Aug 2, 2024 - Business

Intel job cuts won't impact Ohio One project

Intel CEO Pat Gelsinger, President Joe Biden and other politicians review photo renderings of a new semiconductor plant in Central Ohio. — Intel CEO Pat Gelsinger, President Biden and Ohio politicians tour the future site of Ohio One in 2022. Photo: Gaelen Morse/Bloomberg via Getty Images

Intel plans to cut more than 15% of its workforce later this year, but the semiconductor plant under construction in Licking County is not affected, Axios has learned.

Why it matters: The massive, $28 billion project near New Albany is expected to create 7,000 construction jobs and 3,000 more permanent jobs on site.

It was feared the cuts would impact this project as Intel faces intense competition in the AI chip wars against companies like Nvidia.

State of play: The company's U.S. projects remain on track despite the news, with Ohio One partially supported by federal funds from the Chips and Science Act.

There are mainly construction workers on site at the moment.

What they're saying: "Intel continues to sustain investments to build a resilient and sustainable semiconductor supply chain in the United States and around the world," the company stated in an Aug. 1 news release that announced the job cuts.

The big picture: Intel said a majority of job cuts will occur by the end of 2024 and it will increase its cost-cutting plans by an additional $10 billion in 2025.

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Intel job cuts won't impact Ohio One project

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