TAIPEI (Taiwan News) — The output from Taiwan’s semiconductor industry logged more than NT$4 trillion (US$143 billion) in value for 2021, the best performance ever.

The total production value of Taiwan's semiconductor sector reached NT$4.08 trillion, up 26.7% yearly. IC design registered NT$1.21 trillion, representing a significant 42.4% growth, according to a report by the Industrial Technology Research Institute (ITRI).

ITRI expects the momentum is likely to continue this year on the back of the robust demand for 5G applications and laptops. The semiconductor output for 2022 is estimated to surge to NT$4.8 trillion—a growth of 17.7%—driven by stellar performances in IC design, manufacturing, as well as packaging and testing, per CNA.

Amid the boom, Taiwan is experiencing an acute labor shortage in the strategically important industry. According to a survey released by 104 job bank on Wednesday (Feb. 16), a monthly shortfall of 34,000 was recorded on average for the fourth quarter of 2021, the highest in seven years.

Over the past decade, 47.5% of the applicants for semiconductor businesses had a master's or doctorate degree, and 58.1% of them came from engineering backgrounds, the survey found.

The government is working with leading universities to nurture talent for chipmaking businesses in a program that hopes to boost job prospects even for those not from electronics or engineering fields. Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest chipmaker, has sparked discussions after it was found to be recruiting a political economics expert amid heightened geopolitical risk.