PHOENIX – Intel announced Friday it is investing $5 billion in the state.
The money will go towards building a state-of-the-art manufacturing plant in Chandler and hiring thousands of employees.
The company planned to make its $5 billion expansion at their Chandler facility in April but moved it up to Friday to coincide with a presidential visit to Intel Headquarters in Oregon.
Chandler Mayor Jay Tibshraeny says once ground is broke, it will become one of the biggest construction projects in the world and a turning point for the economy.
"Even though bad recession- huge step to moving out of that recession."
Intel would not provide an exact number of permanent jobs the expansion will create but it is estimated to be more than 1,000 positions.
Intel officials say they are building the most advanced facility in the world, which will have a big impact on consumers.
“Consumers will get more computer power for a lot less money and get the internet connectivity anywhere anytime,” Intel Tech VP John Pemberton explains.
The new chips made will allow everything from servers to cell phones to be smaller and faster than ever.
The facility is expected to open in 2013.