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February 21, 2024 | SIAEstimated reading time: 1 minute
The Semiconductor Industry Association (SIA) released the following statement from SIA President and CEO John Neuffer in response to the semiconductor manufacturing incentives announced by the U.S. Department of Commerce and GlobalFoundries.
The incentives, which are part of the CHIPS and Science Act, will support three GlobalFoundries manufacturing projects in New York and Vermont. The Commerce Department previously announced incentives for Microchip Technology and BAE Systems.
“The significant semiconductor manufacturing incentives announced today will help advance U.S. chip production and reinforce America’s economic and national security. We congratulate GlobalFoundries for investing ambitiously in these projects and salute the Commerce Department’s ongoing work to begin getting critical CHIPS Act incentives out the door. The CHIPS Act is working, and SIA stands ready to continue to work with government leaders to ensure the law’s landmark manufacturing and research provisions deliver maximum benefits to U.S. chip production, innovation, and supply chain resilience for many years to come.”
The CHIPS Act’s manufacturing incentives have already sparked substantial investments in the U.S. In fact, companies in the semiconductor ecosystem have announced dozens of new projects across America—totaling more than $220 billion in private investments—since the CHIPS Act was introduced. These announced projects will create more than 40,000 jobs in the semiconductor ecosystem and support hundreds of thousands of additional U.S. jobs throughout the U.S. economy.
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