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Department of Commerce’s EDA earmarks $504 million for Tech Hubs

EDA puts aside $504 million for tech hubs

The Department of Commerce’s Economic Development Administration (EDA) has earmarked $504 million to develop Tech Hubs.

According to a new release, the current administration has highlighted twelve sites as potential growth spots that could “strengthen U.S. economic and national security with investments in regions across the country.”

“Through the Tech Hubs program, we are maintaining our competitive edge by advancing America’s leadership in commercializing critical emerging tech sectors,” said U.S. Secretary of Commerce Gina Raimondo.

EDA puts aside $504 million for Tech Hubs

In August 2022, the CHIPS and Science Act of 2022 was proposed to “lower costs, create jobs, strengthen supply chains, and counter China.” Throughout 2023 and most of 2024, the U.S. has sought to reduce its reliance on outside technology and chip makers.

The Biden-Harris administration has offered lucrative backing to strengthen a national framework of chip supply. A $52 billion well of funding was presented to companies like AMD, Micron, and Nvidia, as well as smaller electronics and technology outfits.

Eight companies have already received $29.34 billion in funding, and they have built sites in major cities to promote jobs that create technology like artificial intelligence and elaborate computing devices.

Arizona, New Mexico, Oregon, Ohio, and Syracuse, New York, have all registered new locations to take advantage of the Chips Act funding.

Vice President Kamala Harris said, “These Tech Hubs will give regions across our nation the resources and opportunities necessary to lead in the economy of tomorrow while creating good-paying jobs for American workers.”

The current administration has pressured U.S. companies to cut their ties with China and wanted to impose increased tariffs on Asian imports. As we reported, President Biden was vocal in his argument against a reliance on Chinese steel.

The proposed tariffs would triple the bar set on Chinese imports, which could lead to a 25% increase for some materials and a change from 0% to 7.5% for others.

He said, “Steel is the backbone of the American economy and a bedrock of our national security. American steel fueled the country’s industrialization and helped build the middle class. American-made steel remains critical for our economic and national security.“

Image: Pixlr.


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