President Joe Biden announced a final agreement with TSMC, the world's leading semiconductor manufacturer, to invest $65 billion in building three advanced facilities in Arizona, creating tens of thousands of jobs. This marks the largest foreign direct investment in a greenfield project in U.S. history and is a significant milestone in the implementation of the CHIPS & Science Act, aimed at revitalizing U.S. semiconductor manufacturing and enhancing national security.
Oregon has finalized $136 million in funding for expansions by semiconductor manufacturers Intel, Microchip Technology, and HP Inc. This state funding is part of a larger $240 million package approved by lawmakers, with additional support expected from the federal CHIPS Act. Intel is set to receive the largest portion for its research campus expansion in Hillsboro, promising over 2,000 new jobs. Microchip Technology's Gresham factory expansion, supported by an $11 million grant, is anticipated to create 300 jobs and includes an apprenticeship program. HP Inc. will use its $9.5 million award for advanced microfluidics technology in Corvallis. The funding is contingent on the companies meeting project objectives and starting work by 2027.
The Biden administration has allocated $162 million to Microchip Technology from the CHIPS and Science Act to expand semiconductor production in Colorado and Oregon. This move aims to triple U.S. chip production, create jobs, and reduce reliance on foreign manufacturing, which is also expected to help control inflation by addressing supply chain issues that have previously driven up prices for consumer goods.
