PHOENIX — Arizona leaders say the Grand Canyon State is one of a handful of states that is poised to significantly benefit from the Chips and Science Act, which on Wednesday received final U.S. Senate approval.
The bipartisan bill, which contains billions in government incentives for semiconductor manufacturing and research, was created to increase domestic manufacturing and compete with countries that currently make most of the world's supply of chips.
In addition to more jobs and millions in investment from the dozens of semiconductor-related companies looking to move to Arizona, state leaders say the bill will help propel Arizona forward to emerge as a science and technology hub.
"This is the next chapter of Arizona's economy before your eyes, we're not only becoming a national leader in so many of these areas, but now we'll be on the global stage," Chris Camacho, CEO of Greater Phoenix Economic Council said at a press conference on Wednesday. "That's very different than the past in Arizona in terms of an agrarian economy driven by [agriculture], then ultimately military into a lot of tourism and homebuilding — the next chapter is centered on microelectronics hub development with many other industries that are not born yet."
Read more of this story from the Business Journal.