On Friday, Vice President Joe Biden made the trip to Ohio to participate in the groundbreaking ceremony for the new $20 billion semiconductor plant that Intel is building. This facility is one of the first domestic chip-making facilities to be established as a direct result of the recently enacted CHIPS and Science Act.
Intel’s First Big Move In Ohio
The building of what Intel has described as the "biggest silicon production site on the globe" got underway on Friday with a ceremony to break ground on the new facility. According to the information provided by the corporation, the construction of the facility, which is planned to contain two independent plants and, once it is done, employs 3,000 people, might need more than 7,000 personnel. The movement is being made as part of Intel's intentions to spend a total of $100 billion in Ohio over the next decade.
The Once-In-A-Generation Investment
The groundbreaking ceremony for Intel's new factory was originally scheduled for July. Still, it was postponed since the company's plans depended heavily "on money from the CHIPS Act," which Congress had not yet passed. But after talks over the summer, Vice President Joe Biden finally put his signature on the $280 billion technology and science package late last month. He referred to it as "a once-in-a-generation investment in America itself."
Following a global shortage of semiconductors, a bipartisan agreement was reached to boost American innovation as a defence mechanism against increasing Chinese competition in the technology industry. This was done to protect the economic and national security interests of the United States. The beginning of the coronavirus pandemic in 2020 shattered supply lines for chips worldwide, making it more difficult for electronic goods manufacturers to get semiconductors for their goods. At the same time, the demand for these products skyrocketed as more and more individuals began working from home as workplaces closed.
"As we witnessed during the epidemic chip production stops when the plants that create these chips shut down. This is exactly what happened." "There is a complete and total collapse of the world economy," Vice President Biden warned Friday at the Intel facility. "We have to manufacture these chips in the United States to cut down the daily living expenses and generate excellent employment."
Intel CEO Pat Gelsinger joined Vice President Joe Biden at the event. During his remarks, Biden said that the ceremony marked the end of the Rust Belt and the beginning of a "Silicon Heartland." After the measure was successfully passed, a number of other large chip makers made public their intentions to construct new domestic semiconductor plants. At the beginning of this month, Micron announced that it would spend $15 billion on constructing a new factory in Idaho. On Friday, Wolfspeed announced that the company will be investing $5 billion in constructing a new semiconductor factory in North Carolina.
Rep. Tim Ryan, a Democrat from Ohio and a contender for the United States Senate, issued the following statement on Friday: "Today we broke ground on a future that any Ohioan can be proud of." "This multi-billion-dollar investment is the culmination of an extraordinary partnership among federal, state, & private sector leaders," the authors write. "It will transform Ohio's economy and provide future generations with the chance to establish a stable middle-class life right here in their backyard."
Featured image: Intel
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