On Friday, the Biden administration is set to declare a $5 billion investment in a public-private consortium dedicated to advancing research and development in cutting-edge computer chips.
The funding for the National Semiconductor Technology Center is made possible by the CHIPS and Science Act, a law enacted in 2022 with the goal of revitalizing the computer chip industry in the United States through specific government backing.
During a call previewing the financial pledge, Commerce Secretary Gina Raimondo told reporters, “We need to be building for the future and that means making investments in R&D.”
The institute would train people for the industry and assist in funding the creation and prototyping of new semiconductors. Businesses claim that in order to benefit from the additional $39 billion that the government is providing to support new and expanded computer chip facilities, they need a competent labor force.
According to Labor Department data, the manufacturing of computer chips employs roughly 375,000 individuals with an average salary of $82,830.
Government officials say that industry executives and interested parties will be at the White House on Friday for the announcement.
