The hope is to create more well-paying jobs across the nation and ensure the U.S. maintains dominance in key areas of tech innovation.
The U.S. government is seeking to turn metro areas in middle America into the next hot spots of tech innovation with an initial $500 million investment.
Gina Raimondo, U.S. secretary of commerce, during a "First Tool-In" ceremony at the Taiwan Semiconductor Manufacturing Co. facility under construction in Phoenix, Arizona, on Tuesday, Dec. 6, 2022.The U.S. government is seeking to turn metro areas in middle America into the next hot spots of tech innovation with an initial $500 million investment.
Congress authorized $10 billion for the program between fiscal years 2023 and 2027, of which $500 million is available to be distributed this year. Under the current funding opportunity, a total of $15 million in planning grants will be made available to applicants designated as Tech Hubs. Later this year, five to 10 designated Tech Hubs will be awarded grants of $50 million to $75 million each to help build out capacity in their region, according to a Department of Commerce official.
The hope is that the infusion of funds will help regions across the country become essential centers of innovation and create more well-paying jobs across a greater swath of the nation.
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