U.S. Economic Development Administration Invests $355,000 to Support Critical Infrastructure in North Carolina
Contact: Public Affairs Department, (202) 482-4085
Thursday, April 3, 2014
WASHINGTON — The U.S. Commerce Department’s Economic Development Administration (EDA) today announced a $355,000 grant to the Yadkin Valley Sewer Authority of Elkin, North Carolina. The investment will make critical water and sewer infrastructure improvements needed to attract more diverse businesses to the area. This diversification will facilitate the creation of higher paying jobs, the development of green initiatives and industries, and strengthen the economic resilience of Surry County.
“EDA’s investment in Elkin will help catalyze meaningful change in its economy, which will pave the way for growth and sustainability,” said Deputy Assistant Secretary of Commerce for Economic Development Matt Erskine. “These infrastructure improvements will enable the town to better adapt to changes in the economy by attracting new businesses and supporting existing ones.”
The grant will be used to improve wastewater collection systems that serve the Elkin Corporate Park, which is the location of an advanced manufacturing facility in the automotive supply chain. According to the Yadkin Valley Sewer Authority, the investment will reduce water consumption and waste water production, which will help mitigate environmental impacts on the Yadkin River and surrounding area. According to grantee estimates, the improvements will create 260 jobs and generate $83 million in private investment for the area.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. 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 U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.