Biden signs the CHIPS Act, paving the way for more investment

The CHIPS Act has officially become law, and with it, New Albany’s potential to become the site of the largest semiconductor manufacturing operations in the world.

President Joe Biden signed the bill into law Tuesday morning in a ceremony on the South Lawn of the White House in front of politicians and business, labor and education leaders. The law provides $52.7 billion in aid to the semiconductor industry along with other incentives.

In January, Intel announced plans to spend $20 billion to build two plants in New Albany that will employ 3,000 workers who earn an average of $135,000 a year. But he said that with federal help, the site could have eight factories and a total investment of $100 billion.

Although Intel has not yet held a formal groundbreaking ceremony, excavation work has begun at the site.

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