President Joe Biden visited North Carolina-based semiconductor maker Wolfspeed’s Durham facility on Tuesday, his administration’s first stop in a manufacturing-focused tour of the country.
Following the tour, the president gave remarks touting several of the legislative feats that have enabled a host of domestic manufacturing projects. Wolfspeed, for example, is currently building a $5 billion factory in the state near its existing operations, which Biden called the largest manufacturing investment in North Carolina’s history.
“America is coming back. We’re determined to lead the world in [the] manufacturing of semiconductors,” the president said during his speech.
The president’s visit kicked off what the White House is calling an “Investing in America” tour, in which officials will visit over 20 states to showcase federal efforts to bolster U.S. manufacturing.
During his remarks, Biden credited the CHIPS and Science Act, alongside the Inflation Reduction Act, Bipartisan Infrastructure Law and the 2021 American Rescue Plan, with sparking more than $435 billion in U.S. manufacturing investments under his tenure.
The laws offer up billions in funding for manufacturing projects and jobs training in the country, as well as tax credits for clean energy resources and electric vehicles.
“Federal investment attracts private sector investment,” the president said. “It creates jobs and industries, and it demonstrates we’re all in this together.”
As of October, 696,000 manufacturing jobs had been added under the Biden administration, according to the Joint Economic Committee Democrats.
North Carolina has seen a flurry of manufacturing investment over the past year, particularly from EV-related companies.
Biden highlighted such investments, noting Vietnam-based automaker VinFast’s plans to spend $4 billion on an EV and battery plant in the state. The site will rely on chips produced by neighboring Wolfspeed.
“When the United States invests considerable resources in new industry, does it encourage businesses to get in the game or discourage them? And the answer is universal: It encourages business to get in the game,” Biden said.