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2023 Brings in Record Investments and Funding Opportunities to Support American Competitiveness and Create Good-Paying Jobs

Thanks to President Biden’s Investing in America agenda, 2023 brought significant success to American workers and businesses, including the implementation of the $50 billion CHIPS for America Program to revitalize the U.S. position in semiconductor research, development, and manufacturing, a $42.45 billion investment to bring affordable, reliable high-speed Internet service to every home, business and school in America through the BEAD Program, and the historic designation of 31 Tech Hubs across the nation from $2.6 billion in funding from the Inflation Reduction Act for climate ready-coasts and communities. 

The U.S. Department of Commerce also announced grants of $1 billion to support coastal and climate resilience, $1.3 billion to close the digital divide, and the forty-three winners of the Capital Readiness Program grant competition, the largest investment to support minority and underserved businesses in Commerce’s history. Additional funding opportunities were announced this year to help create good-paying jobs for American workers by accelerating innovation, investing in minority and underserved businesses, and revitalizing the manufacturing industry.  

“In 2023, our focus was on implementing the transformative initiatives funded by the American Rescue Plan, the Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act. We have made major strides in our efforts to revitalize our nation’s semiconductor industry, bring affordable, high-speed internet to every American, rebuild communities that have been left behind, and empower America’s workforce with the tools and training they need to thrive in the modern economy,” said Secretary of Commerce Gina Raimondo. “I am excited about what’s to come in 2024. We have made significant progress, but there is more work to do to ensure we make the transformational changes needed to power America in the 21st century.” 
Top Commerce Department Program Highlights for 2023 

CHIPS for America:  The landmark 2022 bipartisan CHIPS and Science Act provided the Department of Commerce with $50 billion in funding to strengthen and revitalize the U.S. position in semiconductor research, development, and manufacturing—while also investing in American workers and create good-paying jobs. This year, the CHIPS for America program released two funding opportunities for manufacturing incentives, national security guardrails, and a vision for the National Semiconductor Technology Center, garnering more than 550 Statements of Interest from companies nationwide. In December, the CHIPS program moved into the next phase of implementation with the first announcement of preliminary terms to provide incentives for a key national security project in Nashua, New Hampshire.  

Internet for All: The Bipartisan Infrastructure Law provided $65 billion in funding to expand high-speed Internet access. These grant programs aim to make high-speed Internet affordable for all and promote digital equity. Through the Internet for All initiative, the National Telecommunications and Information Administration announced more than $1.3 billion in funding allocations this year for every state and territory—including Tribal lands—taking the next step to deliver affordable, reliable, high-speed Internet service to everyone in America.  

Indo-Pacific Economic Framework (IPEF): In May 2022, the United States launched the Indo-Pacific Economic Framework for Prosperity, or IPEF, with 13 partners across the Indo-Pacific. IPEF is comprised of four pillars, with Pillar I (Trade) led by USTR, Pillar II (Supply Chains), Pillar III (Clean Economy), and Pillar IV (Fair Economy) led by Commerce's International Trade Administration. The United States is an Indo-Pacific economic power, and expanding U.S. economic leadership in the region is good for American workers and businesses. In November of this year, the U.S. and the 13 other IPEF partners announced major outcomes from the negotiations, including the signing of the landmark Supply Chain Agreement and the substantial conclusion of the negotiations on a Clean Economy Agreement, Fair Economy Agreement, establishing a ministerial-level IPEF Council and Joint Commission. Completing these negotiations is a significant achievement in support of President Biden’s Indo-Pacific Strategy and U.S. consumers, workers, and businesses in the United States and throughout the region.  

Tech Hubs: President Biden and Secretary Raimondo are committed to accelerating innovations that grow the U.S. economy, protect our national security, and create good jobs. This year, as part of the CHIPS and Science Act of 2022, President Biden announced the designation of 31 Tech Hubs and 29 Strategy Development Grant recipients. The 31 Designated Tech Hubs will have the opportunity to compete for $500 million in implementation funding in the next phase of the Tech Hubs competition. Led by the U.S. Economic Development Administration, the Tech Hubs program helps regions supercharge their assets to expand a critical technology ecosystem and become a global leader over the next decade. These investments are expected to create an equitable and inclusive economy and jobs for American workers at all skill levels in regions across the country.   

Capital Readiness: In August, Vice President Kamala Harris announced the forty-three winners of the Capital Readiness Program (CRP) grant competition, the largest investment to support minority and underserved businesses in Commerce’s history. CRP expands the Minority Business Development Agency’s (MBDA) national network of grantees from 88 to 131 technical assistance and business development programs. The CRP is a milestone for the MBDA after its designation in November 2021 as a permanent federal agency through the Bipartisan Infrastructure Law.  

Coastal and Climate Resilience: Through the Biden-Harris Administration’s Investing in America Agenda, the National Oceanic and Atmospheric Administration (NOAA) has supported communities around the country with more than a billion dollars in Bipartisan Infrastructure Law and Inflation Reduction Act grants. These funds are being used to build a climate-ready nation, stimulate the development of new businesses to support climate resilience, improve equitable delivery of NOAA services, and upgrade NOAA infrastructure to include ships, planes, and laboratories. Grants are also being used to build resilience in coastal communities, improve fish habitats, remove marine debris, enhance infrastructure to help reduce flood risks, install green infrastructure to reduce stormwater flooring and develop a climate-ready workforce. 

The Department of Commerce’s mission is to create the conditions for economic growth and opportunity for all communities. Through its 13 bureaus, the Department works every day to drive U.S. economic competitiveness, strengthen domestic industry, and spur the growth of quality jobs in all communities across the country.