Significance With the economy a central issue for many voters, Biden is stressing his administration’s focus on place-based economic development (PBED), an approach to shaping the economic landscape of a particular area by adding well-paying jobs through the attraction of next-generation technology development. Impacts Housing costs are lower in many of the areas being targeted for tech hubs, making them competitive in quality-of-life terms. Land costs for new installations can be lower, with former brownfield sites available for repurposing. Political considerations may drive initial investments in particular areas, but these may distort longer-term economic prospects.
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