New Mexico Applauds Intel’s $3.5 Billion Expansion in Rio Rancho
May 3rd, 2021 – Intel plans to invest $3.5 billion in its New Mexico operations and hire more than 700 new workers to create a domestic hub for advanced semiconductor manufacturing at its fabrication facility in Sandoval County, the company and Gov. Michelle Lujan Grisham announces today.
In what will be one of the largest capital investments in New Mexico, Intel plans to modernize facilities to accommodate its Foveros technology, a breakthrough innovation to meet increasing customer demand for stronger microprocessing performance.
Intel executives, as well as state and local officials, are making the announcement at an Intel New Mexico press conference now, 10 a.m. on Monday, May 3. The public is invited to watch live on the Intel Newsroom.
“Intel’s $3.5 billion investment in New Mexico will create 700 new jobs in the next three years and establish the Rio Rancho campus as the company’s domestic hub for advanced semiconductor manufacturing,” Gov. Michelle Lujan Grisham said. “With this exciting development, we are already seeing the benefits of this year’s legislation expanding LEDA, generating high-quality and high-paying jobs for New Mexicans. The state and Intel have a 40-year partnership, and today, with innovative economic development tools and global demand for this technology, we can celebrate a new generation of workers and job growth at Intel’s New Mexico manufacturing plant.”
“A key differentiator for our IDM 2.0 strategy is our unquestioned leadership in advanced packaging, which allows us to mix and match compute tiles to deliver the best products. We’re seeing tremendous interest in these capabilities from the industry, especially following the introduction of our new Intel Foundry Services,” Keyvan Esfarjani, Intel senior vice president and general manager of Manufacturing and Operations, said. “We are proud to have invested in New Mexico for more than 40 years and we see our Rio Rancho campus continuing to play a critical role in Intel’s global manufacturing network in our new era of IDM 2.0.”
The Rio Rancho investment was solidified after Gov. Lujan Grisham and Economic Development Cabinet Secretary Alicia J. Keyes asked state lawmakers in a special session to reform the Local Economic Development Act (LEDA) to allow for a portion of construction-related Gross Receipts Tax to be rebated back to companies for large, significant, job-creating projects.