Biden To Promote $20 Billion Intel Factory , as Answer to Semiconductor Shortages.
Biden To Promote $20 Billion Intel Factory , as Answer to Semiconductor Shortages.
The factory will likely be built near Columbus, OH.
7,000 construction jobs are expected to be generated during the building of the site.
3,000 permanent jobs are expected to be filled once the site is complete.
In a statement from Commerce Secretary Gina Raimondo, .
... Intel's move to build the factory in the U.S. was commended as good for both the company and U.S. manufacturing.
[This is] a big win for Intel, for American manufacturing, and for American consumers... , Gina Raimondo, Commerce Secretary, via CNN.
... who can look forward to lower prices as we bring home production of semiconductors that keep our economy running, Gina Raimondo, Commerce Secretary, via CNN.
The Semiconductor Industry Association also recently announced $80 billion worth of investments to sustain production through 2025.
Semiconductor chip shortages have hampered a number of industries throughout the pandemic.
The chips are vital in the production of a number of modern conveniences.
From smartphones and appliances to cars and medical equipment.
From smartphones and appliances to cars and medical equipment.
Analysts estimate the auto industry's loss from chip shortages to be near $210 billion.
President Joe Biden focused on the importance of semiconductor chip manufacturing during his October address at the G20 summit.
Biden is expected to compel Congress to address the shortage through some form of legislation