How Intel Will Impact Ohio Real Estate

October 17, 2022

At the beginning of 2022, Intel announced its plans for an initial investment of more than $20 million for the construction of two new leading-edge chip factories in Ohio. The investment will help boost production to meet the surging demand for advanced semiconductors. Intel went on to break ground in September at the Licking County site for the project, its newest U.S. manufacturing site in 40 years. 

While the initial plan is to build two plants, the site spans nearly 1,000 acres just outside of Columbus and can accommodate a total of eight chip factories as well as supporting operations and ecosystem partners. Intel officials have said there are plans to expand the project to as much as $100 billion over a decade, which would make it one of the largest semiconductor manufacturing sites on the planet. 

As the largest single private-sector investment in Ohio history, the initial phase of the project is expected to create 3,000 Intel jobs, and 7,000 construction jobs over the course of the build. In addition, it will support additional local long-term jobs across a broad ecosystem of suppliers and partners. This will be the company’s largest facility in the world and will ultimately boost the bottom line of small companies throughout Ohio that work with it.

In all, Intel estimates that its factories will result in 10,000 indirect jobs from suppliers and services that cater to the company and its workers. In the long run, in fact, the indirect jobs created by Intel may turn out to be more significant than the Intel jobs themselves on the area’s housing market. After all, you can’t create jobs without thinking about the homes and where those places people are going to live. 

However, even before the Intel announcement, Ohio was behind the mark with its jobs-to-housing ratio. Officials believe there is time to catch up, though, as there are significant opportunities for residential development in the Central Ohio region and many projects are already underway. 

During the first in a series of discussions on “The Impacts of Intel” hosted by The Ohio State’s Center for Urban and Regional Analysis (CURA), regional planners noted that providing adequate housing as Ohio’s population and labor force continue to grow will require municipalities to work with developers to provide a range of options for residents at different income levels.

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