Last week President Biden visited Syracuse, NY, to do something government officials typically do: tout a massive investment in the local economy. But this was not just.
Forward-looking: The Chips Act was born out of a desire to give the US economy a boost following the pandemic and to improve its competitiveness profile on the global stage. Little did its advocates know how successful it would prove to be. Thanks to the investments, by 2030, the US will probably produce around 20% of the world’s most advanced chips, up from zero percent today.
Last week President Biden visited Syracuse, NY, to do something government officials typically do: tout a massive investment in the local economy. But this was not just any investment – it was $6.1 billion provided by the CHIPS and Science Act to Micron Technology, which plans to spend $100 billion building a manufacturing campus in Syracuse’s northern suburbs, as well as a factory in Boise, Idaho.
The investment will have significant impacts on Syracuse, which is hopeful it will revive the local economy. It has a larger significance as well: it is the latest in a series of federal grants doled out under the Chips Act that has spurred an unexpected investment boom across the US.
