Biden To Promote <br />$20 Billion <br />Intel Factory , as Answer to <br />Semiconductor Shortages.<br />Biden To Promote <br />$20 Billion <br />Intel Factory , as Answer to <br />Semiconductor Shortages.<br />The factory will likely be built near Columbus, OH.<br />7,000 construction jobs are expected to be generated during the building of the site.<br />3,000 permanent jobs are expected to be filled once the site is complete.<br />In a statement from <br />Commerce Secretary Gina Raimondo, .<br />... Intel's move to build the factory in the U.S. was commended as good for both the company and U.S. manufacturing.<br />[This is] a big win for Intel, for American manufacturing, and for American consumers... , Gina Raimondo, Commerce Secretary, via CNN.<br />... who can look forward to lower prices as we bring home production of semiconductors that keep our economy running, Gina Raimondo, Commerce Secretary, via CNN.<br />The Semiconductor Industry Association also recently announced $80 billion worth of investments to sustain production through 2025.<br />Semiconductor chip shortages have hampered a number of industries throughout the pandemic.<br />The chips are vital in the production of a number of modern conveniences.<br />from smartphones and appliances <br />to cars and medical equipment.<br />from smartphones and appliances <br />to cars and medical equipment.<br />Analysts estimate the auto industry's loss from chip shortages to be near $210 billion.<br />President Joe Biden focused on the importance of semiconductor chip manufacturing during his October address at the G20 summit.<br />Biden is expected to compel Congress to address the shortage through some form of legislation
