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Business & Economy

Biden to attend groundbreaking of Intel's $20B Ohio plants

This aerial image taken with a drone on June 9, 2022 shows a portion of land in Johnstown, Ohio, where Intel plans to build two new processor factories. The houses on the left are up for demolition.
Gene J. Puskar
/
AP
This aerial image taken with a drone on June 9, 2022 shows a portion of land in Johnstown, Ohio, where Intel plans to build two new processor factories. The houses on the left are up for demolition.

Intel Corp. has set a Sept. 9 groundbreaking date for its $20 billion New Albany operation with President Joe Biden in attendance.

Intel’s two planned semiconductor plants on 1,000 acres in central Ohio is the state’s largest ever private economic development project.

The project is expected to provide jobs for 7,000 construction workers and 3,000 permanent positions when it's up and running in 2025.

The White House on Thursday announced the president’s plans to deliver remarks on rebuilding American manufacturing at the event.

To win the project, Ohio offered Intel roughly $2 billion in incentives, including a 30-year tax break.

Construction is expected to accelerate following Congress' approval last month of a package boosting the semiconductor industry and scientific research in a bid to create more high-tech jobs in the United States and help it better compete with international rivals. It includes more than $52 billion in grants and other incentives for the semiconductor industry as well as a 25% tax credit for those companies that invest in chip plants in the U.S.

Now that the CHIPS Act has passed, it intends to build eight plants by 2030.

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Business & Economy IntelJoe Biden