Ohio’s governor said there would be a ‘huge economic spinoff’ from Intel’s investment in the state.
Intel Corporation is looking to tackle the technical challenges and workforce shortages in semiconductor manufacturing with a $100 million investment over the next decade to build a pipeline of talent and support research, education and workforce development across the United States.
INTEL ONE OF BIDEN’S QUIVERS IN SPENDING PUSH
About $50 million of Intel’s investment will go toward funding grants for Ohio higher education institutions and establishing a semiconductor education and research program. The $50 million investment will provide resources for creating new curriculums for associate and undergraduate degrees, certifications, faculty training, reskill and upskill programs for the existing workforce, laboratory equipment upgrades, research to advance semiconductor fabrication and student opportunities including internships.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| INTC | INTEL CORP. | 46.63 | +1.82 | +4.06% |
Meanwhile, an additional $50 million from Intel will be matched by $50 million from the U.S. National Science Foundation to provide at least $5 million in grant funding per year for the next 10 years. The partnership is focused on developing a national curriculum to improve STEM education at two-year colleges and four-year universities, inclusive of minority-serving institutions, and to advance semiconductor design and manufacturing.
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The education financing is part of Intel’s recent commitment to invest more than $20 billion to build two new chip factories in Ohio.
The factories are expected to create 3,000 high-tech jobs and 7,000 construction jobs as well as support tens of thousands of additional long-term jobs across a broad ecosystem of suppliers and partners. Construction is expected to begin late in 2022, with production at the factories expected to come online in 2025.
A rendering shows early plans for two new leading-edge Intel processor factories in Licking County, Ohio.
“At Intel, we strongly believe that investing in education is necessary to ensure we have the right talent to support our growth and help the U.S. regain leadership in semiconductor manufacturing,” Christy Pambianchi, Intel’s chief people officer, said in a statement. “Intel is committed to preparing America’s workforce with the technology skills needed now and into the future.”
In addition to the $100 million education investment, Intel has launched a new semiconductor manufacturing Quick Start program with Maricopa Community Colleges in Arizona, a two-week program that prepares students for careers as semiconductor technicians with hands-on learning from industry-experienced Intel employees as instructors.
