In 2023, the United States saw a surge in investment and funding opportunities that brought significant success to its businesses and workers. These investments played a crucial role in creating well-paid jobs and maintaining the competitiveness of American jobs.
According to a press release by the US Department of Commerce, a key focus of the Investing in America agenda was investment in semiconductor research and development. A total of $50 billion was allocated to the Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Program. This program was designed to assist with semiconductor manufacturing and strengthen America's position in this field. The CHIPS and Science Act, signed into law in 2022, has since attracted over 550 expressions of interest from companies nationwide seeking funding for their chip development centers. The Act also led to the designation of 31 Tech Hubs, each eligible to compete for $500 million in funding aimed at further advancing these Hubs. These hubs are intended to help regions expand their technological ecosystems and adapt to an increasingly technology-driven economy. This investment is expected to generate additional jobs for American workers across various skill levels and regions.
The press release also highlighted that The Bipartisan Infrastructure Law expanded high-speed internet access across the country. To achieve this goal, $65 billion was allocated, with the National Telecommunications and Information Administration announcing that each state and territory in the US would receive more than $1.3 billion to aid in providing affordable internet service.
"In 2023, our focus was on implementing the transformative initiatives funded by the American Rescue Plan, the Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act," said Secretary of Commerce Gina Raimondo. "We have made major strides in our efforts to revitalize our nation’s semiconductor industry, bring affordable, high-speed internet to every American, rebuild communities that have been left behind, and empower America’s workforce with the tools and training they need to thrive in the modern economy."
