U.S. Commerce Secretary Gina Raimondo thanked Intel for investing in the U.S. at a groundbreaking ceremony for a new semiconductor factory in Newark, Ohio, last month.
Secretary Raimondo delivered the remarks Jan. 21, according to a transcript of the speech released by the Department of Commerce.
"This is an exciting day for Ohio and our country," Raimondo said at the ceremony.
"From day one, the Biden Administration has recognized that if we want to compete globally, we need to invest domestically," Raimondo said. "So let me thank Pat Gelsinger and Intel for making this massive investment right here in Ohio."
Semiconductors power everything from smartphones to cars to medical equipment, the Commerce Secretary said.
"Not only will this help us to ensure resilient, diverse, and secure domestic supply chains, it will create thousands of good-paying American jobs," Raimondo said. "At the Commerce Department, we’re laser-focused on revitalizing America’s semiconductor industry. Semiconductors are the essential building blocks of our modern economy."
The U.S. created the semiconductor industry 20 years ago now and once produced 39% of all semiconductor chips. Now only 12% of the chips are produced here, Raimondo said.
"This presents both an economic and national security problem," she said. "And we know for a fact that supply chains are directly linked to the increase in inflation and rising costs for America’s families. One-third of inflation in the year 2021 was directly tied to auto prices."
Increasing the production of semiconductors is also vital to the electric car industry, Raimondo said.
"Better semiconductors – produced right here in America – will allow us to make electric vehicle batteries more efficient, capture a larger share of the global electric-vehicle market, keep manufacturing facilities up and running, and create more American jobs," she said.
Improving U.S. supply chains and manufacturing, will increase the nation's Gross Domestic Product by up to $460 billion and add 1.5 million jobs, the secretary said.
"So again, thank you to Intel for choosing to invest on American soil, and to everyone who worked so hard to make today a reality," Raimondo said. "I’m excited about what this means for Ohio, for America, and for American workers."
