A report from the Semiconductor Industry Association (SIA) estimates that the U.S. will triple its capacity for semiconductor manufacturing between 2022 and 2032. 

That time frame starts with the signing of the CHIPS and Science Act in August of 2022, which authorized $280 billion in federal funding for semiconductor manufacturing and research in the U.S. It included billions in manufacturing subsidies, tax credits, and workforce training, in an effort to reduce the nation's reliance on importing semiconductors from China and Southeast Asia. 

Read More: Will Passage of the CHIPS Act Resolve Supply Chain Issues?

The new study from the SIA released on May 8 projects that the U.S. will grow its manufacturing share of advanced logic chips found in products like smartphones and tablets to 28% of global capacity by 2032. Prior to the passage of the CHIPS Act, the U.S. had a 0% share. The SIA also forecasts a 203% increase in semiconductor fabrication capacity for the U.S. over that 10-year period, the most of any other country. 

“Effective policies, such as the CHIPS and Science Act, are spurring more investments in the U.S. semiconductor industry," SIA board chair Rich Templeton said. "These investments will help America grow its share of global semiconductor production and innovation, furthering economic growth and technological competitiveness." 

Most recently, the Biden administration announced $6.1 billion in grants to chipmaker Micron Technology on April 26 to build new semiconductor manufacturing hubs in New York and Idaho. Days before that, Samsung got $6.5 billion in federal funds for new semiconductor plants in Texas.