- New Funding Accelerates Regional Economic Development, Promotes National Security, Aids Disaster Recovery, and Supports Distressed Communities Nationwide
WASHINGTON, USA — US assistant secretary of commerce for economic development Alejandra Y. Castillo issued the following statement on the Fiscal Year 2023 appropriations for the US department of commerce’s economic development administration:
“I am thrilled that president Biden has signed the Consolidated Appropriations Act, 2023 into law, appropriating $1.6 billion* to the US Economic Development Administration (EDA) for Fiscal Year 2023 programming.
“This vital funding enables EDA to significantly expand its targeted and transformational economic development investments that stimulate private funding, create jobs, support our innovators and entrepreneurs, and help those impacted by natural disasters build back stronger.
“Implementation of this funding will strengthen our collective economic and national security, and improve our individual prosperity and wellbeing, enabling the United States to be the global leader in the industries of the future and increasing economic equity among regions across the country.
“EDA will target investments in innovation and competitiveness with a regional and place-based focus, building on the examples set by EDA’s Build to Scale, Build Back Better Regional Challenge, and Good Jobs Challenge programs.
Specifically, the law provides:
- $752.5 million* for grants authorized by Sections 27-30 of the Stevenson-Wydler Technology Innovation Act of 1980 (15 U.S.C. 3722, 3722a, 3722b, and 3723), as amended, across four programs:
- $500 million for Regional Technology and Innovation Hubs (Section 28),
- $200 million for the Recompete Pilot Program (Section 29),
- $50 million for the Build to Scale program (Section 27), and
- $2.5 million for the STEM Apprenticeships Talent Challenge (Section 30);
- $500 million* for infrastructure and other long-term economic recovery efforts for areas impacted by natural disasters in 2021 and 2022; and
- $363.5* million to fund EDA’s other Economic Development Assistance (EDAP) programs.
“We are grateful to Congress for continuing to place their confidence in EDA as we work to best serve our grantees and their constituents across the country. We are excited to continue to build on EDA’s proud and impactful legacy of spurring equitable, placed-based economic development. Working closely with an expanded network of stakeholders, we look forward to developing the most beneficial programs and making the targeted and transformational investments that build needed capacity and that enable exponential, long-term growth.
“We are excited that we can develop a plan and launch the Regional Technology and Innovation Hubs and Recompete Pilot programs that were authorized under the CHIPS and Science Act. These new programs will stimulate economic growth in communities that may not have had the opportunity to compete before – including communities of color and rural communities — delivering the impactful, place-based programing needed to widely stoke our innovation economy.
“EDA will continue to lead the federal government – and the nation – by designing and executing innovative and effective economic development programs. We will remain committed to promote innovation, cultivate entrepreneurship, help build a well-qualified workforce, and position our economic development partners to be more resilient, agile, and competitive in the global marketplace.”
*includes funding for administration and oversight
About the US Economic Development Administration (www.eda.gov)
The mission of the US Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the US Department of Commerce, EDA invests in communities and supports regional collaboration in order to create jobs for US workers, promote American innovation, and accelerate long-term sustainable economic growth.
