Have you been thinking about buying or selling a home in Columbus, OH?
The time to make your move could be drawing near. Intel Corporation made an exciting announcement in early 2022 that will power a new generation of innovative products, with production based right here in Ohio.
Intel is investing more than $20 billion to build two factories just outside Columbus, OH, establishing the Midwest as a new epicenter for advanced chipmaking in the United States. Intel is the only major semiconductor manufacturer headquartered in the US, and its relocation to our region will create 3,000 direct jobs and add $2.8 billion to Ohio’s gross state product (GSP). Construction will begin in 2022, and commercial production will commence in late 2025.
The Chip Supply Impact
Anyone who has recently tried to buy a new car, computer, or other electronics that use advanced semiconductors knows there is a massive chip shortage. The new plant won’t solve this problem overnight, but it will help build a more resilient supply chain and ensure reliable access to semiconductors in the coming years.
The Economic Impact
The impact on the local economy is expected to be significant. Intel’s presence here places the Columbus, Ohio region firmly on the global stage. It also helps future-proof the economy and cements Ohio as a top talent magnet.
The Education & Workforce Impact
Intel is dedicated to building interest in this field among students and workers from all walks of life. First, the company is investing $50 million in Ohio’s higher education system to establish semiconductor manufacturing education. Intel also wants to create certificate programs at technical schools to upskill and reskill underemployed talent. The company even hopes to prepare the emerging K-12 talent pipeline with expanded STEM education and programs, industry engagement, and teacher externships.
As for finding talent to work at the new factories from day one, Intel is deploying a national campaign to attract entry-level and experienced employees, including those from underrepresented minority, military, and female populations. Intel will begin hiring this year and relocate new hires to existing facilities for training. Once the new factories open in 2025, all employees will relocate to the Columbus area.
The Housing Impact
Columbus had 500,000 fewer residents 20 years ago, yet the region built more homes in 2001 than it did in 2021. Home price appreciation in Columbus trended closely to other metro areas like Austin and Raleigh through the mid-2000s. However, these markets diverged as the low housing supply in Columbus lagged economic growth.
The influx of talent that Intel will bring to Columbus is certain to kickstart a surge in housing prices in Central Ohio. So whether you’re thinking of buying or selling a home, it’s important to work with a knowledgeable real estate agent for the best results.
Vutech | Ruff, Corcoran Global Living has helped buy and sell homes in the Columbus area for over 60 years. We have the experience and know-how to help you successfully navigate today’s housing market. Contact our real estate office at 614-897-0618 today to discuss your goals with one of our friendly agents.