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SIA Applauds CHIPS Act Incentives for SK hynix
August 8, 2024 | SIAEstimated reading time: 1 minute
The Semiconductor Industry Association (SIA) released the following statement from SIA President and CEO John Neuffer applauding semiconductor manufacturing incentives announced by the U.S. Commerce Department and SK hynix. The incentives will help SK hynix expand its advanced packaging operations and R&D in Indiana.
The Commerce Department previously announced incentives for a range of companies and projects that will help strengthen the U.S. semiconductor supply chain.
“Yesterday’s announced incentives will help SK hynix expand critical U.S.-based advanced packaging operations and R&D, bolstering an area that needs to be strengthened in the U.S. chip ecosystem. We salute SK hynix for its ambitious U.S. investments, and applaud the Commerce Department for supporting this important project. We will continue to work with leaders in government and industry to ensure the CHIPS Act delivers maximum benefits for America’s supply chain resilience, economic strength, and national security.”
The CHIPS Act’s manufacturing incentives have sparked substantial announced investments in the U.S. In fact, companies in the semiconductor ecosystem have announced more than 80 new projects across 25 U.S. states—totaling hundreds of billions of dollars in private investments—since the CHIPS Act was introduced. These announced projects will create more than 56,000 jobs in the semiconductor ecosystem and support hundreds of thousands of additional U.S. jobs throughout the U.S. economy.
An SIA-Boston Consulting Group report released in May projected the United States will triple its domestic semiconductor manufacturing capacity from 2022—when CHIPS was enacted—to 2032. The projected 203% growth is the largest projected percent increase in the world over that time. The report also projected America will capture over one-quarter (28%) of total global capital expenditures (capex) from 2024-2032, ranking second only to Taiwan (31%).
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