In This Issue
EDA is proud of its role in bolstering the American economy through its Opportunity Zones work. To date, EDA has invested more than $750 million in more than 500 Opportunity Zone projects across the country.
Created by President Donald J. Trump’s Tax Cuts and Jobs Act of 2017, Opportunity Zones are spurring economic development and job growth in economically-distressed communities across the country.
More than 35 million Americans live in the nearly 9,000 Opportunity Zones (PDF), which Governors identified and the Department of the Treasury certified, throughout the U.S. and its territories.
In August 2020, the White House Council of Economic Advisors issued The Impact of Opportunity Zones: An Initial Assessment Report (PDF), highlighting that Opportunity Zones are on track to create 500,000 jobs and lift one million people out of poverty. As of the end of 2019, Opportunity Zones have attracted over $78 billion in investments in underserved communities.
The initiative speaks directly to EDA’s work on the ground, as both EDA and Opportunity Zones are focused on driving transformative private investment into distressed communities.
In August, EDA announced a mile-marker of more than $500 million in nearly 400 projects in or near Opportunity Zones. The occasion was celebrated by announcing a $4.4 million EDA investment with the Executive Director of the White House Opportunity and Revitalization Council (WHORC), Mr. Scott Turner at an event in Baxter, Tennessee.
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North Carolina has a vibrant history in textile manufacturing, which dates back decades before technological advances such as the high-tech knitting machine.
“There’s been a lot of advances. It’s not exactly how it used to be. There is a lot of automation, technology and programming. There are robots that will sew your garments,” said Rachel Cranston, project and academic relationship coordinator at the Manufacturing Solutions Center (MSC), which is part of Catawba Valley Community College in North Carolina.
In 2019, Catawba Valley Community College received a $750,000 grant from the U.S. Economic Development Administration to leverage resources for cutting-edge innovation and entrepreneurship at MSC, which is based in Conover, N.C. The college matched the grant with $750,000 in local funds.
The grant, awarded through EDA’s Regional Innovation Strategies (RIS) program (now known as Build to Scale), has allowed MSC to expand its support for small businesses looking to manufacture their textiles.
Since the grant was awarded, MSC has supported more than 400 businesses – including entrepreneurs – and held more than 60 trainings. The efforts have sought to increase the competitiveness of American companies in the face of lower-cost labor overseas.
“They want that better quality back and that long-lasting American quality. We are trying to bring it back here,” Cranston said. “In addition to bringing textiles back to the U.S, to bring better quality back, MSC’s mission is to create and maintain jobs in the US. Bringing textiles back to the US helps to create these jobs and support new businesses as they start up across the country.”
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On October 8, Joel Frushone, Director of EDA’s Office of External Affairs and Communications announced a $3.9 million grant to the Kentucky Community and Technical College System to renovate an existing building at Hazard Community & Technical College to house its new Advanced Manufacturing and Construction Center of Excellence. The event was broadcast via Facebook Live.
By utilizing land once reliant on coal mining, Kentucky Community and Technical College System is using one of Kentucky’s 144 Tax Cuts and Jobs Act Opportunity Zones in a progressive manner to diversify its workforce.
The EDA grant will be matched with $970,000 in local funds and is expected to retain 610 jobs. This is the 14th Opportunity Zone investment that EDA has made in Kentucky during the Trump Administration, totaling over $24 million.
The Kentucky Community and Technical College System plays a critical role in improving the quality of life for its citizens. The new Advanced Manufacturing and Construction Center of Excellence will provide training for those seeking work in the manufacturing, construction, and technology sectors.
Specifically, the 29,000 square feet of renovated space will offer programs in Construction Technology, Electrical Technology, Heating Ventilation Air Conditioning Technology, and Diesel Technology. The project’s location in an Opportunity Zone will incentivize more businesses to locate to Perry County, creating additional employment opportunities for graduates.
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