The Biden-Harris Administration, in partnership with the U.S. Department of Commerce’s Economic Development Administration (EDA), has unveiled a funding round of around $504 million for 12 Tech Hubs across the United States. These grants aim to boost the production of critical technologies, generate jobs in innovative sectors, enhance U.S. economic competitiveness and national security, and speed up the growth of future industries in various regions of the country. Vice President Kamala Harris emphasized the importance of ensuring that underrepresented communities benefit from the industries of the future, such as artificial intelligence, clean energy, and biotechnology, by distributing the benefits of these advancements to overlooked areas.
This Tech Hubs Program spearheaded by President Biden’s Administration is a significant initiative geared towards investing in communities nationwide to drive economic growth and strengthen America’s global leadership in crucial technologies. The implementation grants awarded to the Tech Hubs will enable regions across the nation to take the lead in shaping the economy of tomorrow while offering quality jobs to American workers. Through strategic investments in emerging tech sectors and harnessing existing talent and resources, the U.S. Department of Commerce aims to maintain the country’s competitive edge and bolster its leadership in key industries of the future, aligning with President Biden’s commitment to advancing America’s prosperity and success.
Deputy Commerce Secretary Don Graves highlighted the program’s dedication to expanding economic opportunities across the United States, fostering innovation, and boosting U.S. manufacturing capabilities and global competitiveness. The continued growth and success of the Tech Hubs program, as mandated by the bipartisan CHIPS and Science Act, demonstrate a collaborative approach to economic development, leveraging federal resources with regional expertise to usher in transformative opportunities. With additional funding possibilities on the horizon, the program is poised to sustain its momentum and drive long-term impact for years to come.
