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Job growth, investments in manufacturing sector tied to White House economic plan, Biden says

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President Joe Biden Thursday praised progress made within the manufacturing sector weeks after the passage of the Chips and Science Act, which invested billions of dollars in domestic semiconductor manufacturing.

The president’s remarks got here after Idaho-based microchip manufacturer Micron announced plans Thursday to take a position roughly $15 billion over the following decade in a recent memory manufacturing facility in Boise.

The lab, which is the primary of its kind in-built America in over 20 years, is projected to create 17,000 recent American jobs by the top of 2032, in keeping with the corporate.

“Today’s announcement by Micron is one other big win for America,” Biden said in a press release.

Micron President and CEO Sanjay Mehrotra thanked the Biden administration and members of Congress for bipartisan support of the CHIPS Act “which made this investment decision possible.”

“That is the primary of Micron’s multiple planned U.S. investments following the passage of the CHIPS and Science Act, and represents the most important private investment ever made in Idaho,” Mehrotra said in a statement. “Our recent leading-edge memory manufacturing fab will fuel U.S. technology leadership, ensuring a reliable domestic supply of semiconductors that’s critical to economic and national security.”

Over $52 billion was allotted to U.S. firms producing computer chips under the act, together with billions in tax credits to spur investments in semiconductor manufacturing to enable the U.S. to compete with East Asia. The region accounts for 75% of world production of semiconductors.

Biden signed the CHIPS Act into law in early August.

Micron first announced a $40 billion investment in memory chip manufacturing at the moment. The investment, said the White House, will create 40,000 recent jobs in construction and manufacturing and lift the U.S. market share of memory chip production from lower than 2% to as much as 10% over the following 10 years.

In his statement Thursday, Biden also mentioned similar growth projections from manufacturing firms First Solar, Toyota, Honda and Corning over the past week.

The announcements are a “direct results of my economic plan,” he said.

Solar energy company First Solar announced $1.2 billion in developments Tuesday, including a recent factory within the southeastern a part of the country and an expansion of its Northwest Ohio manufacturing footprint. The investments will add at the least 850 recent manufacturing jobs with the extra goal of supporting over 15,000 jobs by 2025, in keeping with a press release.

Vehicle manufacturers Toyota and Honda revealed a respective $2.5 billion additional investment in Toyota’s North American battery manufacturing facility and a $4.4 billion three way partnership with LG Energy Solutions to fabricate lithium-ion batteries within the U.S. that can power Honda and Acura EV models for the domestic market.

Toyota’s recent enterprise will add 350 jobs, bringing total employment to roughly 2,100, in keeping with a press release. A representative for Honda didn’t reply to a request for comment before publication.

Corning, a Latest York-based advanced optics manufacturer, said Tuesday it’s partnering with AT&T in a recent optical cable manufacturing facility in Arizona. The power will bring roughly 250 jobs to the world and is anticipated to open in 2024, in keeping with a press release.

“In our future, we’ll make EVs, chips, fiber optics, and other critical components here in America, and we could have an economy built from the underside up and middle out,” Biden said Thursday.

The economy has added 3.3 million jobs this yr because the unemployment rate has fallen to three.5%, tied for the bottom since 1969. For August, payrolls growth is anticipated to rise by 318,000 after growing by 528,000 in July.

Nevertheless, Federal Reserve officials have warned that their intentions to proceed raising rates of interest to combat inflation could raise the extent of unemployment within the months ahead.

— CNBC’s Jeff Cox contributed to this text.

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