Economy

U.S. Announces $1.5 Billion for Chip Facilities in New York and Vermont

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The U.S. Department of Commerce will provide $1.5 billion to build and expand GlobalFoundries semiconductor facilities in New York and Vermont.

The funding is part of a continuing effort to on-shore semiconductor manufacturing capacity to the United States and reduce reliance on China. It is third award under the semiconductor incentives program established by Congress in 2022 through the CHIPS and Science Act with previous awards going to modernize and expand facilities in Colorado, Oregon and New Hampshire.

According to press statements by DoC and GF, the funds would help secure the supply chain for critical automotive semiconductors, as well as establish new leading-edge manufacturing capacity that is currently only located overseas.

The award will support creation of a new funding new state-of-the-art 300 mm fabrication facility at the GF at Malta, New York and expand and modernize existing GF manufacturing sites in New York and Vermont, which produce essential automotive, communications, and defense semiconductor technologies. This expansion will also bolster the supply chain for General Motors with whom GF entered into a strategic long-term supply agreement last year.

The proposed projects would create approximately 1,500 manufacturing jobs and approximately 9,000 construction jobs over the next 10 years. In addition, the Department will also make an additional $1.6 billion in loans available to GF, with the combined potential public and private investment totaling approximately $12.5 billion.  

Webinar: IBM’s Discovery Accelerator Partnerships

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On December 9, 2021 at 1:00 EST, the National Academy of Sciences, Engineering and Medicine – Government-University-Industry Research Roundtable will convene a webinar to discuss the strategic goals and impact of IBM’s Discovery Accelerator Partnerships. Within the last year, IBM announced two significant partnerships that will deploy emerging technologies and advanced capabilities aimed at driving scientific discovery – the first, a ten-year partnership with Cleveland Clinic focused on discoveries in life sciences and healthcare; and the second, a five-year partnership with the United Kingdom’s Science and Technology Facilities Council, based at the Hartree National Center for Digital Innovation, which will drive innovations in life sciences, new materials development, environmental sustainability, and advanced manufacturing.

During this webinar, IBM officials discuss the Discovery Accelerator approach to partnership, collaborative and interdisciplinary research, and the application of emerging computing technologies to supercharge the pace of scientific discovery.

Click here to register

Investing in Rural Prosperity — New Approaches

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Rural communities throughout the United States are vibrant places, with great people, rich culture and heritage, and deep social ties. But recent structural changes to the economy, along with long-term challenges, have left many in these communities at a crossroads, wondering which direction will lead to prosperity for all.

Investing in Rural Prosperity, a forthcoming book from the Federal Reserve Bank of St. Louis and the Federal Reserve Board, seeks to help people living in rural areas navigate the challenges and opportunities they face to reach a future in which economic prosperity is a reality.

Chapter 9 is available in advance on the St. Louis Fed’s website.  It outlines a new framework for fostering shared economic prosperity in rural communities. The authors’ proposed approach to rural development—abbreviated with the acronym “TRIC”—is tailored to the specific goals, assets and organizational infrastructures of communities. It is designed to be resilient in changing circumstances; inclusive about who is at the decision-making table and who benefits from local development; and promotes a collaborative process. The chapter explores each of the principles in the TRIC framework, including their meanings, their interconnectedness and interdependence, and their ability to inform and shape rural development.

For more information see:  Federal Reserve Bank of St. Louis –  The “TRIC” to Fostering Shared Economic Prosperity in Rural America