ALBANY, N.Y. (NEWS10) — Semiconductor chips are integral to our everyday life, from cars to refrigerators. A bill recently passed through Congress could make Albany a leader in manufacturing this vital technology.

“The bill is going to build more chip fabs here in the U.S., and Upstate New York is well-situated to become a leader, if not the leader in the new chip fabs,” said U.S. Senator Chuck Schumer at a press conference Monday.

Schumer said by the end of the year, the U.S. Department of Commerce will choose where the center of American chip manufacturing will be.

“This money is going to get out very quickly, because we know, this is sort of a race with China,” Schumer said.

Albany Nanotech Complex, according to Schumer, faces some competition from private companies, but he believes the union of private industry, university, and government puts Albany Nano in the lead for becoming the headquarters of the National Semiconductor Technology Center (NSTC).

Peter Benyon, Vice President of the semiconductor manufacturer GlobalFoundries’ fab in Saratoga County, says the demand for chips continues to grow. It’s just a matter of being competitive with other countries.

“We’re already spending over a billion dollars to add capacity at fab 8 here in upstate New York, and chips funding would help accelerate significant additional expansion, and help GF prioritize further investments in Malta,” Benyon said.

The CHIPS and science bill includes $39 billion to provide federal incentives to build and expand domestic chip facilities, $11 billion to create the NSTC, and $13 billion to build the STEM workforce.

“The unique semiconductor innovation ecosystem here at Albany Nanotech will not only play a central role in unlocking new chip technology breakthroughs, it exemplifies how this legislation will catalyze economic opportunity and create well-paying, high-tech jobs nationwide,” said Darío Gil, IBM Senior Vice President & Director of Research.

“The legislation passed last week represents a generational investment in American innovation, job creation and economic development, and re-establishing global leadership in technology,” said David Anderson, President of NY CREATES.