Intel -- Columbus, Ohio -- Recession? Depression? August 23, 2022

Yesterday: Investor's Business Daily. 

Microsoft (MSFT) was one of the worst Dow performers as it fell nearly 3%. MSFT is trying to reach its 200-day moving average. Given Microsoft is an IBD Long-Term Leader, this key level can be used as an entry point. But it was Microsoft's old partner Intel (INTC) that was having the worst time on the Dow Jones average today. It fell more than 4% for the day and is now among the worst 18% of stocks tracked over the past 12 months. Volume was running at about average levels.

INTC: needs 7,000 workers (but not all at the same time) to build it's $20 billion chip plant in Ohio.

• the link;
• as noted by the Associated Press, Intel’s project won’t require all 7,000 workers at once, and this number might be only a fraction of the workers required to build the complexes that surround Intel’s factories. This includes a 500-acre business park built by VanTrust Real Estate dedicated to Intel’s suppliers.

From NPR: 

Labor leaders and state officials acknowledge there's not currently a pool of 7,000 extra workers in central Ohio, where other current projects include a 28-story Hilton near downtown Columbus, a $2 billion addition to The Ohio State University's medical center, and a $365 million Amgen biomanufacturing plant not far from the Intel plant.

And that's not counting at least three new Google and Amazon data centers, plans for a new $200 million municipal courthouse south of downtown Columbus and solar array projects that could require nearly 6,000 construction jobs by themselves. Federal data shows about 45,000 home and commercial construction workers in central Ohio. That number increased by 1,800 from May 2021 to May 2022, meaning a future deficit given current and future demands.

Recession?

Or could it be worse? Link here.