Schumer Seeks To Boost Semiconductor Industry, Targeting New York
NEW YORK NOW - U.S. Senate Majority Leader Chuck Schumer was in Saratoga County Monday to provide a boost to successful semiconductor company GlobalFoundries, which announced it was moving its national headquarters from California to New York’s Capital Region.
Schumer also announced $50 billion in federal funding to support the semiconductor industry. China is about 10 years ahead of the U.S. when it comes to government investment in technology, he said.
"While we, the United States, and our genius created the chips, and we are the leader in creating the most advanced chips, we don't make them here as much as we should,” Schumer said. “China has started making many more than us, the Chinese government has aided and abetted in that.”
Schumer was also there to push the Endless Frontier Act, which would add an additional investment of $100 billion for pure and applied research on high-end technology for the purpose of innovation, as opposed to manufacturing.
GlobalFoundries CEO Tom Caulfield joined Schumer and said that bringing the company's headquarters to Saratoga County could lead to further economic development, similar to how the initial creation of the Fab 8 plant provided jobs to the area.
Last year, the company announced a purchase option agreement that would allow for the acquisition of 66 acres of land for expansion.
Caulfield cited existing technology infrastructure in the Capital Region as one of the driving factors behind the relocation.
"It's called ecosystem. If the Albany nanotech facility never existed, there's no way that we could have ever justified putting a manufacturing facility here,” Caulfield said. “You needed other suppliers, a supply chain, the talent.”
Caulfield didn't give a solid number on how many jobs the transition would create for New Yorkers, saying it’s happened slowly over the past 3 years, and that there are already as many as 100 job postings online for the facility.
Caulfield also noted that the company has already invested $15 billion in the area, with 3,000 jobs created so far.
Caulfield said Monday’s news is about being globally competitive, particularly with China. He said that only 12% of the semiconductor chips used worldwide are made in the U.S., which is disproportionately low.