Over the coming months and years, the Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act will make more than $50 billion available to re-shore semiconductor manufacturing and invest in the future of semiconductor technology and the workforce that supports it. According to the Semiconductor Industry Association, the industry faces a significant shortage of qualified individuals to fill the estimated 42,000 new semiconductor jobs created by projects announced since May 2020. The U.S. Department of Commerce’s objective for the semiconductor industry is to recruit, train, hire, retain, and upskill 100,000 diverse fabrication facility workers over the next 10 years. Large-scale investments in a diverse workforce are pivotal to achieving the vision of the CHIPS Act, yet less than 25% of available funding is currently dedicated to workforce development.
Social Finance welcomes the opportunity to collaborate with stakeholders across the public, private, and social sectors to develop outcomes-based workforce development funding models that build robust, diverse talent pipelines and meet industry needs in collaboration with employers, higher education and training providers, and other key strategic partners.
We can leverage CHIPS financial assistance to develop outcomes-based workforce development funding models that enable employers to stretch CHIPS funds further; develop regional, cross-sector workforce strategies; embed childcare supports; and ultimately build a robust, diverse talent pipeline that meets current and future employer needs.
Through innovative, employer-repaid workforce development funding models, training providers can partner with employers to expand access to high-quality programs; train, upskill, and recruit a diverse student population for employment in high-demand semiconductor manufacturing roles; and provide supportive services enabling students to succeed.
![Worker in a microchip production factory](https://socialfinance.org/wp-content/uploads/2023/03/AdobeStock_123673028-scaled-e1679675070524-1000x1000.jpeg")
Connect with our team to learn how we can support your CHIPS application. Please contact Andrew Chen, Vice President, Impact Investing, Sandra Salstrom, Vice President, Government Relations, or Jake Segal, Vice President, Head of Impact Advisory & Public Sector Practice.
