SIA Praises Finalization of CHIPS Investments for GlobalFoundries Manufacturing Projects

SIA Praises Finalization of CHIPS Investments for GlobalFoundries Manufacturing Projects

by Semiconductor Industry Association

WASHINGTON-Nov. 20, 2024-The Semiconductor Industry Association (SIA) today released the following statement from SIA President and CEO John Neuffer applauding finalization of semiconductor manufacturing investments announced by the U.S. Department of Commerce and GlobalFoundries. The incentives, which are part of the CHIPS and Science Act, will support GlobalFoundries manufacturing projects in New York and Vermont.

"We commend the Commerce Department and GlobalFoundries for finalizing CHIPS Act incentives that will strengthen America's economy, national security, and global competitiveness. The new investments will advance essential semiconductor production for automotive, communications, and defense applications. We urge leaders in Washington to get more CHIPS agreements finalized expeditiously to help keep America on top in chip technology for many years to come."

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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About SIA
The Semiconductor Industry Association (SIA) is the voice of the semiconductor industry, one of America's top export industries and a key driver of America's economic strength, national security, and global competitiveness. SIA represents 99% of the U.S. semiconductor industry by revenue and nearly two-thirds of non-U.S. chip firms. Through this coalition, SIA seeks to strengthen leadership of semiconductor manufacturing, design, and research by working with Congress, the Administration, and key industry stakeholders around the world to encourage policies that fuel innovation, propel business, and drive international competition. Learn more at www.semiconductors.org.