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SIA Applauds CHIPS Act Incentives for Wolfspeed Manufacturing in North Carolina and New York
October 16, 2024 | SIAEstimated reading time: 1 minute
The Semiconductor Industry Association (SIA) today released the following statement from SIA President and CEO John Neuffer applauding semiconductor manufacturing incentives announced by the U.S. Department of Commerce and Wolfspeed.
The incentives, which are part of the CHIPS and Science Act, will support the construction of Wolfspeed’s new silicon carbide wafer manufacturing facility in North Carolina and the expansion of their existing facility in New York. Silicon carbide wafers offer significant energy efficiency and durability advantages, and they are used in a range of technologies including EVs, renewable energy facilities, national security systems, AI, and more.
“Today’s announcement is a big win for American semiconductor production, innovation, and sustainability. A robust domestic supply of silicon carbide wafers will enable us to fill gaps in the U.S. semiconductor supply chain and strengthen America’s economic and national security. Wolfspeed’s expansion will continue to advance key priorities of the CHIPS and Science Act, bringing more semiconductor production, jobs, and innovation to U.S. shores. We applaud Wolfspeed for their continued investment in U.S. manufacturing, and we salute the U.S. Department of Commerce for continuing to diligently advance CHIPS incentives.”
The U.S. Department of Commerce previously announced incentives for a range of companies and projects that will help strengthen the U.S. semiconductor supply chain.
The CHIPS Act’s manufacturing incentives have sparked substantial announced investments in the U.S. In fact, companies in the semiconductor ecosystem have announced 90 new projects across 28 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 58,000 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.
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