In August, 2022, President Joe Biden signed the CHIPS and Science Act, designed to strengthen American manufacturing and innovation. The act invests $280 billion to bolster US semiconductor capacity, catalyze R&D, and create regional high-tech hubs and a bigger, more inclusive STEM workforce. Almost immediately after Biden signed it, the private sector promised investment of over $200 billion in tech and manufacturing. The economy has gained manufacturing jobs at a pace not seen since the 1950s.
Update:
- U.S. Secretary of Commerce Gina Raimondo said CHIPS and Science Act investments will put the U.S. on track to manufacture roughly 20% of leading-edge logic chips by the end of the decade.
- Today, U.S. fabricators make 0% of these chips, Raimondo said.
- Leading-edge logic chips are used in emerging technologies such as artificial intelligence.