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Job growth, investment in manufacturing tied to White House economic plan, Biden says


President Joe Biden on Thursday hailed the advances made in the manufacturing sector weeks after the passage of the Science and Chips Act, which has invested billions of dollars in semiconductor manufacturing in the United States. country.

The president’s remarks came after the Idaho-based microchip maker Micron announced plans on Thursday to invest approx 15 billion dollars for the next decade in a new memory production facility in Boise.

The first lab of its kind built in the US in more than 20 years, is expected to create 17,000 new jobs for Americans by the end of 2032, according to the company.

“Micron’s announcement today is another big win for America” Biden said in a statement.

Micron President and CEO Sanjay Mehrotra thanked the Biden administration and members of Congress for their bipartisan support for the CHIPS Act “making this investment decision possible.”

“This is the first of many planned investments by Micron in the United States after the passage of the Science and CHIPS Act, and represents the largest private investment ever made,” Mehrotra said. currently in Idaho,” Mehrotra said in one statement. “Our new leading-edge memory manufacturing company will leverage U.S. technological leadership, ensuring a reliable domestic supply of semiconductors that are critical to the economy and National security.”

End 52 billion dollars was allocated to American companies that make computer chips under the act, along with billions of tax credits to promote investment in semiconductor manufacturing to enable the US to compete with East Asia. This region accounts for 75% of global semiconductor production.

Biden signed the CHIPS Act into law in early August.

Micron first announced a $40 billion investment in memory chip production in which time. The White House says the investment will generate 40,000 new jobs in the field of construction and manufacturing and increase the market share of US memory chip production from less than 2% to 10% within the next 10 years.

In his statement on Thursday, Biden also referred to similar growth forecasts from manufacturing companies The first solar energy, Toyota, Honda’s motobike and Corning in this week.

The announcements are “a direct result of my economic planning,” he said.

Solar power company First Solar announced $1.2 billion in development The third includes a new plant in the southeast of the country and an expansion of a manufacturing facility in Northwest Ohio. The investments will add at least 850 new manufacturing jobs with an additional goal of supporting more than 15,000 jobs by 2025, according to a press release.

Vehicle manufacturers Toyota and Honda reveal a Additional investment of $2.5 billion at Toyota’s battery manufacturing facility in North America and a $4.4 billion joint venture with LG Energy Solutions to manufacture lithium-ion batteries in the US to power Honda and Acura EV models for the domestic market.

Toyota’s new joint venture will add 350 jobs, bringing the total to about 2,100, according to a statement. A Honda representative did not respond to a request for comment prior to the announcement.

Corning, a maker of cutting-edge optics based in New York, said Tuesday it is working with AT&T on a new fiber optic cable manufacturing facility in Arizona. The facility will bring about 250 jobs to the region and is expected to open in 2024, according to a press release.

“In our future, we’ll make EVs, chips, optical fibers and other critical components in the US, and we’ll have an economy built from the bottom up and the middle.” Biden said Thursday.

The economy added 3.3 million jobs this year as the unemployment rate fell to 3.5%, its lowest level since 1969. For August, payroll growth is expected to pick up. 318,000 after an increase of 528,000 in July.

However, Federal Reserve officials have warned that the intention to continue raising interest rates to combat inflation could increase unemployment levels in the coming months.

– by CNBC Jeff Cox contributed to this article.



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