US-based Intel has announced its plans for an initial investment of more than $20 billion in the construction of two new chip factories in Ohio to ease the global semiconductor chip shortage. The investment will help boost production to meet the surging demand for advanced semiconductor chips.
The construction of the factories is scheduled to begin late in 2022 and production is expected to commence in 2025.
According to the company’s statement, the initial phase of the project is expected to create 3,000 Intel jobs and 7,000 construction jobs over the course of the build.
Intel has pledged an additional $100 million toward partnerships with educational institutions to support the development of the new site and bolster research programs in the region.