Intel, Trump tout new $7 billion investment to create 10K jobs

Intel Corp. announced a $7 billion investment Wednesday that the company projects will create 10,000 new jobs.

The company will use the $7 billion to complete its Fab 42 factory in Chandler, Ariz., Intel CEO Brian Krzanich said at a meeting at the White House with President Trump.

{mosads}Krzanich said the decision to make the announcement with the White House was borne out of Intel’s support for Trump’s economic and trade policies.

“We support the Administration’s policies to level the global playing field and make U.S. manufacturing competitive worldwide through new regulatory standards and investment policies,” Krzanich wrote in an email to Intel employees.

“When we disagree, we don’t walk away,” he continued. “We believe that we must be part of the conversation to voice our views on key issues such as immigration, H1B visas and other policies that are essential to innovation.”

Trump tweeted about the meeting on Wednesday afternoon, calling it a “great investment” in “American INNOVATION and JOBS!” 

Thank you Brian Krzanich, CEO of @Intel. A great investment ($7 BILLION) in American INNOVATION and JOBS! #AmericaFirstpic.twitter.com/76lAiSSQ1l

— Donald J. Trump (@realDonaldTrump) February 8, 2017

The Fab 42 factory, which is projected to be complete in three to four years, will create semiconductor chips.

Intel said the investment would create 3,000 Intel jobs and 10,000 long-term jobs in Arizona.

Intel had previously coordinated the announcement of the project with former President Barack Obama in 2011 after he toured the company’s Hillsboro, Ore., facility.

Intel started construction of the Fab 42 plant in 2011, but shelved the project in 2014 amid slowing computer sales.

In his letter, Krzanich explained that Intel decided to revive the project as its growth increases. The company has reported relatively steady increases in income and asset growth over the past five years.

“Fab 42 is an investment in our own future and will help ensure that the United States remains the global leader in the semiconductor industry,” Krzanich wrote. The chips manufactured at the plant “will enable amazing breakthroughs in artificial intelligence, automated driving, medical research and treatment, and the factories of the future,” he added.

Arizona lawmakers applauded the announcement on Wednesday. 

“I welcome Intel Corp.’s decision to invest in Arizona’s workforce and President Trump’s continued commitment to policies that facilitate job creation here in the United States,” Sen. Jeff Flake (R) said in a statement.

“This announcement continues a new era of business opportunity across the country and will provide a better future for many in the East Valley,” said Rep. Andy Biggs (R-Ariz.) in a separate statement.

Intel was one of 100-plus technology companies to sign an amicus brief in support of a lawsuit against Trump’s controversial executive order on immigration, which temporarily suspends travel from seven Muslim-majority countries and halts admittance of refugees.

This story was updated at 4:03 p.m.