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Ohio Finalizes Its $600M Onshoring Incentive Grant Agreement With Intel

Wed August 16, 2023 - Midwest Edition #17
Ohio Department of Development


The Ohio Department of Development recently announced the $600 million onshoring grant agreement with Intel Corporation has been finalized. These funds will help offset costs associated with the construction of its semiconductor manufacturing campus in Licking County.

As part of the grant agreement, $300 million is available for the construction of each of the two chip factories set to be completed as part of the initial phase of Intel's $20 billion investment in Ohio. Funds will be available for two years after construction begins on each facility, which must be completed by Dec. 31, 2028.

"Companies like Intel, from one coast to the next, are choosing to invest in Ohio because of our strategic location, willing workforce and positive business climate," said Ohio Gov. Mike DeWine. "I'm proud that we were able to partner with Intel to make such a transformative investment in our state to make Ohio the new ‘Silicon Heartland.'"

The initial manufacturing facilities (known in the industry as FABs or foundries) will be located on a 926-acre site in Licking County, but the impact will be felt across Ohio. Prior to announcing its Licking County campus — dubbed Ohio One — last year, 169 suppliers throughout the state had a business relationship with Intel. Since then, the company has added another 75 homegrown suppliers to help support the supply chain.

In addition to the funds being provided through the onshoring grant, Ohio also is providing nearly $700 million to build out local infrastructure. This investment in the local community is necessary due to the lack of project-ready sites in the state.

The $2.5 billion All Ohio Future Fund the DeWine-Husted Administration proposed in the Executive Budget would enable more sites around the state to be made project ready.

"This project is important for our economic and national security because it will allow computer chips to be manufactured in America again," said Lt. Gov. Jon Husted. "Ohioans are going to be the economic winners as we bring a new industry to Ohio with a supply chain that will create tens of thousands of high-paying jobs."

This project, the largest single private sector company investment in the state's history, will create 3,000 new full-time equivalent jobs, 7,000 jobs in construction, tens of thousands more in fields like healthcare, housing, engineering and entertainment and $405 million in annual payroll.

"When we say Ohio is the heart of opportunity, this is what we're talking about," Lydia Mihalik, director of the Department of Development, said. "The support we're putting behind Intel today should serve as a statement to the rest of the world that we're open for business and ready to create opportunities for any company that wants to grow and thrive like never before."

The Ohio Department of Development empowers communities to succeed by investing in Ohio's people, places and businesses.

For more information, visit development.ohio.gov.




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