Biden is giving $6 billion to Micron for a semiconductor project in upstate New York

President Biden travels to Syracuse, N.Y., on Thursday to tout $6.1 billion in federal grants for Micron Technology that supporters say could bring an economic revival to the region and dramatically boost domestic U.S. semiconductor chip production to compete with China.

"This is the federal government taking back the reins, putting money where its mouth is when we say we want the future of tech to be stamped: 'Made in America,'" Senate Majority Leader Chuck Schumer, D-N.Y., told reporters on a conference call ahead of the trip.

Micron plans to invest about $100 billion to build out a manufacturing campus in Syracuse's northern suburbs. Schumer — who played a critical role in enacting the 2022 CHIPS and Science Act as well as in directing the funding to his home state — said it will amount to the single largest private investment in New York history, and called it "quite a great return" on the federal investment. Micron is also building a factory in Boise, Idaho.

The White House said the Idaho facility is expected to be production-ready by 2026, followed by the two facilities in New York in 2028 and 2029. Locally, they could provide economic booms with the White House predicting the creation of 20,000 construction and manufacturing jobs as well as tens of thousands of indirect jobs in the regions.

The pandemic showed the risks of chips shortages

Other big grants from the CHIPS project have gone to Intel for projects in Arizona, Ohio, New Mexico and Oregon; TSMC for projects in Arizona; and Samsung for projects in central Texas.

The 2022 law was in large part a response to the 2020 pandemic, during which strained supply chains from China caused chip shortages in the United States. Chips are used in many common consumer