Gov. Mike DeWine signed a $3.5 billion capital budget Tuesday, which provides money for the construction of an Intel chip manufacturing facility, school safety measures and community projects.
This image is an artist's rendering of a semiconductor manufacturing facility that Intel says it will build in suburban Columbus. COLUMBUS, Ohio – Gov. Mike DeWine signed a $3.5 billion capital budget Tuesday morning, which provides money for the construction of an Intel chip manufacturing facility, school safety measures and community projects.
DeWine said that paying for capital budget projects with cash is unusual, as the state typically bonds for the projects. But, as of May, preliminary tax revenues were $2.6 billion above projections. Furthermore, the state has received billions in federal coronavirus relief funds. On Monday, stock market indices fell 20% from their highest points, pushing Wall Street into a bear market brought on by inflation, supply chain issues and questions about whether economic growth will slow.“The bigger concern I have, frankly, is that Congress has not passed the CHIPS Act,” he said.
“We felt we should start with $100 million,” DeWine said. “It’s what we agreed with the legislature.”
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