According to the company, it will invest $3.5 billion to equip its New Mexico operations for the manufacturing of advanced semiconductor packaging technologies, including Foveros, Intel's breakthrough 3D packaging technology.

Construction will start at the end of 2021 and it expects the investment to create at least 700 high-tech jobs, 1,000 construction jobs and support 3,500 jobs in the state.

The release cited New Mexico Governor Michelle Lujan Grisham as saying that Intel's investment will make the Rio Rancho campus its domestic hub for advanced semiconductor manufacturing.

According to Intel data, 1,800 people are employed by the tech company in New Mexico and the annual economic impact has reached $1.2 billion.