Sandoval County extends economic development funds for Intel expansion
Intel has made the announcement today that they will be investing $3.5 billion into their facility. This investment will increase employment by 40% and it reaffirms Intel’s commitment to New Mexico. The semiconductor industry is the 5th largest export industry and Intel is the largest manufacturer and exporter in New Mexico. Last year, Intel invested more than $290 million in capital in New Mexico which further shows their impact on our state and supports our efforts to expand New Mexico’s technical presence in the Unite States. Intel impacted New Mexico In addition, Intel is a great community partners, supporting the efforts education, non-profits and providing service hours for the betterment of our city, county and state.
Sandoval County is extending County economic development funds it has set aside over the years to help with Intel’s facility and employment expansion. Its $500,000, together with State funds, and a 2019 extension of the County Industrial Revenue Bond (IRB) with Intel, will result in a $3.2 billion plant expansion and the creation of 700 new jobs over the next five years.
This employee expansion is part of the initial vision Sandoval County had when it issued Intel its first IRB for $2 billion on December 1st, 1980. Since then, Sandoval County has partnered with Intel to issue $26 billion in bonds, which has helped create 8,000 jobs, 5,000 of which have gone to New Mexico residents. This has all been accomplished with local job expansion as a major part of the lease agreement with Intel to meet its IRB terms with Sandoval County.
Intel announced in its 2019/2020 annual report that it had created over 500 new hires as a follow up the IRB. “It’s all about the jobs”, said Commission Chair Dave Heil. “Intel has been a fantastic partner for Sandoval County. In addition to creating jobs, they’ve built schools, widened local roads, and have been a true partner in our community.” As of December 31, 2020, Intel directly employs more than 1,800 New Mexicans in its operation. These jobs include positions for interns, entry-level, and experienced workers that range between manufacturing, hardware, software, and other business functions. Intel employees from New Mexico average a total compensation of more than $145,000 per year including salary, benefits, and bonuses. “This is the type of push we need to help build and sustain our local workforce,” Commissioner Jay Block said. “This is definitely the positive boost we need to move things toward recovery after a devastating lockdown. I am proud to have Intel as a vital partner with the County for four decades.” Since 1995, over 61 percent of Intel’s new hires at the Sandoval County plant have been New Mexico residents.
Currently, Intel provides high-skill, high-paying jobs and also supports the economy through research and development ecosystem spending, sourcing activities, and tax revenue.
View Video here: Intel Announces New Mexico Investment (Replay)
Photo Courtesy of Intel Corporation/Walden Kirsch