U.S. Economic Development Administration Invests $800,000 to Expand the Capacity of the Port of Davisville in Rhode Island
Contact: Public Affairs Department, (202) 482-4085
Monday, April 14, 2014
WASHINGTON – The U.S. Commerce Department’s Economic Development Administration (EDA) today announced an $800,000 grant to the Quonset Development Corporation of North Kingstown, Rhode Island, to make infrastructure improvements needed to expand the capacity of the Port of Davisville.
“EDA’s continued investments to improve Rhode Island’s critical port facilities are working to grow the economy of the region,” said Deputy Assistant Secretary of Commerce for Economic Development Matt Erskine. “This investment will increase business output for the area by increasing the number of vessels the Port of Davisville can serve.”
Startups in the wind energy industry will benefit from the expanded shipping opportunities for businesses and the resulting efficiency in the supply chain. According to grantee estimates, this investment will create nearly 100 new jobs and increase business outputs by a projected $12 million.
In 2013, EDA announced a $2.9 million grant to rehabilitate critical infrastructure at the Port of Galilee in Narragansett to ensure the continued economic viability and long-term stability of the state’s $200 million commercial fishing industry and critical tourism sector and spur economic development and new investment in the region. In 2012, EDA invested $6 million in the Quonset Development Corporation and the Rhode Island Department of Transportation to fund reconstruction of the Zarbo Avenue Bulkhead at the Quonset Business Park in North Kingston.
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.