Biden Strikes $20 Billion Deal with Intel to Build Semiconductor Plants Across 4 States, Creating 30,000 Jobs

President Biden is announcing a preliminary deal giving Intel up to $8.5 billion in grants and $11 billion in loans to build semiconductor plants in 4 states. This is part of over $52 billion in funding from the CHIPS Act.

The projects are expected to create nearly 30,000 construction and factory jobs. Biden is using this to campaign on bringing manufacturing jobs back to the U.S.

The funding will help Intel invest over $100 billion to build plants making advanced logic chips not currently made in the U.S.

Intel will build 2 new plants each in Arizona and Ohio, modernize a 5th Arizona plant, and overhaul plants in New Mexico to create advanced packaging facilities.

Even with the massive investment, Intel's CEO suggests more aid may be needed, saying rebuilding the industry after decades of decline won't happen quickly.