Obama announces 1st manufacturing institute in NC

Darlene Superville, Associated Press
Obama announces 1st manufacturing institute in NC

President Barack Obama speaks to media during his tour of Vacon, a research and development center and lab for high-power AC drives, Wednesday, Jan. 15, 2014, in Durham, N.C., before traveling to North Carolina State University where he will speak about the economy, jobs and manufacturing. (AP Photo/Carolyn Kaster)

RALEIGH, N.C. (AP) -- President Barack Obama is on a fresh push to reinvigorate the economy, following through on a year-old promise to set up hubs around the country as magnets for high-tech manufacturing.

He brought his pitch to North Carolina Wednesday, using the occasion to announce that the southern state is the first recipient of these new manufacturing innovation hubs.

The president said that a consortium of 18 businesses and six universities led by North Carolina State University will spearhead the effort. The aim is to better focus on developing next-generation power electronics. North Carolina is the first of three hubs that Obama called for in last year's State of the Union address.

He's dedicating $200 million in federal money to get the hubs up and running.