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December 20, 2024 | SIAEstimated reading time: 1 minute
The Semiconductor Industry Association (SIA) today released the following statement from SIA President and CEO John Neuffer commending finalization of CHIPS and Science Act manufacturing investments announced by the U.S. Department of Commerce and SK hynix. The incentives will supplement the company’s $3.87 billion investment in Indiana for advanced packaging operations and R&D.
“The CHIPS incentives announced today will help strengthen U.S.-based R&D and advanced packaging for artificial intelligence products, filling a key gap in America’s semiconductor supply chain and strengthening U.S. technology leadership. We applaud SK Hynix for investing ambitiously in these projects, which will also create jobs and economic growth in Indiana, and we commend the U.S. Commerce Department for working to finalize these critical CHIPS investments.”
The CHIPS Act is on track to strengthen American manufacturing, create jobs, boost economic growth, and promote 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 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.
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.
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