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1 1 (June 1, 2023)

handle is hein.crs/govelvg0001 and id is 1 raw text is: Congressional ____ ~ Research Service Economic Development Administration Announces Phase 1 of New Tech Hubs Program June 1, 2023 In reaction to concerns about widening socioeconomic and regional disparities, as well as the capacity of small, rural, and underserved communities to be competitive in the global economy, Congress expanded support for regional innovation policies. Through the CHIPS and Science Act (P.L. 117-167), Congress established the Regional Technology and Innovation Hubs (Tech Hubs) program, a place-based, technology-focused initiative, designed to facilitate economic growth, create jobs, and contribute to national competitiveness. Congress appropriated $500 million for the program in FY2023 (P.L. 117-328). For additional information, see CRS Report R47495, Regional Innovation: Federal Programs and Issues for Consideration. On May 12, the Economic Development Administration (EDA) released the first of two planned Notices of Funding Opportunity (NOFOs) for the Tech Hubs. This Insight provides an overview of the programand considerations for Congress. It does not cover application instructions, which are included in the NOFO. Program Overview and Structure According to the NOFO, the purpose of the Tech Hubs program is to strengthen U.S. economic and national security through place-based investments in regions with the assets, resources, capacity, and potential to become globally competitive Tech Hubs, within approximately ten years, in the technologies and industries of the future, and for those industries, companies, and the good jobs they create to start, grow, and remain in the United States. Many existing federal economic development programs focus on a single strategy (e.g., workforce, capital access, or infrastructure). In contrast, the Tech Hubs program is designed to support the development of a region's overall innovation ecosystem. EDA plans to administer two Tech Hubs funding awards: Congressional Research Service https://crsreports.congress.gov IN12170 CRS INSIGHT Prepared for Members and Committees of Congress

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