Intel announces $20 billion investment in Ohio chip manufacturing plant

WASHINGTON (TND) — Tech giant Intel announced Friday that it is building a new $20 billion chip manufacturing complex just outside of Columbus, Ohio.

The company says the "mega-site" will be located in Licking County, Ohio and span across nearly 1,000 acres, fitting eight chip factories.

“At full buildout, the total investment in the site could grow to as much as $100 billion over the next decade, making it one of the largest semiconductor manufacturing sites in the world,” according to Intel.

The facility will create 3,000 jobs paying an average of $135,000 per year and 7,000 construction jobs. It will also be built with the environment and sustainability in mind.

“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,” Ohio Gov. Mike DeWine said in a statement.

DeWine added on Twitter that the facility would have “nationwide impacts.”

It’s the largest single private sector investment in Ohio’s history.

President Joe Biden is leveraging Intel's announcement to encourage Congress to pass legislation that would pump $52 billion into microchip production in the U.S.

The current microchip shortage has led to low supply and high prices of products from smartphones to cars. Biden says America has allowed Asia to dominate chip production.

"Over 30 years ago, America had about 40% of global production but since that time, something happened. American manufacturing, the backbone of our economy, got hollowed out,” Biden said.

The project is set to be completed in 2025.