President Biden on Thursday hailed plans for Micron, an Idaho-based semiconductor chip producer, to speculate $15 billion to construct a brand new facility in Boise after the passage of bipartisan laws earlier this month.

“As we speak’s announcement by Micron is one other large win for America,” Biden mentioned, referencing current U.S. investments introduced by Toyota, Honda and Corning.

“In our future, we’ll make [electric vehicles], chips, fiber optics, and different crucial elements right here in America, and we could have an financial system constructed from the underside up and center out,” Biden mentioned.

Micron on Thursday morning introduced a roughly $15 billion funding via 2030 to construct a reminiscence manufacturing plant in Boise, the place the corporate is headquartered.

“This would be the first new reminiscence manufacturing fab constructed within the U.S. in 20 years, making certain home provide of modern reminiscence required for market segments like automotive and information middle, fueled by accelerating adoption of synthetic intelligence and 5G,” the corporate mentioned in a press release.

Micron mentioned the Boise manufacturing unit could be the primary of a number of deliberate investments after the passage of the CHIPS and Science Act, which handed with bipartisan help and consists of greater than $50 billion in incentives for producers to construct home semiconductor vegetation. It additionally consists of greater than $80 billion for the Nationwide Science Basis licensed over 5 years to help innovation and analysis.

Biden administration officers had for months warned of provide chain and nationwide safety dangers if Congress didn’t put money into home manufacturing of chips which are used to energy computer systems, vehicles and main residence home equipment, arguing the U.S. would turn out to be too reliant on China and others for the semiconductors.