Community Investment Framework Defines Micron's Partnership with Empire State Development, Benefiting Central New York and America's Manufacturing Leadership
Investments Made Possible by the State's Historic Green CHIPS Legislation and Federal CHIPS and Science Act
Syracuse, New York, Oct. 27, 2022 — Governor Kathy Hochul and Micron Technology, Inc. (NASDAQ: MU), one of the world's largest semiconductor companies and the only U.S.-based manufacturer of memory, welcome President Joe Biden and other federal, state and local officials to Central New York where Micron plans to invest up to $100 billion over the next 20-plus years to build a leading-edge memory megafab. With the signing of the Community Investment Framework, Micron will mark its initial community and workforce commitments established with Empire State Development (ESD). This framework encompasses the $500 million Green CHIPS Community Investment Fund focused on supporting workforce development, education, community assets and organizations, and affordable housing, as well as other initiatives that ensure the Central New York workforce will have the advanced skills needed to sustain leading-edge semiconductor manufacturing.
Micron will invest $250 million in the Fund and an additional $100 million will be invested from New York, with $150 million from local, other state and national partners. The company will also establish a Community Advisory Committee consisting of 11 diverse community members, in addition to representatives from local and state governments as well as Micron. The Committee will identify priorities and prospective areas for investment from the Fund. Through this approach, Micron and ESD aim to better understand and address the needs of the Central New York community and make targeted investments throughout the region. Governor Hochul, Empire State Development CEO Hope Knight and Micron CEO Sanjay Mehrotra will sign the Community Investment Framework, alongside local partners, endorsing the spirit of collaboration with ESD to invest in the region. Micron's plans to build a megafab in New York, which will create nearly 50,000 New York jobs including approximately 9,000 high-paying Micron jobs, is the result of the bipartisan work of Congress and the Biden Administration to pass the CHIPS and Science Act.
"Micron's historic $100 billion investment secures a bright economic future for generations of New Yorkers in Onondaga County and across the state, and this transformative project cements New York's manufacturing leadership," Governor Hochul said. "In addition to nearly 50,000 jobs, deep commitments to sustainability, and opportunities for minority- and women-owned businesses and disadvantaged communities, this project's $500 million community fund will sustain the region in the long term with investments in workforce, housing, and infrastructure. I am thrilled that President Biden could join us for this once-in-a-generation announcement, and I look forward to working closely with our local, state, and federal partners, as well as the business and labor communities, to bring one of the largest economic development projects in U.S. history to fruition."
"We are honored to host President Biden and many prominent leaders today in Central New York, the future site of Micron's new leading-edge megafab that will fuel U.S. innovation for years to come," said Micron President and CEO Sanjay Mehrotra. "To secure U.S. leadership in semiconductor manufacturing, cultivate American innovation and ensure economic and national security, it is imperative we come together to build and transform a workforce for the future. Our commitments through the Community Investment Framework represent the first foundational steps toward Central New York's transformation."