Midwest Industrial Real Estate
Industrial users and investors continue to migrate to the Midwest for its comparatively lower cost of living, established highway systems and railroad infrastructures, expansive presence of tech and Fortune 500 companies, and port access. A small town in Northeast Ohio was selected as the destination for Intel Corp.’s $20 billion development entailing two chip factories. The massive chip factory investment is to create at least 3,000 jobs with an average pay of $135,000 annually. Intending to boost domestic chip production, President Biden has proposed new legislation, the CHIPS Act, which could accelerate Intel’s $20 billion investment to $100 billion if passed. The bill offers $52 billion in incentives for U.S. chipmaking production.
