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President Biden has announced a new $6.4 billion agreement with Samsung to boost semiconductor manufacturing in Texas. This initiative, part of the CHIPS and Science Act, aims to significantly enhance US semiconductor capacity and reduce US reliance on other countries.
Over the next several years, Samsung plans to invest more than $40 billion in expanding its facilities in Taylor and Austin, Texas, which is projected to create over 20,000 jobs in construction and manufacturing.
In a statement, President Biden said, “This announcement will unleash over $40 billion in investment from Samsung, and cement central Texas’s role as a state-of-the-art semiconductor ecosystem, creating at least 21,500 jobs and leveraging up to $40 million in CHIPS funding to train and develop the local workforce. These facilities will support the production of some of the most powerful chips in the world, which are essential to advanced technologies like artificial intelligence and will bolster US national security.”
The expansion in Austin will upgrade an existing facility to support the production of chips used across several critical sectors, including aerospace, defense, and automotive. Meanwhile, the new developments in Taylor are set to establish a sophisticated manufacturing system for creating cutting-edge chips and for research in advanced packaging.
These Texas investments are a part of broader efforts under the Biden administration to promote the economic benefits of the CHIPS law. The administration has previously announced similar funding agreements with other major companies like Intel, GlobalFoundries, and Bae Systems.
