Biden administration steps up US chip production with $1.5 billion funding

The projects are expected to create about 1,500 manufacturing and 9,000 construction jobs over the next decade, according to the US Commerce Department

The US is ramping up its production of domestic chips with federal funding schemes. Picture: Getty Images

US President Joe Biden is stepping up efforts to strengthen America’s chip production with a $1.5 billion funding package for GlobalFoundries, a domestic semiconductor maker.

The funding would be used to progress three projects, including a new fabrication facility in New York; the expansion of an existing site nearby and another expansion of a manufacturing site in Vermont.

The US is also offering the company $1.6 billion in federal loans.

“Today’s investment will protect our ...