White House Invests Additional $162 Million in Expanding US Semiconductor Industry

White House Invests Additional, $162 Million in Expanding , US Semiconductor Industry.

CNBC reports that the Biden administration will provide $162 million in funding for domestic semiconductor production.

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CNBC reports that the Biden administration will provide $162 million in funding for domestic semiconductor production.

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The additional funding comes as the second injection of funds into the industry from a 2022 law aimed at revitalizing U.S. semiconductor manufacturing.

Incentives reportedly include $90 million to improve a manufacturing plant in Colorado Springs, Colorado, and another $72 million for a factory in Gresham, Oregon.

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According to the Commerce Department, the investment would allow Microchip Technology to triple domestic production.

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According to the Commerce Department, the investment would allow Microchip Technology to triple domestic production.

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Funding is meant to boost production of microcontrollers, which have applications in everything from the military and auto industries to household appliances and medical devices.

According to government officials, the investments will lead to the creation of 700 construction and manufacturing jobs over the next 10 years.

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According to government officials, the investments will lead to the creation of 700 construction and manufacturing jobs over the next 10 years.

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Semiconductors are the key input in so many goods that are vital to our economy, Lael Brainard, director of the White House National Economic Council, via CNBC.

Lael Brainard, director of the White House National Economic Council, suggests that increased U.S. production could help tame inflation.

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In August of 2022, the Biden administration signed the CHIPS and Science Act into law, which provided over $52 billion to the U.S. semiconductor industry.

In August of 2022, the Biden administration signed the CHIPS and Science Act into law, which provided over $52 billion to the U.S. semiconductor industry.

CNBC reports that government officials said that additional funding commitments to the sector are expected in 2024