Wednesday, August 7, 2024 1:10 PM
Semiconductor Industry Association
The Semiconductor Industry Association (SIA) today released the following statement from SIA Chairman and CEO John Neufer, applauding the semiconductor manufacturing incentives announced by the U.S. Department of Commerce and SK hynix: The incentives will help SK hynix expand its advanced packaging operations and research and development in Indiana.
The Commerce Department previously announced incentives for a variety of companies and projects that will help strengthen the U.S. semiconductor supply chain.
“The incentives announced yesterday will help SK hynix expand its critical U.S.-based advanced packaging operations and research and development, strengthening an area of the U.S. chip ecosystem that is in desperate need of strengthening. We applaud SK hynix’s ambitious U.S. investment and commend the Department of Commerce for supporting this important project. We will continue to work with government and industry leaders to ensure the CHIPS Act delivers maximum benefit to U.S. supply chain resiliency, economic strength and national security.”
The CHIPS Act’s manufacturing incentives have spurred significant announced investments in the U.S. In fact, companies in the semiconductor ecosystem have announced more than 80 new projects across 25 U.S. states since the introduction of the CHIPS Act, totaling hundreds of billions of dollars in private investment. These announced projects will create more than 56,000 jobs in the semiconductor ecosystem and hundreds of thousands of new jobs across the U.S. economy.
A SIA-Boston Consulting Group report released in May projects that U.S. domestic semiconductor manufacturing capacity will triple between 2022, when CHIPS goes into effect, and 2032. The projected 203% growth rate is the largest projected increase in the world over that period. The report also projects that from 2024 to 2032, the U.S. will account for more than a quarter (28%) of the world’s total capital expenditures (CAPEX), second only to Taiwan (31%).
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About SIA
The Semiconductor Industry Association (SIA) is the voice of the semiconductor industry, one of America’s leading 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. semiconductor companies. Through this coalition, SIA seeks to advance semiconductor manufacturing, design, and research leadership by working with Congress, the Administration, and key industry stakeholders around the world to advance policies that foster innovation, drive business, and enhance global competition. For more information, visit www.semiconductors.org.
