The Longmont City Council heard a presentation from Dan Salvetti, semiconductor industry manager for Oedit concerning the CHIPS Incentive Program on Tuesday night. The council then passed a resolution that approved to explore how Longmont could be included a CHIPS Zone.
The United States is in a position to maintain its technological supremacy in the world, according to Salvetti. As a result, the federal government created the CHIPS Act to foster growth in the semiconductor industry.
The semiconductor industry is expected to produce over $1 trillion by the end of 2023 and continue to grow exponentially over the next decade, Salvetti said. Colorado holds 2-3% of the businesses in the semiconductor industry and is ranked ninth in the number of facilities. This would mean the state could garner between $780 million and $1,170,000,000 in direct funding from federal incentives through the CHIPS Act.
Longmont has 12 locations within its city limits that participate in the semiconductor industry, according to Salvetti. These companies bring in over $193 million in sales and provide over 569 local jobs.
By creating CHIPS Zones in Longmont, the city could see an increase in local jobs in the tech industry. Salvetti estimates that Colorado will see between 840 and 1,260 new jobs within the industry and an additional 5,600 to 8,400 of other permanent jobs created as a result of the increase in the semiconductor industry.
Colorado itself is ripe for the industry as it has two of the nation’s leading fabrication facilities and several supply chain companies within its borders.
“This is exciting and an opportunity,” Council member Sean McCoy said. “I think it’s something we need to pursue vigorously.”
.jpg;w=120;h=80;mode=crop)
