Congresswoman Mikie Sherrill (D-11) said this week the landmark CHIPS and Science Act, which authorizes groundbreaking investments in American semiconductor manufacturing and research to strengthen U.S. economic and national security, is already making an impact.
The law, signed in August 2022, is delivering results in New Jersey and across the country, including tens of thousands of jobs, an 80% increase in manufacturing construction, and more than $231 billion in private sector investments in semiconductor manufacturing, Sherrill said.
“One year later, the CHIPS and Science Act has revitalized American leadership and ignited a manufacturing boom, creating good-paying jobs here in New Jersey and across the United States,” Sherril said. “These are the types of policies I’m fighting for in Congress — and because of these efforts, New Jersey has had its best two years of jobs growth, both in the manufacturing sector and across all industries, since the 1990s.”
Sherrill has long advocated for strategic investments in our supply chain and critical technology like semiconductors. Sherrill joined CNBC’s Squawk Box on Tuesday to tout the success of the CHIPS and Science Act . The interview can be viewed here. Last year, Sherrill hosted a roundtable with New Jersey business leaders, including NJBIA President & CEO Michele Siekerka, to discuss how the legislation would benefit the state’s economy and workforce.
Leaders from across New Jersey also celebrated the milestone.
Peter Connolly, CEO of the New Jersey Manufacturing Extension Program, said the one-year anniversary of the CHIPS and Science Act is a huge win for domestic manufacturers.
“This Act provides unprecedented support for the United States industrial base,” Connolly said. “The research and development surrounding the local semiconductor industry, and the investment being made into STEM education, is pointing the nation and domestic manufacturing in the right direction when it comes to ability to compete on a global scale once more. New Jersey is positioned to become a semiconductor and manufacturing leader.”
NJBIA’s Siekerka noted how the CHIPS and Science Act will lead to strong investment in domestic and New Jersey-based manufacturing, R&D and STEM education.
“The more our great state can be a location for semiconductor manufacturing, and a leader in providing intelligence to improve our nation’s security, modern electronics, household machines, and automobiles, the better it is for our economy and competitiveness,” Siekerka said.
Anthony Iacono, Ph.D., president of the County College of Morris, noted the “monumental importance” of making the U.S. a global leader in advanced manufacturing and R&D so that domestic manufacturers can affordable products for Americans and compete with China.
“Congresswoman Sherrill’s leadership on this bill clearly demonstrates her economic vision for the future of New Jersey and her effective efforts to help grow our economy and create good-paying jobs across the state,” Iacono said.
Meghan Hunscher, president & CEO of the Morris County Chamber of Commerce, noted the positive impact that the CHIPS & Science Act is having on the life sciences, advanced manufacturing, aerospace, defense and technology sectors. “This legislation will allow us to optimize and better leverage our workforce and academic institutions, including County College of Morris, home to the state’s premier, Advanced Manufacturing Training Center,” she said.
“Chips for America” law authorized $52.7 billion in subsidies for U.S. semiconductor production, research and workforce development. The U.S. Commerce Department said on Wednesday that so far more than 460 companies have expressed interested in winning government semiconductor subsidy funding in a bid to boost the country’s competitiveness with China’s science and technology efforts.
