in Ohio,’ ‘made in America,’ we used to always be able to say that 25, 30 years ago,” Biden said. “That’s what this is about.”
Initial construction plans will begin with building two factories in Licking County, Ohio, Intel said. The initial phase of the project will create 3,000 Intel jobs and 7,000 construction jobs over the course of the building, Intel said. Intel intends to construct eight factories, with the intent of investing as much as $100 billion into the “mega-site” over the next decade.
The company said it intends to invest $100 million over the next decade into research, education programs, and recruiting new experts.
Production facilities have reported a shortage of semiconductors throughout the pandemic, which has delayed the release of several new products. A significant contributor to this is the world’s reliance on Taiwan-based foundries that produce 60% of all semiconductors. The construction of additional factories like Intel’s would help wean companies off relying on outsourced production of semiconductors.
Intel announced plans to build semiconductor factories in Arizona in September, where it would invest $20 billion into constructing additional factories.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
Intel is not alone in attempting to expand semiconductor production in the United States. Samsung invested more than $17 billion into constructing a new semiconductor factory in Taylor, Texas, in November. Biden also encouraged Congress to pass the CHIPS for America Act, which would provide $52 billion in future semiconductor investments.
Construction of the Ohio plant is set to begin later this year, and production is expected to come online in 2025, Intel said.
