“Proposed: $8.5 Billion Allocated by White House to Support Intel’s Onshore Chip Production”

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The CHIPS Act can be seen as a direct result of a number of pressing geopolitical issues. The above, coupled with long-standing efforts to revitalize U.S. industry, spurred on economic efforts to reshore manufacturing. While the CHIPS Act was still winding its way through Capitol Hill, Intel announced plans to open a $10 billion manufacturing facility just outside of Columbus, Ohio. It says it expects those efforts will create 20,000 construction and 10,000 manufacturing jobs — music to the ears of an administration keenly focused on monthly jobs reports. Notably, Intel recently pushed back the manufacturing start date of its New Albany, Ohio, plant two years to 2027, citing changes to the business environment.