Micron invests $100,000,000,000 in chip manufacturing complex in New York

Micron Technology is determined to make the United States independent from Asia in the semiconductor industry. The manufacturer is preparing a huge investment in the construction of a chip manufacturing plant.

Here's What We Know

Micron intends to invest $100 billion in a new enterprise. The funds for construction of the complex will be allocated for 20 years. The plant will appear in Clay, New York, and will create 50,000 new jobs, including 9,000 jobs for employees at the new facility.

The American manufacturer has already developed a project plan. Preparation for work will begin in 2023 and construction in 2024. The start of semiconductor production is scheduled for 2025, but plans are subject to change.

Micron is investing $20 billion over the next eight years to create a new semiconductor facility. The New York state government is willing to offset some of the costs, namely $5.5 billion, but in phases.

Also do not forget about the state support. Over the summer, U.S. authorities passed the Semiconductor Industry Support Act, which calls for $52 billion in federal funding for the industry. But Micron and other companies will only be able to apply for state funding starting in 2023.

Source: NY Times