Chip industry is number one for US GDP

Chip industry is number one for US GDP
Tom Foremski
The US Semiconductor Industry Association (SIA) claims in a new report that the US chip industry is the number one contributor to the nation’s gross domestic product.
The SIA says that no other industry has done more for the US economy, employing more than 1.5 million people in 1996; offering an average annual wage of $54,900 twice the national average; growing three times faster than the overall economy between 1987 and 1996; and being indirectly responsible for the US high tech industry which employs 4.3 million people.
“Twenty years ago, I predicted that semiconductors would prove to be the crude oil of the Information Age,” said Jerry Sanders, Chairman of the SIA and CEO of Advanced Micro Devices.
The report was unveiled at a major press conference in Washington, D.C as the SIA steps up its efforts to lobby the US government for help in overcoming major challenges in funding ever more costly fabs and easing immigration laws to overcome a major skills shortage.


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