The backbone of America’s economy, the construction sector, has become hollow.
Even America has not been saved from the economic downturn, the condition of America’s economic market is very bad, only then President Joe Biden is insisting on setting up new industries.
US President Joe Biden has said that the global chip manufacturing industry is preferring his country to set up its plants over countries like China and Japan.
Biden referred to two of these companies’ major investments in the country — China, Japan, North Korea and the European Union — all to attract chip makers to their countries, Biden said at the ‘Intl’s groundbreaking site’ in New Albany, Ohio. Billions of dollars are being invested, but the leading industrialists in this field are choosing us because they think America has returned to its old colors and is taking the lead. Referring to the laying of the foundation for Intel’s new manufacturing facility, he said that Intel will build a future workforce right here in Ohio. He said that America invented this chip.
The President said, America invented it. It powered NASA’s Moon mission. The federal investment helped reduce the cost of manufacturing these chips, creating a market and an entire industry. As a result, about 30 years ago, more than 30 percent of global chip manufacturing took place in the US.
He said that then the backbone of America’s economy, the construction sector, became hollow. Companies moved jobs overseas, especially from the industrial Middle West. As a result, despite being a leader in chip research and design, we are today manufacturing only 10 percent of the world’s chips.
Biden said that due to the increase in the cost of their manufacture due to Corona virus, industrialists are again turning to America. US company Micron has announced an investment of $40 billion over the next 10 years to build factories, which will create 40,000 jobs in the country and increase America’s share of the memory chip market by 500 percent, he said. Two other companies, GlobalFoundries and Qualcomm, announced a $4 billion partnership to manufacture the chip in the US, he said.
How America will be able to hold its own in the chip market, only time will tell, but the hold of countries like China and Japan will definitely be weak in chip manufacturing. PLC/GT