The Department of Commerce's Economic Development Administration (EDA) has unveiled a significant boost to its Tech Hub initiative, allocating $210 million in implementation grants to six newly designated centers of excellence. This latest round of funding, stemming from a recent Congressional appropriation, brings the total investment in the program to over $700 million, supporting 18 hubs focused on developing industries and jobs of the future.
In October 2023, the Biden administration initially designated 31 tech hubs across the nation. The six markets receiving the latest grants, ranging from $22 million to $48 million, are first-time recipients of implementation funds. Each hub has demonstrated a compelling case for targeted investment to advance critical technologies crucial to American economic and national security, according to a Commerce Department statement.
This new wave of awards is made possible by fresh appropriations from the Fiscal Year 2025 National Defense Authorization Act (NDAA). The NDAA includes a provision that could potentially inject up to $280 million in additional funding into the Tech Hubs program over the coming years, further solidifying the government's commitment to technological innovation and economic growth.
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