ABSTRACT

Innovative Technologies in Manufacturing: Commerce Has No Plans to Implement the Program   [open pdf - 315KB]

From the Document: "Manufacturing plays a key role in the U.S. economy as a source of economic growth, high-paying jobs, and technological innovation. In 2020, U.S. manufacturing accounted for $2.3 trillion in economic activity, or 10.8 percent of the gross domestic product, and employed approximately 12.2 million workers, or about 9.4 percent of the U.S. workforce. In addition, manufacturing and the development of innovative products and processes are important drivers for U.S. competitiveness in the global economy. The United States is one of the 10 largest countries in terms of manufacturing output, but its manufacturing sector's growth has slowed. Furthermore, the Coronavirus Disease 2019 (COVID-19) pandemic has highlighted the nation's reliance on foreign sources for critical manufactured goods and the need for a more resilient domestic manufacturing base. To invest in innovative manufactured goods and processes, improve U.S. competitiveness, and help address the capital needs of U.S. manufacturers, the America Creating Opportunities to Meaningfully Promote Excellence in Technology, Education, and Science (COMPETES) Reauthorization Act of 2010 directed the Secretary of the Department of Commerce (Commerce) to establish the Federal Loan Guarantees for Innovative Technologies in Manufacturing (ITM) program. [...] The America COMPETES Reauthorization Act of 2010 directed GAO [Government Accountability Office] to conduct a biennial review of the execution of the ITM program and submit a report to Congress. We have issued four reports pursuant to this provision. This fifth report addresses Commerce's efforts to implement the ITM program since our January 2020 report."

Report Number:
GAO-22-105512
Publisher:
Date:
2022-01-27
Copyright:
Public Domain
Retrieved From:
Government Accountability Office: http://www.gao.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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