New York: Micron announced on Tuesday that it would invest up to $100 billion to manufacture semiconductors in New York state, capitalizing on US policies to boost domestic manufacturing of the key goods.
The chip giant, which is based in the western state of Idaho, said it plans to begin construction in 2024 on a project to be executed over two decades.
New York State is providing $5.5 billion in state incentives over the life of the build-out, a Micron news release said and the project also expects to use tax credits under the CHIPS Act signed into law by President Biden in August. Is.
At an event in Syracuse to announce the investment, New York Governor Cathy Hochul compared the campaign to the “Fourth Industrial Revolution” and pointed to an improvement in fortunes for the New York area, which had created thousands of manufacturing jobs in the earlier decades. were lost.
Hochul said, “Hope for a better tomorrow.”
Micron described the plant as “the largest semiconductor manufacturing facility in United States history”, adding that the venture would create 50,000 jobs in the state, including 9,000 at Micron.
Biden touted the investment, reflecting the importance of the Chips and Science Act, which included about $52 billion to boost the production of microchips, the tiny but powerful and relatively difficult components at the heart of nearly every modern machinery.
“For those who doubted that America might dominate the industries of the future, I say this – you should never bet against the American people,” Biden said in a news release. “Today is another victory for America.”
Semiconductors shortages have been a strain on the global economy during the pandemic, slashing production of automobiles, personal electronics and other goods.
Micron Chief Executive Sanya Mehrota said the investment will “provide benefits beyond the semiconductor industry by strengthening US technology leadership as well as economic and national security, bolstering US innovation and competitiveness for decades to come.”