NEW MEXICO (KRQE) – Sandoval County is extending their economic development funds it set aside over the years to help with Intel’s expansion, and the creation of hundreds of jobs, according to a news release.
The release says the employee expansion is part of the initial vision Sandoval County had when it issued Intel its first Industrial Revenue Bond for $2 billion on December 1, 1980. Sandoval County has partnered with Intel to issue $26 billion in bonds, which has helped create 8,000 jobs – 5,000 of which have gone to New Mexico residents, according to the news release.
“It’s all about the jobs,” said Commission Chair Dave Heil. “Intel has been a fantastic partner for Sandoval County. In addition to creating jobs, they’ve built schools, widened local roads, and have been a true partner in our community.”
To date, Sandoval County has helped Intel land and three IRB cycles:
- First IRB done December 1, 1980 – $2 Billion
- Second IRB on September 1, 1993 – $8 Billion
- Current IRB October 25, 2004 – $16 Billion
- Extended spending on IRB on October 24, 2019
The release says as of December 31, 2020, Intel employs more than 1,800 New Mexicans with jobs including positions for interns, entry-level, and experienced workers that range between manufacturing, hardware, software, and other business functions.
“This is the type of push we need to help build and sustain our local workforce,” Commissioner Jay Block said in the news release. “This is definitely the positive boost we need to move things toward recovery after a devastating lockdown. I am proud to have Intel as a vital partner with the County for four decades.”
Intel by the numbers
- Average yearly employee compensation at end of 2020: $145,000
- Expected construction hires in 2021: 1,000
- New jobs in next 3 years: 700
- Current New Mexico employees: 1,800
- Annual Headcount:
- 2016: 1,800+
- 2016: 1,800+
- 2017: 1,100+
- 2018: 1,100+
- 2019: 1,200
- 2020: 1,800+
- 2021 (current): 1,800+