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Microchip Announces $90 Million Investment in Colorado Springs Facility, Provided by FOX21 News Reporter Leah Jha
(Colorado Springs) — U.S.-based semiconductor company Microchip Technology today announced plans to use a recently secured $90 million federal grant to expand its facility in Colorado Springs, spurring job creation in the region. We have started an initiative to do so. Governor Jared Polis and other key figures joined Microchip officials for the big announcement on Thursday, January 4th.
Microchip is a leading provider in the semiconductor industry with more than 125,000 customers worldwide. The $90 million investment comes from an even larger $162 million federal grant the Biden administration gave Microchip to ramp up its semiconductor production. This is part of a new program aimed at ensuring America’s competitiveness in the semiconductor industry while ensuring a steady supply of semiconductors to domestic companies that need them.
This grant is the largest federal investment ever in the semiconductor industry.
“I’m proud that this investment in Colorado is the largest federal investment in the semiconductor industry ever,” said Governor Jared Polis.
Microchip’s CEO confirmed the impact of the expansion, highlighting that over 400 new jobs have been created in the city. Mayor Yemi Mobolade and Colorado Springs Chamber of Commerce & EDC CEO Johnna Reeder Kreimeier discuss how increased job opportunities will lead to a broader tax base and improved standard of living for local residents. I emphasized that.
“We all want to fill holes in our communities and build great schools, but none of us want to pay more in taxes. by bringing good jobs and great business to our community,” Kreimeyer explained.
“This investment ensures that Colorado Springs continues its long and proud tradition as not only the U.S. Olympic City, but also known as Silicon Mountain,” said Mayor Yemi Mobolade.
Governor Polis emphasized the bipartisan effort to make Colorado Springs an attractive destination for chip investment and how this move puts Colorado Springs at the forefront of technological advancement.
“The chip tax is an opportunity. It’s up to us to seize the opportunity. It’s up to companies like Microchip. It’s up to states like Colorado, it’s up to regions like the Pikes Peak Region.” Governor Polis emphasized.
This significant investment will not only impact the regional and national landscape, but will also enhance America’s standing in the global semiconductor industry.
“Today is one of the most exciting days since I’ve been in politics in terms of a turning point. We’re in a global race… and now we’re finally competing for real. ,” said Sen. John Hickenlooper (D-Colo.).
Today, the Colorado Springs campus spans 50 acres and 580,000 square feet of manufacturing space, an expansion that will allow Microchip to increase production of semiconductors that the company’s CEO describes as “the lifeblood of economies around the world.” It can be increased 3 times.
“Over the past 40 years, semiconductors have been a powerhouse of innovation, enabling all kinds of devices that were unimaginable at the time. “A way to make people richer,” commented Ganesh Moorthy, President and CEO of Microchip Technology.
Moorthy said the investment project will take shape over the next six years.
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