The company announced in a press release on Tuesday that it is building a chip factory in New York. It's the largest fabrication facility in the history of the US.
The move comes as the company looks to take advantage of the funding from the Biden administration's CHIPS and Science Act. President Joe Biden recently signed an executive order to get the money to companies faster as part of the legislation.
According to reports from The New York Times and Syracuse, the new hub will be located on a 1,300-acre site in Clay, New York. Over the next two decades, the plant will create thousands of jobs and bring tens of thousands of construction and supply chain jobs. About 3000 workers will be needed to begin the mega-fab. Construction will begin in 2024 and production will begin in 25 years.
Last month, the company said it would invest $40 billion to establish memory plants in the US by the year 2023. The CEO of the company said that they would not be here today if it weren't for the act.
Intel broke ground on its $20 billion chip plant in Ohio because of the Biden administration legislation. There is a manufacturing hub in Arizona.
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