The CHIPS and Science Act will provide major support to New Jersey businesses while lower costs for families in the Garden State.
That’s according to Rep. Mikie Sherrill, who hosted a roundtable at Wireless Telecom Group in the 11th Congressional District to highlight the benefits of the bipartisan legislation, which would invest $52 billion into domestic semiconductor research, development, and manufacturing.
“The CHIPS and Science Act will lower costs for New Jersey families, create and protect thousands of jobs, and demonstrate to businesses across the U.S. that we are building for the future,” said Sherrill.
The bill, signed into law in August, authorized major funding increases for science and technology and research development.
“This game-changing, common-sense legislation will make a real difference in people’s lives, setting us up for decades of economic prosperity. I want to thank all of the businesses, education leaders, and local officials who convened…to discuss this major victory for New Jersey families and the New Jersey economy,” Sherrill said.
Alleviating Supply Chain Constraints
Business leaders at the roundtable highlighted that the act would help to unlock semiconductor component availability. Supplies had been constrained due to supply chain and port issues originally stemming from pandemic-era shutdowns.
“Our specialized test and measurement equipment serves demanding needs for the defense sector, government agencies, semiconductor test environment, and the satellite communications markets and this act will help address current sourcing risks and unlock longer-term business and educational investments for continued development and innovation serving our customers,” said Tim Whelan, CEO of Wireless Telecom Group.
New Jersey Manufacturing Extension Program (NJMEP) CEO John W. Kennedy echoed the sentiments, saying New Jersey was helping to lead the pack despite supply chain snarls over the past few years.
Boosting Manufacturing in the U.S.
“The world view on manufacturing and supply chain has changed drastically over the past several years, and certainly has applied more pressure on U.S. manufacturing to step up and compete. The Federal Government’s Manufacturing Extension Partnership has certainly done its part, and NJMEP has helped lead the way,” he said.
New Jersey Business and Industry Association (NJBIA) president and CEO Michele Siekerka said the law would provide an opportunity for New Jersey businesses to grow within the semiconductor industry.
“We have an amazing opportunity to continue and grow our historic path of innovation, which will result in more jobs and revenue for the state,” said Siekerka. “Through our Manufacturing Counts partnership with NJMEP, we will coordinate efforts and resources to see that New Jersey is a hub for semiconductor manufacturing so our state can lead the charge in providing intelligence to modern electronics, household machines and automobiles.”
Economic Relief, Security
James Brian Appleton, president of the New Jersey Coalition of Automotive Retailers, agreed the law would help with the production of automobiles across the nation.
“The new law comes 18 months into a microchip shortage that has crippled worldwide production and sent average motor vehicle transaction prices soaring. It will take time, but this legislation offers real hope for consumers that supply will soon catch up with demand and transaction prices will moderate,” he said.
Other voices offered there viewpoints on the legislation, as well:
- “It opens up profound opportunities for High School and College students while providing the support that industry needs in a way that will distinguish New Jersey as a national leader in education and in its workforce,” said Dr. Anthony J. Iacono, president of County College of Morris.
- “I’m thrilled personally and professionally to have help from the CHIPS and Science Act,” said Heidi Hemmer, SVP of Engineering at Verizon, during the roundtable. “When we bring manufacturing back to the states, we can use American resources to do research and development, working with local manufacturers to make sure that we have technology that is secure for New Jerseyans, and all Americans.”