Update on Chips Act and Arizona’s Economy
The bi-partisan “Chips and Science Act,” or CHIPS Act was signed into law last year by President Biden. The law is designed to revitalize domestic semi-conductor manufacturing and other high-tech industries. In January of 2021, Congress passed the CHIPS Act. Years later, the GPEC was still waiting for funds to be designated. The stripped-down China competition bill, called CHIPS for America Act, includes $52 billion in grants and loans and four-year 25% investment tax credits to boost semiconductor manufacturing in the U.S. amid a global semiconductor shortage.
Chris Camacho, President and CEO of the Greater Phoenix Economic Council, sat down with Ted to discuss the impact on the “valley’s” growing tech-sector.
There’s roughly 18 other companies that have made announcements to create jobs in Arizona. “The Chips and Science Act has been in Congress for multiple years,” Camacho said.
“This is our milestone moment, having TSMC make an investment here,” he said.