Chipmaker Micron Technology said Tuesday that it will spend up to $100 billion over the next two decades to build a semiconductor factory in upstate New York.
The project will create nearly 50,000 jobs in New York, including about 9,000 high-paying Micron positions, the company said. Micron plans to make the first investment of $20 billion by the end of the decade. In return, it'll receive $5.5 billion in incentives from the state of New York over the life of the project, it said.
Micron's announcement comes on the heels of President Joe Biden signing into law the CHIPS and Science Act, which will send $52.7 billion to processor manufacturers over five years in an effort to help the US reclaim semiconductor industry leadership lost to overseas companies. Boise, Idaho-based Micron announced at the same time that it would invest $40 billion in memory chip manufacturing capacity, a move that could elevate the US share of memory-chip making from 2% to 10%.
The facility announced Tuesday, to be built in in Clay, New York, will create what Micron called the largest semiconductor factory in the US and include 2.4 million square feet of cleanroom space, approximately the size of 40 football fields.
Micron CEO Sanjay Mehrotra said Tuesday that he's "grateful" to Biden and his administration for making the CHIPS and Science Act a priority. "This historic leading-edge memory megafab in Central New York will deliver benefits beyond the semiconductor industry by strengthening US technology leadership as well as economic and national security, driving American innovation and competitiveness for decades to come," Mehrotra said in a statement.