Philadelphia was one of the 31 cities selected as a “Tech Hub” under President Biden’s CHIPS and Science Act. Federal funding is expected to flow into the region and help stimulate manufacturing in the medical technology field.
Coming off the heels of President Biden’s recent hydrogen hub announcement, the Philadelphia region secured another key investment from the Biden Administration on Monday.
The City of Brotherly Love and its surrounding metro area will become a regional Tech Hub funded through Biden’s CHIPS and Science Act, which is designed to assist in the domestic production of microchips and processors following the pandemic.
The Greater Philadelphia Precision Medicine Tech Hub will be led by the Ben Franklin Technology Partners of Southeastern PA and will focus on medical technology.
“I’m proud the Greater Philadelphia region has been recognized as one of just a few inaugural tech hubs around the country,” Gov. Josh Shapiro said in a statement. “This designation sends a clear message to the public and private sectors that Pennsylvania will continue to lead the way to find the next cure, save lives, and improve public health for all Americans.”
US Sen. Bob Casey (D-Pennsylvania), who was one of the main advocates for the CHIPS bill, called the Philadelphia Tech Hub a “transformative investment” that “will further cement Southeastern Pennsylvania as a national and global leader in medical innovation.”
“As a tech hub and a hydrogen hub, Philadelphia and the region are paving the way to our Nation’s economic future,” he added in his statement.
The CHIPS and Science Act set aside $10 billion to fund regional Tech Hubs throughout the country.
According to the Associated Press, funding for the Tech Hubs is distributed through the US Dept. of Commerce, and the department began an application process in May to distribute $500 million in grants.
Philadelphia was one of the 31 technology hubs announced by the Biden Administration on Monday. The hubs will span across 32 states and Puerto Rico to help spur innovation and create jobs in those manufacturing industries.
A release by Casey’s office described the Tech Hubs program as an economic development initiative aimed at accelerating growth in technology sectors and the high-paying jobs that come with it in cities and communities across the country.
“These Tech Hubs will catalyze investment in technologies critical to economic growth, national security, and job creation, and will help communities across the country become centers of innovation critical to American competitiveness,” the White House said Monday in an emailed statement.
Daniel Bauder, who is President of the Philadelphia AFL-CIO, praised Monday’s announcement.
“Our region is filled with robust and skillful workers in all industries whose work is second to none. This designation is a tribute to the labor this region’s workers do daily,” Bauder said. “The Greater Philadelphia Region Precision Medicine Tech Hub has the opportunity to bring numerous well-paying, family-sustaining jobs to the region.”
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