CORRECTED - EDA Fiscal Year 2017 Budget Request At-A-Glance: Supporting 21st
Century Economic Development
The U.S. Department of Commerce released details today about the
President’s fiscal year (FY) 2017 Budget request to Congress, which includes
$258 million for the U.S. Economic Development Administration (EDA) to support
21st century economic development through innovative planning,
regional capacity building and capital projects.
Of this amount, $215 million is for EDA’s Economic Development
Assistance Programs which includes the Public Works, Economic Adjustment
Assistance, Partnership Planning, Research and Evaluation Programs as well as
EDA’s Regional Innovation Strategies Program. This balanced portfolio of
programs gives EDA the flexibility to respond to various regional needs facing
communities across the nation.
The budget also includes $43 million for salaries and expenses to
increase EDA’s capacity to support the bottom-up efforts of the communities it
serves. This investment will elevate EDA’s role as the key integrator of
federal economic assistance grants as well as to allow EDA’s network of
Economic Development Representatives to be even more active in the states they
serve.
Alongside the $258 million provided to EDA, the Budget invests an
additional $50 million in mandatory spending for a new competitive grant
initiative. This program builds on the success of prior EDA-led activities to
incentivize partnerships between Federal Labs, academia and regional economic
development organizations. These grants will enable the transfer of knowledge
and technologies from Labs to private industry to help create jobs and
businesses.
Through its role as the economic development integrator, EDA will
continue to lead on several of the Administration’s key priorities: the
Partnership for Opportunity and Workforce and Economic Revitalization Plus
(POWER+) Plan and the Investing in Manufacturing Communities Partnership
(IMCP). These two initiatives tap into EDA’s deep experience and demonstrated
return on investment to support the integration of cross-agency resources to
transform economies in regions across the country.
The President’s Budget reflects EDA’s core priority to support
programs that strengthen American manufacturing, supports 21st
century economic development and spur innovation and entrepreneurship in local
regions and communities across the nation.
Public Works
The President’s FY 2017 Budget invests $85 million to support
distressed communities with their infrastructure needs that will help drive
regional growth. The Public Works program is a critical component of EDA’s
portfolio and includes investments in a range of infrastructure needs such as
water and sewer system improvements, broadband capability, industrial parks,
business incubators, expansion of ports and harbors, workforce development
facilities, and multi-tenant manufacturing facilities. These investments,
especially when coupled with soft infrastructure such as economic development
strategic planning and network building, help distressed communities become
more competitive in the global marketplace.
Regional Innovation Strategies
The President’s FY 2017 budget invests $20 million for the
Regional Innovation Strategies Program to promote economic development projects
that spur entrepreneurship and innovation at the regional level. EDA will
continue its successful Regional Innovation Strategies grant competition to
promote and strengthen regional innovation clusters and to foster
innovation-based regional economies. The RIS program has been met with
enthusiasm from communities all across the country. Between 2014 and 2015 EDA
received 341 applications for projects totaling $315 million dollars.
Partnership Planning
The President’s Budget also includes $35 million for Partnership
Planning to support local organizations (EDDs, Indian Tribes, and other
eligible recipients) with their long-term economic development planning efforts
and outreach. EDA Partnership Planning funds support the preparation of
Comprehensive Economic Development Strategies (CEDS) that enable better and
more strategic use of EDA’s Public Works and EAA implementation investments,
including Revolving Loan Funds. Sound local planning also attracts other
federal, state, and local funds plus private sector investments to implement
long-term development strategies. In this way, EDA’s Partnership Planning
program plays a foundational role in helping communities develop important
strategies that inform future economic development decisions.
Economic Adjustment Assistance
The President’s Budget includes $50 million for Economic
Adjustment Assistance (EAA) for critical investments such as economic
diversification planning and implementation, technical assistance, and access
to business start-up facilities and equipment. EAA’s flexibility allows EDA to
implement and fund place-based initiatives necessary to realize bottom-up
strategies to catalyze regional economic development and prosperity. Through
EAA, EDA is able to quickly and proactively intervene to assist communities experiencing
or anticipating economic dislocations with innovative solutions.
Trade Adjustment Assistance
The President’s Budget calls for includes $10 million for the
Trade Adjustment Assistance (TAA) for Firms Program. The TAA for Firms program
provides direct technical assistance to firms negatively impacted by global
trade. This program helps import-impacted U.S. firms develop and implement
business recovery strategies to strengthen their competitiveness in the global
marketplace, increase profitability, and create more jobs. EDA recently
launched a competition to select the Trade Adjustment Assistance Centers who
operate the program in order to improve efficiency and effectives. The selected
centers are expected to be announced later this month.
For additional information about the President’s FY 2017 budget,
visit: https://www.commerce.gov/news/fact-sheets/2016/02/fact-sheet-fy-2017-us-department-commerce-budget.
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