A major microchip manufacturing company plans to pump $100 billion into the construction of a mega facility in Onondaga County's town of Clay. Micron Technology announced on Tuesday it plans to invest $20 billion by the end of the decade.
The plan would create the "largest semiconductor fabrication facility in the history of the U.S.," according to a release from Micron. The company expects the project to create tens of thousands of jobs in the region over the next 20 years.
U.S. Sen. Chuck Schumer (D-NY) said at the announcement hosted by Syracuse University the development's significance is similar to the 19th century opening of the Erie Canal, which brought an influx of jobs and industrial progress.
"New Yorkers and Americans will look back 50 years from now and remember this project as our Erie Canal moment," said Schumer, who was joined on stage by the governor, Onondaga County executive and Micron CEO.
President Joe Biden also celebrated the announcement in a social media post.
Today brings another massive investment in America thanks to my economic plan.
— President Biden (@POTUS) October 4, 2022
Micron will invest $20 billion – and up to $100 billion over 20 years – in American chips manufacturing, creating countless good-paying jobs.
We're lowering costs and making it right here at home.
Schumer said the project was possible thanks to the recent passing of federal legislation that provides funding for research and investments to stimulate the semiconductor manufacturing industry.
Gov. Kathy Hochul touted the public-private partnerships that helped draw the company to the Central New York region.
"We are gathered here as a result of exclusive, almost never happening, extraordinary, unprecedented collaboration between the private sector, businesses, labor, local elected leaders, our federal leaders, and ultimately the state, to be able to close on a deal which will be known as the investment of the century," Hochul said.
Micron CEO Sanjay Mehrotra said only 2% of the world's computer memory is currently made domestically, but the planned facility at White Pine Commerce Park in Clay would give the U.S. 20% of the global market share within the next decade.
Announcing our plans to invest up to $100B over the next 20+ years to construct a new, sustainably-built and operated, leading-edge memory #manufacturing fab in #NewYork, bringing the largest cleanroom space in the U.S. to the Empire State. https://t.co/wdPzEejBJe pic.twitter.com/eTdNKKRc0N
— Micron Technology (@MicronTech) October 4, 2022
The new megafab is expected to create approximately 50,000 New York jobs, including 9,000 high-salary Micron jobs and 40,000 indirect jobs within Central New York. Schumer said the project will also support the local area through investments in education, job training, childcare and other community services.
Micron said the new facility will increase domestic supply of leading-edge memory and focus on environmental sustainability. Site preparation at White Pine Commerce Park will begin next year, with construction slated to begin in 2024.
