The Biden-Harris Administration, via the Economic Development Administration (EDA) of the US Department of Commerce, has announced approximately $504 million in implementation grants for 12 regional Technology and Innovation Hubs (Tech Hubs). The funds aim to expand the production and delivery of critical technologies, strengthen America’s economic competitiveness and national security, and accelerate the growth of future industries across the country.
The Tech Hubs Program is a key initiative of President Biden’s administration to invest in and grow the economies of communities nationwide. It’s focused on promoting America’s global leadership in critical technologies and strengthening national security and economic stability. Vice President Kamala Harris underscored the program’s commitment to ensuring that the benefits of future industries, like artificial intelligence, clean energy, biotechnology, and more, are shared across often overlooked communities, including rural, tribal, industrial, and disadvantaged ones.
With the Tech Hubs program, the US aims to maintain its competitive edge by promoting leadership in commercializing critical emerging technology sectors. The program taps into diverse talents and resources from across the country to achieve this goal, according to US Commerce Secretary, Gina Raimondo. President Biden’s commitment to his Investing in America agenda is expected to play a significant role in accelerating America’s leadership in future industries while creating high-quality family-sustaining jobs.
President Biden announced the selection of 31 Tech Hub Designates in October 2023. The EDA has selected projects to fund in each of the 12 Tech Hubs, and grant amounts will be finalized in the coming months. The Tech Hubs program was authorized by the Bipartisan CHIPS and Science Act, a key part of President Biden’s Investing in America agenda, enacted in August 2022. The statute authorized 10 billion dollars for the program over five years. To date, EDA has been allocated $541 million for the program.
Alejandra Y. Castillo, Assistant Secretary of Commerce for Economic Development, expressed that the designated Tech Hubs embody the best economic development strategies, combining federal resources with regional assets, expertise, and coalitions to implement transformation opportunities. She also emphasized that the initial round of implementation funding supports an array of new jobs, technologies, and an energized approach to strengthening America’s competitiveness.
For more information about the Tech Hubs program, visit TechHubs.gov. EDA’s mission is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the global economy.
