For the second year in a row, New Mexico has captured national attention for one of the nation’s most impactful economic development deals.
Intel’s $3.5 billion expansion of its Rio Rancho campus has been recognized by Business Facilities as one of the major manufacturing transactions in the country, specifically representing manufacturing hubs. The expansion, announced May 3, 2021 by Governor Michelle Lujan Grisham and Intel, will create 700 new high-tech jobs, which Intel is hiring for now.
The project will also create 1,000 construction jobs, with total expenditures estimated at $550 million. When completed, the Rio Rancho site will be Intel’s national center for advanced semiconductor manufacturing.
“Intel’s expansion into New Mexico once again proves that we are the ideal location for companies looking for a strong workforce and a business-friendly climate,” said Lujan Grisham. “We continue to invest in LEDA and other economic initiatives because we know they work.”
Last year, the state received a similar award in a different category for the 2020 Netflix expansion, the first time New Mexico has been recognized in these annual awards.
“Intel is one of many advanced manufacturing companies relocating or expanding to New Mexico,” said Department of Economic Development Cabinet Secretary Alicia Keyes. “The state is very proud to once again receive this recognition and we welcome the opportunity to share New Mexico’s story of how we became the best place for advanced manufacturing. We have unparalleled research assets, a wealth of experience, new STEM talent, and a strong business climate with impactful incentives. Both Intel and Netflix see New Mexico as the right place for them, and the state is committed to being a strong partner in their growth and expansion.
The State of New Mexico will invest $5 million of Local Economic Development Act (LEDA) funds in Intel’s expansion. It was LEDA’s first investment after a change allowing partial gross revenue tax sharing on business development projects exceeding $350 million in construction and infrastructure costs.
Lujan Grisham who asked the Legislative Assembly to consider the change in a special session in 2021. The bill, SB1, was sponsored by Sens. Siah Correa Hemphill and Ron Griggs, and Reps. Christine Chandler and Jason Harper, of Rio Rancho.
Business Facilities is a national publication that has been the primary location source for corporate site selectors and economic development professionals for over 50 years.