PORTLAND, Ore. (KOIN) — Oregon is one of the nation’s leaders in microchip manufacturing, but officials and business leaders say that title could be under threat.

On Monday at a leadership summit, a call to action was presented to keep those businesses and jobs in Oregon’s silicon forest.

The federal government is dangling billions of dollars to spark a microchip and semiconductor manufacturing boom and Oregon has just two months to get the state’s incentives ready to go or risk losing the industry to other states.

“We as Oregon have the right to win based on our history,” said Sue Richards with HP.

Fifteen percent of the nation’s semiconductors or microchips are produced in Oregon.

“There are 49 other states that want to into the advantages that we have in Oregon,” said Maria Pope with Portland General Electric.

But money from the federal government threatens to take a bite out of the state’s standing, with more than $50 billion on the line to bring the industry back into the U.S.

“We really need as a state to act with urgency,” Richards said.

Rep. Janelle Bynum (D-Clackamas) said she and other lawmakers are working on incentive packages around research and development tax credits, bolstering the workforce pipeline and making sure land is available.

Bynum also said this opportunity is a “labor of love” for her. Outside of the legislature, she is an electrical engineer who hasn’t been able to get back into the industry since the “Silicon Forest dried up in the early 2000s.” She hopes the incentive packages can provide a strong future for the next generation and the solutions have bipartisan support.”

“We’re just charging forward doing the very best we can to put forward a competitive package when the chips act funds roll down,” Bynum said.

“There’s not a single site in the whole state of Oregon with 1,000 acres of Oregon to build microprocessor facilities such as what Intel planned,” added Rep. James Hieb (R-Canby).

Bynum is confident the packages will be ready when the federal government starts the process in February when Senator Ron Wyden says the competition becomes clear. Wyden called on the state to do better in supporting the industry.

“There are people in New York trying to take the lead here. There are people in Texas that are trying to take lead here. There are people in California trying to take the lead here. The days are over where we take the back seat to any of them, we’re going to out-compete all of them in the days ahead,” he said.

Governor-elect Tina Kotek responded in her speech saying she is “all in.”