Good economic news is rare these days. So when a major U.S. company promises to create thousands of high-paying jobs, even the president gives thanks.
That's what happened to Intel(INTC Quote - Cramer on INTC - Stock Picks) this week. The company said it will spend $7 billion over the next two years to build high-tech chip-manufacturing plants, prompting a "way-to-go" phone call from President Obama to Intel CEO Paul Otellini. Like other Fortune 500 companies, Intel has seen demand for its products shrink in recent months. But they're still taking a leap of faith and planning for the future. What about your company? Times are tough and money is tight. But if you focus too much on day-to-day survival instead of long-term goals, you risk falling behind.
Otellini clearly wanted to make a national splash with his announcement, which is why he made it at the Economic Club of Washington, D.C., rather than at Intel's California headquarters. The jobs, described as high-wage and high-skill, will be filled at existing manufacturing sites in Oregon, Arizona and New Mexico.
"I am pleased to announce our intention to stamp the words 'made in America' on even more Intel products in the months and years to come," Otellini said.
With all the talk of economic-stimulus plans, U.S. consumers are becoming more receptive to "Buy American" pitches. And Intel is eager to make its case. Although Intel generates more than 75% of its sales overseas, the company spends most of its manufacturing and research-and-development budget in the U.S.
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