Economic Development Administration Overview
To lead the federal economic development agenda by promoting innovation and competitiveness, preparing American regions for growth and success in the worldwide economy.
The U.S. Economic Development Administration's (EDA) investment policy is designed to establish a foundation for sustainable job growth and the building of durable regional economies throughout the United States. This foundation builds upon two key economic drivers - innovation and regional collaboration. Innovation is key to global competitiveness, new and better jobs, a resilient economy, and the attainment of national economic goals. Regional collaboration is essential for economic recovery and prosperity because communities that work together as a region to leverage resources and use their combined strengths to overcome weaknesses will fare better in a global economy than those that do not. EDA encourages its partners around the country to develop new ideas and creative approaches to address rapidly evolving economic conditions.
As the only federal government agency focused exclusively on economic development, EDA facilitates regional economic development efforts in underserved communities across the nation.
Guided by the basic principle that sustainable economic development should be locally-driven, EDA works directly with communities and regions to help them build the capacity for economic development based on local business conditions and needs. EDA’s grant investments in planning, technical assistance, and infrastructure construction are designed to leverage existing regional assets to support the implementation of economic development strategies that make it easier for businesses to start and grow.
EDA’s flexible programs and structure enable nimble operations and allow for innovation and responsiveness to changing economic needs and conditions faced by local and state government partners. Grants made under these programs are designed to leverage existing regional assets to support the implementation of economic development strategies that promote new ideas and creative approaches to advance economic prosperity in distressed communities.
EDA provides economic development financial assistance to communities so they can encourage innovation and entrepreneurship in a way that works best for them. Through its network of regionally-based staff and portfolio of flexible grant tools, EDA helps communities experiencing economic distress take control of their future and position themselves for economic prosperity and resiliency.
In Fiscal Year 2018, EDA also focused on working with disaster-impacted communities to begin to effectively deliver $587 million that was appropriated to the agency by Congress to support local plans to recover – and grow back stronger – following major disasters that occurred in 2017.
EDA coordinates regional disaster recovery efforts in partnership with its extensive network of 391 Economic Development Districts, 52 Tribal Partnership Planning organizations, University Centers, institutions of higher education, and other organizations working to assist those in designated impact areas.
Recently, EDA adapted its 2018 Notice of Funding Opportunity for Public Works and Economic Adjustment Assistance Programs to ensure entities within qualified Opportunity Zones were eligible for EDA funding. Created under the 2017 Tax Cuts and Jobs Act, Opportunity Zones will help stimulate economic development and job creation by incentivizing long-term investments in low-income neighborhoods.
- The data presented in this report represent the official grant data for awards (organized by applicant State) made by EDA in FY 2018. EDA has verified the data through a reconciliation process, conducted annually, between EDA’s grant management systems and the Department of Commerce’s accounting system. As such, any previously provided information regarding EDA awards made in FY 2018 should be viewed as a snapshot of the data available at the time of the data request and are subject to any changes, corrections, or updates as reflected within this report. This includes, but is not limited to, revisions to the number, dollar amount, program classification and estimated impacts of specific grant awards.
- Projects described within individual state entries are provided as illustrative examples. No project preference should be inferred from these examples. EDA uses this report to demonstrate the breadth and diversity of EDA programs and the projects that it funds.