Washington, D.C. — Two years ago on August 9, President Joe Biden signed into law the CHIPS and Science Act, ushering in a new era of semiconductor manufacturing in the United States. The Biden-Harris administration has since announced more than $30 billion in proposed direct funding for 23 semiconductor projects in 15 states, as well as more than $8 billion in new research and development initiatives.
Taken together, the many investments made by the CHIPS for America team at the Department of Commerce are set to play a critical role in strengthening U.S. economic and national security as well as the country’s industrial base. The Center for American Progress recently highlighted one such project that will create 20,000 new jobs in Central Texas.
In response to the latest developments, Ryan Mulholland, senior fellow for international economic policy at CAP, issued the following statement:
The CHIPS and Science Act was a historic piece of legislation and also a landmark statement of intent by the Biden-Harris administration. President Biden and Vice President Harris knew that the only way to reorient global supply chains in critical sectors such as semiconductors at the pace and scale necessary was to invest again in cutting-edge American manufacturing—and to ensure that recipients of taxpayer investments provide their workers with high-quality jobs that have the benefits they deserve, including quality training and affordable child care.
Two years after the passage of the CHIPS Act, the results have been monumental and a testament to what smart, coordinated industrial strategy can deliver for the American people. All five major leading-edge semiconductor manufacturers are set to produce in the United States, while no other country has more than two; there has been nearly $400 billion in private sector investment in semiconductor and other electronics manufacturing, creating good-paying jobs now and well into the future; and a foundation of technological leadership has been laid that will pay dividends for generations in the form of American know-how, industrial capacity, and economic resilience.
For more information or to speak with an expert, please contact Mishka Espey at [email protected].