It’s been a year since President Joe Biden signed the bipartisan $280 billion CHIPS and Science Act to boost the domestic production of semiconductors.

Semiconductors, or chips, are tiny electronic devices that power everything from light switches to vehicles to smartphones. 

The goal of the law is to create more of these vital components in the U.S., to better compete with countries like China, creating many jobs in the process. It also is intended to bring down prices in the U.S.

Since the bill was signed there’s been $166 billion in new spending on manufacturing plants and other investments, according to the Department of Commerce

“We’ve received more than 500 statements from interest from companies that want to participate,” said Secretary of Commerce Gina Raimondo, who was testifying before a congressional committee Tuesday.

Numerous companies have recently made investments in semiconductors, including Intel in Ohio and Samsung in Texas.

In North Carolina, Wolfspeed announced a $5 billion manufacturing plant to produce silicon carbide wafers, which have emerged as a favored part for renewable energy products.

Construction of Wolfspeed’s factory in Chatham County has started, and manufacturing is expected to begin late next year, according to Wolfspeed.

The company said it plans to create 1,800 jobs, and it’s likely to benefit financially from the CHIPS Act.

“The passage of the CHIPS and Science Act was critical in re-energizing the U.S. semiconductor production and maintaining America’s technological global competitiveness,” Democratic U.S. Rep. Deborah Ross said.

Another piece of the legislation is focused on scientific research.

The Semiconductor Industry Association expects more than half of the industry jobs created by 2030 are at risk of going unfulfilled.

It’s one reason Wolfspeed and N.C. A&T intend to apply for CHIPS Act funding to build a new research and development facility on campus to train workers.

“We’ve been speaking to a lot of these industries and companies, and we’ve been trying to help, learn from them what knowledge, skills and abilities are needed in the kids who are trained by us, so they can be placed in these companies,” N.C. A&T associate professor Shyam Aravamudhan said.

It’s a race to train as the U.S. looks to compete and companies look to hire.