May 2013 Newsletter
President’s FY14 Budget Strengthens EDA’s Capacity to Support Local and Regional Job Growth
Targeted Investments in American Manufacturing, Infrastructure, and Exports
The U.S. Department of Commerce’s fiscal year 2014 budget request supports President Obama’s plan for an economy built to last with crucial investments in advanced manufacturing, innovation, trade promotion and enforcement, and research and development.
Critically, the president’s FY 2014 budget strengthens the Economic Development Administration’s capacity to invest in many of these key areas by supporting the agency’s priorities and flagship investment programs at the highest level of funding in more than 10 years.
To bolster EDA’s efforts to create jobs and attract and increase business investment in communities across the nation, the FY 2014 budget also proposes:
Revitalizing American manufacturing: The President’s budget includes $113 million for the creation of the Investing in Manufacturing Communities Partnership (IMCP)—a multi-agency initiative housed within the department’s Economic Development Administration (EDA) that will help American communities attract manufacturers and their supply chains. IMCP will provide targeted financial assistance to manufacturing communities while also leveraging non-federal funds to invest in infrastructure projects and research facilities that will promote long-term economic growth.
Increasing exports: The President’s budget includes $12 million for EDA to create a Regional Export Challenge to assist communities in developing robust and sustainable export action plans that support jobs.
On April 17, in Mesa, Arizona, Deputy Secretary of Commerce Rebecca Blank announced the Investing in Manufacturing Communities Partnership (IMCP), an Obama administration initiative that will help accelerate the resurgence of manufacturing and create jobs in cities across the country. For more information, click here.