Shipment value of the Taiwanese semiconductor industry is projected to outperform the global average and reach NT$2.26 trillion (US$71.3 billion; US$1 = NT$31.7) this year, advancing 6.7% against 2015, according to MIC (Market Intelligence & Consulting Institute), a Taipei-based IT research institute. In particular, the Taiwanese IC design industry's shipment value is expected to expand by 11.3% year on year to around NT$574.6 billion (US$18.1 billion) in 2016. Looking ahead to 2017, MIC forecast that the Taiwanese semiconductor industry will log a new high in shipment value at NT$2.4 trillion (US$75.7 billion), up 6.1% year on year, thanks to a flatter decline in the global PC demand, slight growth in smartphones, and the launch of new production capacities.