Why $39B in federal funding for the construction of semiconductor manufacturing plants will help lift all contractors—building or transportation, public and private.
During the week of July 25, the House and Senate passed AGC-backed legislation—the CHIPS Act of 2022—that will provide $39 billion for the building, improvement, and expansion of semiconductor manufacturing plants across the nation.
The construction of these facilities will also spur broader economic development and new, long-term construction jobs. For example, to support these new facilities:
- Williamson County, Texas budgeted more than $120 million to build and improve roads;
- Phoenix, Arizona approved $205 million for roads and water infrastructure; and
- Ohio set aside $691 million to improve road and water infrastructure in Columbus.
In addition, these investments will lead to the construction of new schools, commercial buildings and more to accommodate growing communities. President Biden is expected to quickly sign the bill into law.
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