At the beginning of 2022, Intel announced its plans for an initial investment of more than $20 billion 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.
It can be difficult, however, to understand what exactly the impact of a project this size will be on Central Ohio and the state as a whole. Here are seven reasons we think you will want to pay attention to Intel in Central Ohio, regardless of where you live in the state.
7 Reasons To Pay Attention To Intel In Central Ohio
1. The impact is immediate.
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.
2. The potential is staggering.
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.
3. It’s about more than just the Intel jobs.
It is estimated that for every one job in Intel, an additional 13 jobs outside of the For every 1 job in Intel it will create an additional 13 jobs outside the semiconductor factory. 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.
4. Demand for housing is strong.
Housing demand driven by the Intel facilities is expected to be strong, at a time when local data show housing in Licking County and throughout Central Ohio is pricier than in years past.
5. Central Ohio is becoming recession-proof.
Although many segments of the economy appear to be slowing, and experts are warning of a pending recession, construction and development in Central Ohio remains strong in both the residential and commercial sectors.
6. More development projects are coming.
Since the Intel announcement, there have been several additional large investments in the region that include a $4.5B Honda Energy Battery Plan, $7.8B Amazon project, $3.3B expansion of Nationwide Children’s Hospital, and a $2B expansion of the John Glenn International Airport.
7. Property values are increasing.
As a result of this development, both residential and commercial properties are seeing unprecedented increases in value. According to Franklin County Auditor Michael Stinziano, the value of commercial properties in Delaware County is set to increase by 18%, commercial properties in Franklin County will see an 18.8% increase on average, and while figures were not finalized at the time of his report, he estimated Licking County commercial properties could see a 30% increase.