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White House proposes robust innovation funding for FY 2024 and beyond

March 09, 2023

The White House released the President’s Budget for FY 2024 today, and the administration is making a strong statement of support for science, technology, innovation and entrepreneurship. Highlights from the request include more than $4 billion for the Economic Development Administration (EDA) Regional Technology and Innovation Hubs, $300 million for the National Science Foundation (NSF) Regional Innovation Engines, $277 million for the National Institute of Standards and Technology (NIST) Manufacturing Extension Partnership, and a total of $30 million for the three primary Small Business Administration (SBA) innovation programs. Congress is not likely to adopt the president’s budget as-is, but the proposal may factor into the negotiations throughout the appropriations process. More information on the president’s budget is available below.

Note: These items are highlights from the President’s Budget for FY 2024, which does not include information about every initiative that will be appropriated. This level of detail is usually available in the agency-specific congressional budget justification documents, which are expected next week.

Department of Commerce

  • NIST Manufacturing Extension Partnership Program - $277 million
  • NIST Manufacturing USA - $98 million
  • EDA Regional Technology and Innovation Hubs - $4 billion in mandatory funding over eight years and $50 million in FY 2024 discretionary funding
  • EDA Recompete Pilot Program - $200 million
  • EDA Good Jobs Challenge - $100 million
  • EDA Indigenous Communities - $20 million
  • Minority Business Development Agency - $110 million

National Science Foundation

  • Total funding - $11.3 billion
  • Regional Innovation Engines - $300 million (part of $1.2 billion proposed for the Directorate for Technology, Innovation and Partnerships)

Small Business Administration

  • Funding for Federal and State Technology Partnership (FAST), Regional Innovation Clusters and Growth Accelerator Fund Competition - $30 million

Department of Energy

  • Office of Science - $8.8 billion, including $1 billion to accelerate the use of fusion and $35 million for a new laboratory to be located at a Minority Serving Institution
  • Global Clean Energy Manufacturing initiative with the Office of Manufacturing and Energy Supply Chains - $75 million

Department of Health and Human Services

  • ARPA-H - $2.5 billion
federal budget, fy24budget