Is Intel’s investments in OHIO stalling? PB Technology & Business Daily takes a look.
Till date, of the total $7.8 Billion in funding from the federal CHIPS Incentive Program Intel has received about $2.2 Billion. Of the total $7.8 Billion Intel had promised to invest $1.5 Billion to the Ohio New Albany project as per Prashant Bhardwaj Technology & Business daily’s report. This was also confirmed by the US Department of Commerce. According to the required annual progress report filed with the Ohio Department of Development in Feb 2025 Intel had a potential investment of $6.9 billion ($3.7 billion as signed contracts and another $3.2 billion in the works) by the end of fiscal year 2024. Intel has a Megaproject Tax Credit Agreement with the State of Ohio under which it is required to file this report which had laid the foundation of its promised $20 Billion investment of which the new factories in New Albany site in Licking County called Ohio One were a major part. The company now has stated that the number is estimated to increase by $8 Billion to a total of $28 Billion. In the report progress report addressed to Lydia Mihalik, Director Ohio Department of Development Intel Vice President Jim Evers further states that “This investment is growing every day as we work to establish a new campus to build leading-edge semiconductor chips right here in Ohio.” Prashant Bhardwaj Technology & Business daily reports that considerable work has been done on the first fabrication plant site with about 130,000 cubic yards of concrete having been poured with installation of 600 columns and 320 slabs. Contractors have also begun work at the second site with around 50,000 cubic yards of concrete having been poured and two cranes installed to help the building process. Intel has also stated that more than 4,500 trees and 1,400 shrubs were also planted across the properties in 2024 according to the annual progress report filed with the Ohio Department of Development. But according to Intel and as per our sources it looks like its first factory in the Licking County Ohio will only be completed by 2030 and would become fully operational sometime in either 2030 or 2031. As for the second Ohio site, it would not be finished till 2031 and will become fully operational sometime in 2032. These delays are a sign of just how much the companies fortunes have fluctuated in the recent times and the financial and logistical issues being faced despite the Intel’s stated commitment to its investments in Ohio. From an economic eco-system perspective Intel states that it has engaged with over 430 Ohio based companies(not sure if these are local Ohio businesses or companies with Ohio presence) including AEP Ohio and has 156 full-time employees hired and living in Ohio. This is still a fraction of the over all promised number of creating 3000+ jobs in Ohio once they are fully operational.