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Business FinanceBiden-Harris Administration Awards $40 Million to NY SMART I-Corridor Tech Hub to Strengthen U.S. Semiconductor Manufacturing
Biden-Harris Administration Awards $40 Million to NY SMART I-Corridor Tech Hub to Strengthen U.S. Semiconductor Manufacturing
Investment in New York Tech Hub Boosts America's Global Leadership in Critical Technologies
The Biden-Harris Administration, through the U.S. Department of Commerce's Economic Development Administration (EDA), has announced a significant investment of approximately $40 million in the NY SMART I-Corridor Tech Hub. Led by the CenterState Corporation for Economic Opportunity, this consortium aims to enhance the region's capacity in end-to-end semiconductor manufacturing, positioning it as a global leader in critical technologies. This funding is part of the Tech Hubs Program, a flagship initiative designed to advance U.S. leadership in key industries and foster economic growth in underserved communities.
Expanding Semiconductor Manufacturing and Delivery:
The NY SMART I-Corridor Tech Hub will utilize the awarded funds to implement four projects that will strengthen the region's ability to scale up the production and delivery of critical technologies. One of these projects involves establishing a supply chain network that expands the capacity of existing and potential suppliers through scaling manufacturing support. This initiative will contribute to reducing reliance on foreign semiconductor manufacturing and enhancing U.S. supply chain independence.
Workforce Development and Upskilling:
To address the critical gaps in the workforce, the consortium will focus on upskilling, hiring, and retention of predominantly middle-skilled positions in semiconductor-specific roles. Workforce development programs will be implemented to ensure a skilled talent pool capable of meeting the demands of the semiconductor industry. This investment will create high-quality, family-sustaining jobs and provide economic opportunities for historically underserved communities.
Promoting Research and Innovation:
Access to regional semiconductor research and development assets is crucial for stimulating innovation in semiconductor manufacturing. The NY SMART I-Corridor Tech Hub will facilitate collaboration across research institutions, fostering the exchange of knowledge and ideas. This integration of consortium-wide strategy support will ensure effective stakeholder engagement, industry participation, and equitable distribution of impact funding.
"Every American deserves the opportunity to thrive, no matter where they live. Today's announcement that the Department of Commerce is investing $504 million in Regional Technology and Innovation Hubs across the country will ensure that the benefits of the industries of the future – from artificial intelligence and clean energy, to biotechnology and more – are shared with communities that have been overlooked for far too long, including rural, Tribal, industrial, and disadvantaged communities."
The Biden-Harris Administration's investment in the NY SMART I-Corridor Tech Hub is a significant step towards strengthening U.S. leadership in semiconductor manufacturing. By supporting the expansion of the region's capacity, promoting workforce development, and fostering research and innovation, this initiative will create a globally leading semiconductor cluster. The funding not only bolsters America's competitiveness but also brings economic opportunities and prosperity to underserved communities. With the Tech Hubs Program, the Biden-Harris Administration is ensuring that the benefits of critical technologies are shared across the nation, creating a more inclusive and prosperous future for all Americans.
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