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Biden administration announces $162 million to expand computer chip factories in Colorado and Oregon
Associated Press Finance
Biden administration announces $162 million to expand computer chip factories in Colorado and Oregon
JOSH BOAK
Thu, Jan 4, 2024, 5:03 AM EST2 min read
WASHINGTON (AP) — The Biden administration is providing $162 million to Microchip Technology to support the domestic production of computer chips — the second funding announcement tied to a 2022 law designed to revive U.S. semiconductor manufacturing.
The incentives include $90 million to improve a plant in Colorado Springs, Colorado, and $72 million to expand a factory in Gresham, Oregon, the Commerce Department said. The investments would enable Microchip Technology to triple its domestic production and reduce its dependence on foreign factories.
Much of the money would fund the making of microcontrollers, which are used by the military as well as in autos, household appliances and medical devices. Government officials said they expected the investments to create 700 construction and manufacturing jobs over the next decade.
Lael Brainard, director of the White House National Economic Council, emphasized that the funding would help to tame inflation.
{snip}
Biden administration announces $162 million to expand computer chip factories in Colorado and Oregon
JOSH BOAK
Thu, Jan 4, 2024, 5:03 AM EST2 min read
WASHINGTON (AP) — The Biden administration is providing $162 million to Microchip Technology to support the domestic production of computer chips — the second funding announcement tied to a 2022 law designed to revive U.S. semiconductor manufacturing.
The incentives include $90 million to improve a plant in Colorado Springs, Colorado, and $72 million to expand a factory in Gresham, Oregon, the Commerce Department said. The investments would enable Microchip Technology to triple its domestic production and reduce its dependence on foreign factories.
Much of the money would fund the making of microcontrollers, which are used by the military as well as in autos, household appliances and medical devices. Government officials said they expected the investments to create 700 construction and manufacturing jobs over the next decade.
Lael Brainard, director of the White House National Economic Council, emphasized that the funding would help to tame inflation.
{snip}
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