Intel revealed plans to invest more than $20 billion in two new chip manufacturing plants in the US state of Ohio, its second major commitment to production in its domestic market.
The chip maker stated the move will be the largest single private sector investment in Ohio’s history. It expects to begin building the factories this year, with production coming online in 2025.
Intel stated a 1,000-acre site in Ohio could ultimately accomodate up to eight factories, forecasting its total investment could hit $100 billion over the next decade.
In a press conference, CEO Pat Gelsinger said the US investments will “help meet the unprecedented demand for chips”.
Gelsinger was joined by US President Joe Biden, who commented on the important role semiconductors play in devices including smartphones, domestic appliances and medical equipment as he pressed for the nation to retake the initiative in chip making.
“China’s doing everything it can to take over the global market”, the President said.
The President is currently pressing for politicians to approve funding of more than $50 billion to spur domestic production, an initiative backed by leading chipmakers and mobile operators in the nation.
Ohio governor Mike DeWine predicted Intel’s move would create thousands of jobs. Intel noted up to 10,000 roles could be created in the planning and construction phases alone.
Intel also outlined plans to invest approximately $100 million over the next decade in partnership with local universities, colleges and the National Science Foundation to deliver skilled staff to the site.Subscribe to our daily newsletter Back