President Biden and Secretary of Commerce Gina Raimondo have announced the designation of 31 communities across the United States as Regional Innovation and Technology Hubs (Tech Hubs) through the Department of Commerce Economic Development Administration. In order to keep the United States competitive, it is essential that communities become incubators of the kinds of technological innovation that drive economic growth, national security, and job creation. President Biden's plan to expand the economy from the middle out and the bottom up includes the CHIPS and Science Act, which provided funding for the initiative.
Each of the 31 Tech Hubs is dedicated to fostering the growth of a certain innovative industry across the United States. These industries range from semiconductors and clean energy to biotechnology and precision medicine to artificial intelligence and quantum computing. To further advance these fields and make transformative investments in innovation, supply chain resilience, and job creation, they bring together private industry, state and local governments, institutions of higher education, labor unions, Tribal communities, and non-profit organizations to compete for up to $75 million in implementation grants.
Strategic public investments under President Biden's Investing in America plan have leveraged private sector support in crucial sectors that drive American competitiveness. More than $500 billion in renewable energy and industrial investments have been disclosed by private companies since Vice President Biden assumed office, and all of these investments are reflected by the Tech Hubs that were unveiled today. $230 billion will go into semiconductor production, $140 billion will go toward electric vehicle and battery production, and $20 billion will go toward biomanufacturing, all as part of the clean energy and manufacturing expenditures.
Winners of the Tech Hubs competition were chosen from more than 370 applications from all 50 states and 4 territories, demonstrating the breadth and depth of American diversity. Nearly three-quarters will have a substantial impact on small and rural areas, and more than three-quarters will directly support historically underserved populations, bringing the advantages and possibilities of scientific and technology innovation to communities across the country.
