New York City is at the forefront of semiconductor business growth thanks to the CHIPS and Science Act.
A coalition of New York business leaders is standing strong in support of the CHIPS and Science Act amidst criticism. The initiative aims to bolster domestic semiconductor manufacturing, projected to create up to 500,000 jobs by 2030. Despite pushback from critics like former President Trump, local leaders emphasize the act’s significant investments in the state’s economy and job markets. With major companies like Micron Technology investing heavily, the CHIPS Act is seen as crucial for New York’s economic future.
New York City is buzzing with excitement as a coalition of business advocacy organizations joins forces to send a clear message to the state’s congressional delegation: they oppose any attempts to weaken or repeal the CHIPS and Science Act. This significant initiative, which was signed into law by President Biden in 2022, aims to boost domestic semiconductor production and has been garnering bipartisan support across the board.
The CHIPS and Science Act isn’t just another piece of legislation; it represents a golden opportunity for job creation and economic upliftment in New York. Business leaders are making a compelling case that this act has already started to make a difference. As it stands, they predict that by 2030, the legislation will support around 500,000 jobs statewide, with over 100,000 new positions ready to be filled. Sounds promising, right?
The momentum around this act has led to significant investments in the state. For example, Micron Technology is planning a staggering $100 billion semiconductor factory near Syracuse. That’s not just a number; it’s a game-changer for the local economy. Beyond Micron’s plans, existing stalwarts like GlobalFoundries and Corning Industries are expanding their operations, showcasing the tangible benefits the act is bringing to New York.
However, it’s not all rainbows and butterflies. Former President Trump has voiced strong criticism regarding the CHIPS Act, labeling it as “horrible” and suggesting that lawmakers should simply “get rid of it.” He believes that through tariffs, companies can be incentivized to bring manufacturing back to the U.S. without needing the subsidies that the CHIPS Act provides. Recently, Trump even made the CHIPS Act a point of discussion during his address to Congress where he reiterated his stance against it.
In light of this criticism, local leaders like Rep. John Mannion, a Democrat from Central New York, have stepped up to express unwavering support for the CHIPS Act. Mannion and others are committed to fighting any attempts to roll back this crucial piece of legislation. The president of the Business Council of New York State, Heather Mulligan, has also inquired about the uncertainty surrounding federal commitments to the semiconductor industry, stating that stability is key for ongoing developments.
Since the passage of the CHIPS Act, New York has seen an boom in semiconductor projects, predicting 115,000 new jobs alongside an impressive 500,000 additional jobs supporting the industry’s growth. That’s quite the ripple effect! Furthermore, investment related to the act has poured into the state with over $112 billion earmarked for capital investments. Thanks to this influx, Micron Technology alone anticipates employing up to 9,000 people directly, who will create a whopping 40,000 spin-off jobs in just two decades.
The federal government is also showing its commitment with substantial grants. For instance, about $6.1 billion is set aside for Micron’s new plants in Syracuse while additional investments are on the horizon for GlobalFoundries. Such backing underscores the critical role of the CHIPS Act in transforming New York into a semiconductor powerhouse.
In addition to these other initiatives, New York officials are eager to host the National Semiconductor Technology Center, a key component of the CHIPS Act designed for research and development in cutting-edge semiconductor technology. The possibilities are endless, and business leaders are buzzing with optimism for what’s to come.
As lobbying continues and discussions heat up, it becomes increasingly clear that the fate of the CHIPS and Science Act will play a pivotal role in shaping New York’s economic future. Here’s hoping Congress hears the voices of those impacted—because when one of us thrives, we all thrive.
Nvidia Invests $500 Billion in U.S. AI Manufacturing
Wall Street Starts the Week with Modest Losses
Nvidia Suffers $600 Billion Valuation Drop Amidst Competition
Syracuse Unveils INSPYRE Innovation Hub for Entrepreneurs
Asian Technology Stocks Decline Amid U.S.-China Trade Tensions
Trump Administration Proposes Tariffs on Semiconductors and Pharmaceuticals
Trump’s Tariff Plans Cast a Shadow on Tech Industry
Consumers Stockpiling Amid Tariff Uncertainty in New York
Trump Administration Exempts Electronics from Tariffs
New York City’s IPO Market Faces Challenges Amid Economic Concerns
News Summary American Airlines has decided to end its partnership discussions with JetBlue Airways, marking…
News Summary Kathy Mendieta, a senior at Jefferson High School in Tampa, made waves in…
News Summary New York City has seen a surge in the establishment of exclusive members'…
News Summary New York City's 988 Mental Health Crisis Hotline, managed by Vibrant Emotional Health,…
News Summary New York has finalized a historic $254 billion budget for Fiscal Year 2026,…
News Summary New York City is set to transform its handling of denied medical claims…