Tech giant Intel on Tuesday announced plans to build two new chip facilities in Arizona – an investment that will be worth about $20 billion.
Intel CEO Pat Gelsinger detailed the company’s future plans during a global webcast. Gelsinger detailed a significant expansion of its manufacturing capacity.
“We are excited to be partnering with the state of Arizona and the Biden administration on incentives that spur this type of domestic investment,” Gelsinger said.
The build-out is expected to create about 3,000 permanent, high-tech, high-wage jobs, according to the company, as well as 3,000 construction jobs and as many as 15,000 local long-term jobs.
Intel states that its expansion will evolve beyond Arizona – with more announcements expected in the coming year.
Arizona Gov. Doug Ducey said in a tweet on Tuesday that Intel’s build-out represents the state’s largest private-sector investment in history.
The facilities are expected to be ready for manufacturing in 2024.
The company likely received a sizable tax incentives package to choose Arizona for its investment, though details have not yet been made public.