Intel's Ohio factory will create at least 3,000 permanent jobs: Biden

Jan. 21, 2022 12:11 PM ETIntel Corporation (INTC)By: Chris Ciaccia, SA News Editor91 Comments

Intel company logo on the roof.

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  • Intel's (NASDAQ:INTC) announcement that it would spend at least $20 billion for a massive new manufacturing facility near Columbus, Ohio will result in at least 3,000 permanent jobs, President Joe Biden said on Friday.
  • "This investment will create 7,000 construction jobs and another 3,000 permanent jobs, another sign of the strength of the American economy," according to a statement from the White House, regarding the announcement.
  • Intel (INTC) shares were higher on Friday in wake of the announcement, gaining more than 1% to trade at $52.64.
  • The investment plans come as the U.S. attempts to increase the domestic production of semiconductors and could spur the House to pass the $52 billion CHIPS for America Act - it passed the Senate in June - as the Biden administration looks to boost the share of U.S.-made chips to stave off supply chain shortages and national security concerns. According to the Semiconductor Industry Association, the share of chips made in the U.S. has fallen to 12%, from 37% in 1990.
  • Construction on the plant will start this year and it should be operational by 2025.
  • In an interview on Friday, Intel (INTC) CEO Pat Gelsinger said the plant will contribute to a "Silicon Heartland" to go with Silicon Valley.

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