21 Build Back Better Regional Challenge winners announced

In what is being heralded as one of the most impactful regional economic development initiatives in decades, 21 coalition winners — including three SSTI members as coalition leads — of the $1 billion Build Back Better Regional Challenge have been announced. Each of the awardees will receive between $25 million and $65 million to fund 123 projects designed to advance economies across 24 states. This investment, which will be matched by more than $300 million of local investment, is expected to create a regional economic strategy that is “greater than its parts,” according to the U.S. Economic Development Administration (EDA).

Funded by the American Rescue Plan, the winning proposals focus on rebuilding regional economies, promoting inclusive and equitable recovery, and creating good-paying jobs in industries such as clean energy, next-generation manufacturing, and biotechnology.

Each of the 21 coalitions names a team lead, and SSTI would like to congratulate its members including Empire State Development Corporation, Invest Nebraska Corporation and North Carolina Biotechnology Center, each of which will serve as a coalition lead, as well as the dozens of other SSTI members that are part of the projects outlined in the challenge’s winning proposals. The coalitions include employers, worker organizations, state and local governments, institutions of higher education, and community-based organizations.

The programs aims to boost recovery from the pandemic and rebuild communities, including those who have experienced decades of disinvestment. It will also invest in emerging industries, including five biotechnology and health clusters; four advanced mobility hubs, from autonomous and electric vehicles to advanced aerospace manufacturing; four clusters reinventing their natural resource and agricultural industries; four communities developing next-generation manufacturing clusters; three coalitions driving key segments of the clean energy economy; and, one multi-state Tribal coalition growing an Indigenous finance industry.

More details on each of the 21 funded coalitions can be found here.