Biden tech centers intend to increase financial investment throughout U.S.

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Biden tech hubs aim to boost investment across U.S.

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President Joe Biden strolls to the podium throughout an occasion on the economy in the South Court Auditorium of the Eisenhower Executive Office Building on the White House complex, Monday,Oct 23, 2023.

Jacquelyn Martin|AP

WASHINGTON–The Biden administration on Monday called 31 areas covering 32 states and Puerto Rico as innovation centers, a relocation by the White House to stimulate personal financial investment and produce tasks.

President Joe Biden revealed the program along with Commerce Secretary GinaRaimondo The development of the tech centers was licensed through the CHIPS and Science Act, which Biden signed into law in 2015. Raimondo in May revealed the launch of the tech center program with the objective of distributing $500 million in grants.

“Over the past few decades these communities have lost more than jobs. They lost their sense of dignity, of opportunity, their sense of pride,” Biden stated. “We’re going to change all that. Tech hubs are going to bring this work to where people live in communities all across America.”

The objective is to spread out technological development throughout the nation instead of have it focused mostly in cities like San Francisco, New York, Boston and Austin.

The centers are concentrated on promoting development throughout markets consisting of tidy energy, expert system, semiconductors, biotechnology, medication, quantum computing and vital minerals. Regions picked for the centers cover the whole U.S. and consist of Oklahoma, Massachusetts, Colorado, Ohio, South Carolina, Washington, Alabama and Pennsylvania.

“These tech hubs will be transformational and they’re a part of a long line of transformational investment we’ve made since I took office,” Biden stated. “And as a result, I truly believe this country is about to take off, because for the first time in a long time we’re investing in America and we’re investing in the American people. We’re investing in our future.”

The areas picked for the program were selected from over 370 applications throughout 49 states and 4 areas, according to the WhiteHouse Nearly 75% of the centers are focused in little neighborhoods and backwoods and more than 75% supporting what the White House considers “historically underserved communities.”

Designees have the ability to get as much as $75 million in federal financing, however since just $500 million was designated by Congress, most will not get a grant.