Intel Corporation announced plans to pour $7 million into an Arizona-based factory to create 3,000 high-tech, high-paying jobs, reported CNBC News.
The high-volume semiconductor factory known as Fab 42 will take four years to complete and during that time, Intel says that an additional 10,000 long-term jobs will be created as a result. These employees will be indirectly related to the business, providing operations support.
The news came during a press conference held at the White House on Wednesday by President Donald Trump and Intel CEO Brian Krzanich.
According to AZ Business Magazine, Fab 42 will be the most technologically advanced factory of its kind worldwide. The factory plans to use the 7 nanometer manufacturing process to produce microprocessors that will then power smart phones, devices and data centers.
"Intel's commitment to Arizona speaks volumes about our workforce, advanced educational infrastructure, business environment and commitment to technology and innovation. This represents a core area of Arizona expertise, advanced engineering and manufacturing. We are thrilled about this announcement and what it means for Arizonans," said Arizona Governor Doug Dacey.