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Tech company Microchip receives $90 million to expand its operation in Colorado Springs

The move will bring 400 jobs with an average yearly salary of $75K over the next 6 years
Posted at 7:04 PM, Jan 04, 2024
and last updated 2024-01-04 21:04:40-05

COLORADO SPRINGS — A total of 400 new jobs are coming to Colorado Springs! The technology company "Microchip" is expanding on East Cheyenne Mountain Boulevard thanks to $90 million in tax incentives from the Chips and Science Act.

"We have had a number of record-breaking economic announcements recently. But this one stands out," said Mayor Yemi Mobolade.

The move comes as government officials are working to bring semiconductor manufacturing back to the United States. According to the Department of Commerce, the United States used to be responsible for producing 40% of the world's semiconductors. Now, that number has fallen to 18%.

"We learned the hard way, the United States' reliance on foreign conductor, supply chains poses serious, national, and economic security risks," said Under Secretary of the Department of Commerce Strategies and Technologies Dr. Laurie Locascio. "Now, by investing in the production of semiconductors here at home, we are capitalizing on the opportunity to strengthen our domestic supply chain while bolstering America's ability to produce the systems and components we need."

The semiconductors and micro controllers produced by the company are used in a variety of civilian and military technologies.

"You don't go through a day in your life without about 200-300 of our products, in some way, shape, or form, having touched you in ways you don't recognize," said CEO of Microchip Ganesh Moorthy. "But they keep you safe, they keep you informed, they keep things convenient, they make life better for what people do."

Senator Hickenlooper praised the bipartisan support for the Chips and Science Act, remarking that this is a way the country can come together to move forward.

"Everything comes back down to chips at the supply chains that allow us to maintain production of almost everything now and now we are actually finally competing successfully to reassure these ship manufacturing processes and capabilities that we lost over the last 20 years," said Senator Hickenlooper.

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