Late last week, micro-chip giant Intel (INTC  ) announced that it would spend around $20 billion on a chip-manufacturing site close to Columbus, Ohio. The process of constructing this new site will begin later on in the year and will likely come to a close sometime in 2025.

Intel CEO Pat Gelsinger, in an interview with Time, has revealed that Intel hopes for the new manufacturing site to turn into "the largest silicon manufacturing location on the planet."

Regarding this matter, Ohio Governor Mike DeWine said: "Today's announcement is monumental news for the state of Ohio. Intel's new facilities will be transformative for our state, creating thousands of good-paying jobs in Ohio manufacturing strategically vital semiconductors, often called 'chips.' Advanced manufacturing, research and development, and talent are part of Ohio's DNA, and we are proud that chips - which power the future - will be made in Ohio, by Ohioans."

The investment that Ohio plans to implement is intended to draw in many different ecosystem partners that would be necessary in order to offer support for Intel, which would include anything from semiconductor parts to materials suppliers.

Given that Intel already has many different factories that are located across the United States, such as in Oregon, New Mexico, and Arizona, there is especially a drive to create more of these factories. The creation of this particular manufacturing site in Ohio signifies the first manufacturing development in a state in well over 40 years, according to the New York Times.

"Today's investment marks another significant way Intel is leading the effort to restore U.S. semiconductor manufacturing leadership," stated Gelsinger. "Intel's actions will help build a more resilient supply chain and ensure reliable access to advanced semiconductors for years to come. Intel is bringing leading capability and capacity back to the United States to strengthen the global semiconductor industry."