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U.S. Commerce Secretary Gary Locke Announces $1.9 Million Grant to Create Jobs, Strengthen Economy in Blacksburg, Virginia

August 10, 2009
Contact: John B. Atwood, (202) 482-4085

EDA Grant Expected to Create 2,000 Jobs and Generate $140 Million in Private Investment

WASHINGTON - U.S. Commerce Secretary Gary Locke today announced a $1.9 million Economic Development Administration (EDA) grant to the Virginia Tech Foundation, Inc., and the town of Blacksburg, Va., to help expand the Virginia Tech Corporate Research Center. The project is expected to create 2,000 jobs and generate $140 million in private investment, according to grantee estimates.

"The Obama Administration is committed to creating jobs, encouraging innovation and improving our nation's economic competitiveness," Locke said. "The Virginia Tech Corporate Research Center expansion is vital to helping the Blacksburg region continue to attract new industry, generate private sector jobs in high-tech marketplaces, and enhance competitiveness."

"I am pleased that the Department of Commerce has recognized the success of Virginia Tech's Corporate Research Center and has appropriately awarded a significant grant in order for the CRC to double in size," said Congressman Rick Boucher.

"Virginia Tech's Corporate Research Center already serves as a powerful economic engine for the region, and this EDA grant will help broaden its reach and its economic impact," U.S. Senator Mark R. Warner said. "I am pleased to see this strong partnership continue between federal, state and local governments and the University as we work together to promote innovation and create jobs and opportunity."

The Department of Commerce is a voice for Main Street businesses. It focuses on creating jobs by fostering innovation and opening markets to U.S. products.

EDA is an agency within the U.S. Commerce Department and supports the economic development needs of distressed communities throughout the United States. Its mission is to lead the federal economic development agenda by promoting innovation and competitiveness and preparing American regions for growth and success in the worldwide economy.

Additional information on how EDA investments are helping distressed communities create a positive and sustainable economic future can be accessed at: http://www.eda.gov.