Hoosier State Today

The CHIPS and Science Act is poised to bring significant economic benefits to Indiana, according to Senator Todd Young (R-Ind.). In a column originally published in the Indianapolis Star, Young highlighted the potential for job creation and economic growth tied to the legislation.

Young emphasized the importance of reshoring semiconductor production for both economic stability and national security. He noted that since the bill's enactment two years ago, $450 billion in private sector investment has been announced nationwide, resulting in an estimated 56,000 jobs. This includes new opportunities at the SK hynix facility in West Lafayette and several defense-related chip projects in Southern Indiana near Crane.

"The 'CHIPS' portion of this law may provide the sizzle, but the 'and Science' components are the steak," Young stated. He underscored that federal support for research and development (R&D) has declined over recent decades, dropping from nearly 2% of GDP during the Cold War era to just 0.6% today.

Young warned that continued neglect of emerging technology research could allow China to surpass the U.S., impacting both economic and military security. The CHIPS and Science Act aims to address this by funding regional technology hubs across diverse geographic areas rather than concentrating resources on coastal regions.

Indiana stands out as a key player in this initiative due to its strong research institutions such as Purdue University, Indiana University, and Notre Dame; private companies like Lilly, Corteva, and Elanco; and nonprofit organizations including Applied Research Institute, BioCrossroads, and AgriNovis. These entities are aligned towards creating high-paying jobs in biotechnology and life sciences.

Earlier this month, Indiana's Heartland BioWorks received a $51 million award from the Department of Commerce as part of a competitive program created by the legislation. This award is expected to stimulate $2.6 billion in additional economic output over a decade and create approximately 9,000 new jobs.

Reflecting on historical precedents set during the Cold War when heavy investment in science led to numerous innovations such as the internet and hepatitis vaccines, Young expressed optimism about future advancements spurred by current R&D efforts underpinned by federal support.

"Thanks to the CHIPS and Science Act," he concluded, "Indiana will help lead the way."