2023-10-23 19:34:41
The Biden administration on Monday named 31 US regional technology hubs from 370 applicants, which will allow them to benefit from $500 million in federal funding to spur innovation in various sectors.
President Joe Biden’s “industrial policy” uses federal money to finance promising growth sectors, such as electric vehicle battery production, semiconductors and clean energy, to attract more workers. private sector investments.
“The United States will once once more become the world leader in innovation in every field,” Mr. Biden said at a White House event to announce the decision.
The new program aims to extend the benefits of the growth of the technology sector beyond traditional hubs, from California’s Silicon Valley to Boston, said Commerce Secretary Gina Raimondo.
“These tech ecosystems are concentrated in a few places in the country,” she told reporters. “They don’t reflect the full potential of our country. … They don’t corner the market on big ideas.”
The Biden administration announced this month that seven “hydrogen hubs” in 16 states would share $7 billion to revive the emerging industry.
Designated regional technology centers are in cities from Baltimore, Maryland to Birmingham, Alabama and beyond, and focus on critical minerals, biotechnology, artificial intelligence and quantum computing, among other areas .
“People shouldn’t have to move to find a good job,” Mr. Raimondo said, noting that many centers are in small towns.
A hub in Washington state and Idaho will focus on developing new materials for more fuel-efficient next-generation aircraft, while a hub in Oklahoma will seek to commercialize autonomous systems in areas such as agriculture and oil and gas pipeline inspection. A Wisconsin program aims to develop personalized medicine.
Designating clusters does not guarantee receipt of federal funding. Ms. Raimondo said the administration plans to give five to 10 of the 31 tech hubs next year up to $75 million each.
Congress approved $500 million for the program in August 2022 as part of the landmark Chips and Science Act that provides $52 billion for U.S. semiconductor production and research to better compete China.
This year, Joe Biden asked Congress to release $4 billion to finance other regional technology hubs. Congress has not yet approved a budget for the current fiscal year.
Voters place the economy and inflation at the top of their concerns. Mr. Biden, a Democrat whose approval rating is 40%, is seeking another four-year term in the 2024 presidential election. Economists polled by Archyde.com expect Thursday’s data to show that U.S. production grew at an inflation-adjusted rate of 4.3% in the third quarter. (Reporting by David Shepardson; Additional reporting by Steve Holland and Trevor Hunnicutt; Writing by Trevor Hunnicutt; Editing by Jamie Freed and Jonathan Oatis)
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