CHIPS bill impacting Mahoning Valley
President Joe Biden signed a landmark bill that provides over 50 billion dollars for U.S. semiconductor production and research. This is in efforts to make the United States more competitive with China's science and technology. While this has substantial effects in the state of Ohio, the Mahoning Valley will also see a ripple affect from the bill.
"Today is the day for builders," said President Joe Biden. "Today, America is delivering."
President Biden signing the CHIP bill which aims to strengthen U.S. competitiveness with China by investing in domestic semiconductor manufacturing and science research.
"Those tiny computer chips, smaller than a fingertip, that are the building blocks for a modern economy powering everything from smartphones to dishwashers, to automobiles," Biden explained.
Tuesday's White House signing ceremony, was attended by tech executives, union presidents and lawmakers from both parties including Republican Senator Rob Portman.
"In America, everything is possible," said President Biden during Tuesday's ceremony at the White House. "We can channel all our resources, most of all, we can channel the full talents of all of our people and their greater measure of hope and opportunity for our nation and for the world. To create good jobs, empower workers, grow the economy, not just for the wealthy, but for everyone."
"We see electric and non electric how important semiconductors are," said Rick Stockburger, President & CEO of Brite Energy Innovators. "What we need to do is reignite the industrial Midwest and manufacturing. That's something we have a key ability to do here in the Mahoning Valley."
Intel promising the State of Ohio 2 fabrication plants to be built near Columbus. This bill allows for even further expansion and also benefits Valley businesses.
"The future of eMobility and electrification is so, so important to that as well as some of the things that are put in there around the energy industry that will directly and positively affect companies like Foxconn, Lordstown Motors, Fiskar, as well as Ultium [Cells]," Stockburger added. "Being able to have that supply chain closer, American owned and made is something that's unbelievably important for how many units they can put out and how quickly they can put units in place there."
"We need to make these chips here in America to bring down everyday costs and create jobs," Biden added. "Don't take my word for it. Listen to some of the businesses that are here today and across the country. They're making decisions right now about where to invest and ramp up production of these semiconductors. Many are foreigners making investments, companies making- deciding where in the world to go and they've chosen the United States of America."
Stockburger explained how the bill will add more innovation, business and jobs to the Valley because of increased demand for domestic semiconductors. $75 million will be spread across the country over a 5-year period, that will focus on Clean Energy Incubators, impacting companies like Brite Energy Innovators.
"We will be able to compete for funding for our programs to make sure we can grow some of the best start ups in the world," Stockburger said.
"We have a real opportunity to draw new companies here and to grow companies that are already here and most importantly, give a reason for our talented young people to come back to the Mahoning Valley," Stockburger said.
Stockburger said this will take some time to make an impact in the Valley.