Commerce at a Glance: February 28, 2022

The Latest News

Department of Commerce Invites Applicants to the 2022-2025 U.S.-Brazil CEO Forum Term

On February 18, 2022, the Department of Commerce published a Federal Register notice seeking applications to join the U.S. Section of the U.S.-Brazil CEO Forum for the 2022-2025 term. The application period will be open until April 1, 2022, and will seek to fill up to twelve (12) positions.

Commerce Department Awards $54 Million in American Rescue Act Grants to Increase Access to Advanced Manufacturing Opportunities

The U.S. Department of Commerce’s National Institute of Standards and Technology (NIST) has awarded nearly $54 million in grants for 13 high-impact projects for research, development and testbeds for pandemic response. The funding, which was provided by the American Rescue Act, will support projects at eight manufacturing innovation institutes in the Manufacturing USA® network, working with more 80 partners including leading research universities, nonprofits, and small and large manufacturers.

Department of Commerce’s NTIA Awards $277M in Grants to Expand Broadband Infrastructure

The Department of Commerce’s National Telecommunications and Information Administration (NTIA) announced it has awarded 13 grants as part of the Broadband Infrastructure Program. These grants, totaling more than $277 million, will be used to connect more than 133,000 unserved households.

Commerce Implements Sweeping Restrictions on Exports to Russia in Response to Further Invasion of Ukraine

The U.S. Commerce Department, through its Bureau of Industry and Security (BIS), responded to Russia’s further invasion of Ukraine by implementing a sweeping series of stringent export controls that will severely restrict Russia’s access to technologies and other items that it needs to sustain its aggressive military capabilities.

Joint Statement by Secretaries Raimondo and Mayorkas on Assessment of the Critical Supply Chains Supporting the Information and Communications Technology Industry

Last week, Secretary of Commerce Gina M. Raimondo and Secretary of Homeland Security Alejandro N. Mayorkas released the following statement on the completion of a one-year assessment on the critical supply chains supporting the information and communications technology (ICT) industry.

Commerce Announces Competitive Grant Program to Promote U.S. Exports

Recently, the Department of Commerce announced it is now accepting applications for the 2022 Market Development Cooperator Program (MDCP). These awards, administered by Commerce’s International Trade Administration (ITA), provide non-profit industry groups with up to $300,000 in federal funding for innovative and sustainable projects that help U.S. businesses generate or expand exports and create or sustain jobs.

U.S. Department of Commerce and Goldman Sachs 10,000 Small Businesses Launch New Partnership to Help Small Businesses Export

The U.S. Department of Commerce and Goldman Sachs 10,000 Small Businesses announced the launch of a new partnership to facilitate export-led growth for small businesses at a roundtable discussion at Morgan State University. “New Year, New Growth, New Global Sales” is a three-part educational series led by Goldman Sachs 10,000 Small Businesses and the United States Department of Commerce’s International Trade Administration.

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Around Commerce

Fall in Love with New Seafood This Year

Whether you've made, broken, or forgone New Year’s resolutions this year, we have a tasty proposal: resolve to try some new seafood! Because February is American Heart Month, it’s the perfect time to let a new fish dish win over your taste buds. Seafood is a healthy, nutrient-dense source of protein.

Journeys of Innovation: ”As if by Magic”

Lifelong inventor Lanny Smoot holds over 100 patents in multiple fields. Initially an engineer at Bell Laboratories, his early inventions focused on telephonic and fiber optic communication. Smoot not only uses his creative talent to bring holodecks and lightsabers to life, but also many other fascinating ideas.

Harder to Pay the Bills Now That Child Tax Credit Payments Have Ended

More households with children had difficulty paying for usual household expenses after Child Tax Credit (CTC) payments ended in December, according to new Household Pulse Survey (HPS) results.

Countdown to Launch: March 1st, 2022

GOES-T is scheduled to launch aboard an Atlas V 541 rocket from Space Launch Complex 41 at Cape Canaveral Space Force Station, Florida on March 1, 2022, joining its sister satellite, GOES-16. The two-hour launch window opens at 4:38 p.m. EST.

Commerce by the Numbers

U.S. Trade in 2021: U.S. Exporters on Road to Recovery

Still dominated by the COVID-19 pandemic, 2021 was a challenging but hopeful year for U.S. trade. The publication this week of last year’s trade data is a good opportunity to reflect on the remarkable resilience of U.S. exporters. Overall, exports of goods and services in 2021 recovered to pre-pandemic levels, while imports exceeded theirs.

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Businesses Run by Minorities, Women and Vets Disproportionately Affected by Pandemic, NIST, NOAA Study Finds

By many measures, 2020 — a year dominated by an emerging pandemic and overrun with natural disasters — was bad for business. A multitude of variables affected the ability of businesses to adapt, but according to new research, demographics were closely tied to impacts on small businesses.

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U.S. Startups Create Jobs at Higher Rates, Older Large Firms Employ Most Workers

The evolution of job growth and employment in the U.S. economy over the past four decades has been characterized by two important but seemingly contradictory facts: Young start-up businesses have been a key driver of economic growth, yet more and more of the American workforce has become concentrated at older, more mature firms.

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Gross Domestic Product, Fourth Quarter and Year 2021

Real gross domestic product (GDP) increased at an annual rate of 7.0 percent in the fourth quarter of 2021, following an increase of 2.3 percent in the third quarter. The increase was revised up 0.1 percentage point from the “advance” estimate released in January.

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