Microchip Technology has announced an $880 million expansion to its Colorado Springs manufacturing facility, where it will expand its Silicon Carbide and Silicon technologies.
The Colorado Springs Chamber & EDC made the announcement with Microchip at a ceremony Downtown this morning (Feb. 17). The silicon technologies giant was approved for state and local incentives of about $47 million for the expansion.
At the announcement, Mayor John Suthers said Microchip’s investment will grow the local economy by an annual average of $144 million, adding 418 additional direct jobs with an average wage of $72,000 — which exceeds the current average county wage by about $12,000.
“I am particularly excited to see us return to our high tech industrial roots,” Suthers said. “We are becoming Silicon Mountain once again.”
Founded in 1989, Microchip has 22,000 employees worldwide and 21 manufacturing locations, half of which are in the United States.
The Chamber & EDC worked with Colorado’s Office of Economic Development and International Trade, Colorado Springs City Council and Colorado Springs Utilities to secure the expansion.
OEDIT Executive Director Eve Lieberman said Microchip’s Colorado Springs expansion “falls in line with both state and national priorities to grow and develop a domestic semiconductors ecosystem.”
A world leader in smart, connected and secure embedded technologies, Microchip has over 120,000 customers across industry, aerospace and defense.
Editor’s note: This breaking story will be updated.