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To expand its data center network, Amazon's (AMZN, Financials) cloud division, Amazon Web Services, intends to spend $10 billion in Ohio by 2030, a move likely to generate hundreds of well paid jobs and strengthen the state's economy. AMZN stock is up 2% on last look. Along with supporting cutting-edge technologies like artificial intelligence and machine learning, the new facilities will contain vital infrastructure for cloud computing like servers and data storage systems.
The expenditure complements AWS's already announced $6 billion through 2022 and $7.8 billion plans for 2023. Among the biggest private-sector investments Ohio has ever seen, AWS has promised over $23 billion to the state starting in 2015. With particular sites still to be decided, this most recent development will go beyond of Central Ohio into other areas. The proposals rely on completing long-term agreements on energy service.
Emphasizing the value of data centers in sustaining the contemporary economy, Ohio Governor Mike DeWine lauded the initiative. Lt. Governor Jon Husted underlined how projects like these support Ohio's leadership in technology within the Midwest and stimulate artificial intelligence and cloud computing innovation.
According to a statement, the activities of AWS in Ohio have already helped the state's economy generate $10.3 billion and supported 4,760 jobs yearly. Between 2015 and 2023, the business also forecasts that its investments would boost Ohio's GDP by $3.8 billion. Vice president of economic development for AWS Roger Wehner said that the growth will boost Ohio's economy even more and support programs aimed at workforce development.
This article first appeared on GuruFocus.