What just happened? Micron Technology has announced plans to build the largest semiconductor fabrication facility in the US. The new megafab will be constructed in Clay, a town just outside of Syracuse in Upstate New York. Micron will invest up to $100 billion into the project over the next 20-plus years, with the first $20 billion injection coming by the end of this decade.

Micron said the project represents the largest private investment in the history of New York state.

The American memory maker will start prepping the site in 2023 and begin construction the following year. Ultimately, the project will create nearly 50,000 jobs for New Yorkers including around 9,000 high-paying positions at Micron.

Micron expects the megafab to help it reach its goal of increasing American-made leading-edge DRAM production to 40 percent of its global output over the next 10 years.

Micron President and CEO Sanjay Mehrotra said the facility will strengthen US technology leadership and boost both economic and national security.

The memory maker said it selected the site based on several factors including its proximity to higher education institutions and access to a significant military population that aligns with its commitment to hiring veterans. The region also affords reliable access to water and power, and an affordable cost of living should go a long way to attracting future employees and their families.

Also key in Micron's decision was the CHIPS and Science Act, the recently passed legislation designed to boost domestic semiconductor manufacturing. Micron will receive $5.5 billion in incentives from the state over the life of the project in addition to grants and tax credits from the federal statute.

Senate Majority Leader Charles Schumer of New York said that without the CHIPS and Science Act, Micron would have decided to build the fab overseas.

Micron and the state of New York are also investing $500 million in community and workforce development to prepare and expand the local workforce. The money will be used for housing, workforce training and education programs, we're told.