Press Release
U.S. Department of Commerce Invests $1.9 Million to Support Waterfront Industries in Belfast, Maine
Contact: Public Affairs Department, (202) 482-4085
Tuesday, April 8, 2014
WASHINGTON - U.S. Secretary of Commerce Penny Pritzker today announced that the Department’s Economic Development Administration (EDA) is awarding $1.9 million to the city of Belfast, Maine. The investment will support the realignment and improvement of Front Street to accommodate businesses and industries in the city’s waterfront area. The investment is expected to help create 110 jobs, save 130 jobs and generate $8.7 million in private investment, according to grantee estimates.
“The Obama Administration is committed to helping create the conditions necessary for communities to attract businesses and high-quality jobs,” said Secretary Pritzker. “The EDA grant announced today will help save and create jobs through the restoration of Belfast’s waterfront industries.”
Belfast’s economy traditionally relied on the fishing, maritime, manufacturing, and banking industries. In recent years, those industries have shrunk significantly in the region, creating a need as well as an opportunity for Belfast to restore and further improve its working waterfront for two of the region’s largest employers. According to the grantee, this project will greatly expand the capacity of a major shipyard, which will create 110 high-quality full-time jobs, facilitate $8.7 million in private investment, and enable the shipyard to increase foreign contracts. Additionally, the grantee anticipates being able to retain 130 manufacturing jobs by improving truck access to a food processing facility.
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.