Press Release

U.S. Commerce Department Invests Nearly $3.8 Million to Support Economic Diversification in Kentucky

Contact: Public Affairs Department, (202) 482-4085
Friday, September 29, 2014

WASHINGTON – U.S. Secretary of Commerce Penny Pritzker today announced that the Department’s Economic Development Administration (EDA) is awarding nearly $3.8 million in grants to Pikeville, Kentucky, to help diversify the economy and workforce. According to grantee estimates, this project will create nearly 250 jobs and save more than 1,000 jobs in the health care sector and generate more than $200 million in private investment.

“The Obama Administration and Commerce Department are committed to improving our nation’s critical infrastructure, which is crucial for both economic growth and job creation,” said Secretary Pritzker. “The EDA investments announced today will enable Pikeville to acquire equipment and make the infrastructure upgrades necessary to help fill jobs in the growing healthcare sector and strengthen the regional economy.”

The investments announced today include:

• A $1.4 million grant to the University of Pikeville to fund the purchase of high-tech training equipment at Pikeville University, including a clinical lab and simulation center, standardized patient laboratory, and nursing classrooms to expand the nursing program. The investments in the nursing program will support the expansion of Pikeville Medical Center and help fill jobs at two additional hospitals. According to the grantee, $165 million in private investment will be generated, an additional 60 nurses will be graduating each year, and a local hospital has committed to hiring roughly 45 of the graduates.
  
• A nearly $2.4 million grant to the city of Pikeville to make critical water treatment plant improvements needed to serve new and future development of the Pikeville Hospital. According to the grantee, this project will create 198 new jobs, save an existing 1,080 and generate $40 million in private investment in the community.
  

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.