White House Invests Additional, $162 Million in Expanding , US Semiconductor Industry.<br />CNBC reports that the Biden administration <br />will provide $162 million in funding for <br />domestic semiconductor production. .<br />CNBC reports that the Biden administration <br />will provide $162 million in funding for <br />domestic semiconductor production. .<br />The additional funding comes as the second injection <br />of funds into the industry from a 2022 law aimed <br />at revitalizing U.S. semiconductor manufacturing.<br />Incentives reportedly include $90 million to improve <br />a manufacturing plant in Colorado Springs, Colorado, <br />and another $72 million for a factory in Gresham, Oregon. .<br />According to the Commerce Department, <br />the investment would allow Microchip <br />Technology to triple domestic production. .<br />According to the Commerce Department, <br />the investment would allow Microchip <br />Technology to triple domestic production. .<br />Funding is meant to boost production of microcontrollers, <br />which have applications in everything from the military and <br />auto industries to household appliances and medical devices.<br />According to government officials, the investments <br />will lead to the creation of 700 construction and <br />manufacturing jobs over the next 10 years. .<br />According to government officials, the investments <br />will lead to the creation of 700 construction and <br />manufacturing jobs over the next 10 years. .<br />Semiconductors are the key <br />input in so many goods that <br />are vital to our economy, Lael Brainard, director of the White House <br />National Economic Council, via CNBC.<br />Lael Brainard, director of the White House National <br />Economic Council, suggests that increased <br />U.S. production could help tame inflation. .<br />In August of 2022, the Biden administration signed <br />the CHIPS and Science Act into law, which provided <br />over $52 billion to the U.S. semiconductor industry.<br />In August of 2022, the Biden administration signed <br />the CHIPS and Science Act into law, which provided <br />over $52 billion to the U.S. semiconductor industry.<br />CNBC reports that government officials <br />said that additional funding commitments <br />to the sector are expected in 2024
