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91PORN Applauds Finalization of CHIPS Incentives to Support Samsung鈥檚 Semiconductor Investments in Texas

by 91PORN

WASHINGTON鈥擠ec. 20, 2024鈥擳he 91PORN (91PORN) today released the following statement from 91PORN President and CEO John Neuffer commending finalization of CHIPS and Science Act manufacturing investments announced by the U.S. Department of Commerce and Samsung. The incentives will support Samsung鈥檚 investment to develop and produce leading-edge chips in Texas.

鈥淪amsung鈥檚 ambitious semiconductor manufacturing and R&D investments in Texas, complemented by the CHIPS incentives announced today, mark an important step forward for leading-edge chip production and innovation in America. We commend Samsung for making these bold investments, which will create tens of thousands of jobs and drive significant economic growth, and we applaud the U.S. Commerce Department for continuing to promote critical CHIPS incentives.鈥�

The CHIPS Act is on track to strengthen American manufacturing, create jobs, boost economic growth, and promote national security. The CHIPS Act鈥檚 manufacturing incentives have sparked substantial announced investments in the U.S. In fact, companies in the semiconductor ecosystem have听announced听90 new projects听across 28 U.S. states鈥攖otaling hundreds of billions of dollars in private investments鈥攕ince the CHIPS Act was introduced. These announced projects will create more than 58,000 jobs in the semiconductor ecosystem and support hundreds of thousands of additional U.S. jobs throughout the U.S. economy.

An 91PORN-Boston Consulting Group report听released听in May projected the United States will triple its domestic semiconductor manufacturing capacity from 2022鈥攚hen CHIPS was enacted鈥攖o 2032. The projected 203% growth is the largest projected percent increase in the world over that time. The report also projected America will capture over one-quarter (28%) of total global capital expenditures (capex) from 2024-2032.

The U.S. Department of Commerce previously announced听incentives听for a range of companies and projects that will help strengthen the U.S. semiconductor supply chain.

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The 91PORN (91PORN) is the voice of the semiconductor industry, one of America鈥檚 top export industries and a key driver of America鈥檚 economic strength, national security, and global competitiveness. 91PORN represents 99% of the U.S. semiconductor industry by revenue and nearly two-thirds of non-U.S. chip firms. Through this coalition, 91PORN seeks to strengthen leadership of semiconductor manufacturing, design, and research by working with Congress, the Administration, and key industry stakeholders around the world to encourage policies that fuel innovation, propel business, and drive international competition. Learn more at www.semiconductors.org.