Investing in American Competitiveness: U.S. Department of Commerce Impact Report, January 2021 – January 2025

Excerpt:  “The investments that the Commerce Department has made over the last four years will continue to bear fruit over the next decade, but the positive results are already being realized. … Secretary Raimondo implemented a new industrial strategy and now, for the first time, Commerce is investing $50 billion alongside industry in semiconductor production and innovation. Because of her actions, the U.S. is now on track to go from producing 0% of the world’s leading-edge chips [in 2020] to 20% by 2030. … Second, an underinvestment in U.S. regions has led to increased inequality, preventing the U.S. economy from achieving its innovation potential. … For the first time in the Department’s history, Commerce is making investments with the required scale and scope in left-behind regions, building broadband infrastructure, and bolstering workforce training. … As technology like chips and AI become as important to defense as tanks and missiles, Commerce is playing a new leading role in national security, and ensuring American innovation isn’t exploited by its adversaries. … Under Secretary Raimondo’s leadership, Commerce adopted an all-of-Department approach to building a climate-ready nation by investing in community resilience and advanced clean energy development and accurately accounting for climate impacts in economic statistics.”