White House Designates 31 Emerging Tech Hubs

The White House has designated 31 technology centers in 32 states and Puerto Rico authorized by the CHIPS and SCIENCE Act, which was signed into law in August 2022. Each center can apply for between $40 million and $70 million to implement, for a total of about 500 million dollars.

The announcement is the first phase of the new Tech Hub program , an economic development initiative designed to strengthen the region's ability to produce, commercialize and distribute technology, the White House said.

The program invests directly in high-potential regions of the United States, representing both urban and rural areas. Ten centers are divided between two and four provinces. Some states have more than one center.

Each center focuses on specific aspects of technology; safe and efficient automation systems; quantum boundary maintenance; Promotion of biotechnology; Energy transfer. Critical Minerals Supply Chain; Manufacturing of semiconductors; and material production.

The ultimate goal is to create a natural phenomenon in several regions of the country, such as the 128 and 495 loops around Boston, Silicon Valley and North Carolina's Research Triangle.

However, each of the technology centers was the product of university resources and research output, professors and graduate students, intermediary companies, and a naturally growing educated and specialized workforce. Even with federal funding, it is unclear whether the same results can be achieved artificially.

However, developers may put these 31 centers on a watch list, according to a recent report from Moody's, which suggests that the office dynamics of new tech centers differ from office dynamics in big cities like San Francisco . " While established tech giants saw job openings rise 20 basis points (bps) this year, emerging tech markets saw an average decline of 70 bps," Moody's said.

President Biden emphasized how his Bidenomics program will stimulate the economy