The CHIPS and Science Act is a landmark federal statute signed into law two years ago on August 9, 2022. Championed by U.S. Senator Todd Young, CHIPS sets out to promote U.S. national security, innovation and technological leadership by jumpstarting domestic semiconductor manufacturing, catalyzing scientific R&D, consolidating critical supply chains and launching several workforce and economic development initiatives in key 21st century sectors.

Authorizing a hefty $280 billion in funding for a broad series of programs, tax credits, subsidies and grants, the CHIPS Act has generated a frenzy of business activity and private investment in the wake of its passage. The upper Midwest, long known for its strong industrial base, has been buzzing with CHIPS-related activity and is poised to become America’s new Tech Belt.