The U.S. government's plan to boost the country's semiconductor manufacturing industry has given another big boost, with the federal government providing Texas Instruments with a $1.6 billion grant and a $3 billion loan under the 2022 Chip and Science Act.
In a statement released Friday, the Commerce Department said the money will be used to help pay for a plant in Utah and two in Texas, projects that will cost about $18 billion by the end of 2029 and are expected to create about 2,000 manufacturing jobs and thousands of construction jobs.
Texas Instruments plans to invest a total of about $40 billion in the two states, including two more plants in Sherman, Texas, Bloomberg reported.
Texas Instruments produces a wide variety of wafers and has the largest customer base in the semiconductor industry. In addition to receiving subsidies and loans, the company is expected to benefit from a 25% tax credit under the 2022 Wafer and Science Act. That could amount to $6 billion to $8 billion, the company said in a statement.
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