Biden touts 'landmark agreement' with Intel during visit to Arizona
President Biden on Wednesday boasted about a "landmark agreement" between his administration and Intel to invest up to $8.5 billion in federal funds in semiconductor facilities in Arizona and three other states, arguing it would transform the country's manufacturing capacity.
Biden toured an Intel campus in Chandler, Ariz., where he delivered remarks on the latest public-private partnership struck through the bipartisan CHIPS and Science Act.
The funding would support construction and expansion of Intel facilities in Arizona, Ohio, New Mexico and Oregon, and create roughly 20,000 construction jobs and 10,000 manufacturing jobs, many of which will not require a college degree, Biden said.
Most of the modernized or newly constructed facilities will produce leading-edge semiconductor chips, which are used in cellphones, cars and other everyday pieces of technology.
"That's why today’s investment is such a big deal," Biden said. "We will enable advanced semiconductor manufacturing to make a comeback here in America after 40 years. It’s going to transform the semiconductor industry."
Biden has repeatedly touted the importance of the CHIPS and Science Act, citing the prevalence of microchips that are used in everyday technology such as phones, cars, home appliances and more. Officials have said the law is critical to bolster domestic production of the chips to make the U.S. less reliant on foreign supply chains.
The Intel announcement marks the fourth preliminary agreement the administration has reached with a company through the CHIPS and Science Act, which Biden signed into law in 2022.
The president on Wednesday boasted that his agenda, including passage of the Inflation Reduction Act in 2022, has boosted Arizona's economy and created thousands of new jobs. Arizona is a key battleground in the 2024 election and a state Biden narrowly won in 2020 over former President Trump.