WASHINGTON, D.C. – The U.S. Department of Commerce’s Economic Development Administration (EDA), led by Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo, released the following statement reflecting on President Biden’s 2024 Budget:
A budget is a reflection of a nation’s values. President Biden’s budget clearly demonstrates that this nation values economic opportunity for all.
At EDA, we are proud to be an agency that invests in America. As the only federal government agency focused exclusively on economic development, we are building a more equitable and more resilient economy that works for all Americans.
The President’s Budget reflects a national commitment to equitably creating good jobs through innovation and regional collaboration, two of EDA’s guiding principles. Since fiscal year 2022, EDA’s annual discretionary budget has more than doubled, allowing us to help invest in the people, places, and possibilities that power the American economy.
The innovations and jobs EDA seeks to create with this funding are a direct investment in the fiscal and national security of the United States, helping us grow our workforce in the industries of tomorrow, today.
EDA has consistently met the moment over the last several years of growth, effectively responding to increased mandates and scaling up our resources to meet ever-evolving and increasing economic development needs. This Budget’s investment of $4 billion in mandatory funding and $804 million in discretionary funding will significantly strengthen EDA’s ability to continue meeting the challenges of a complex and modernizing economy. Specifically, the President’s 2024 Budget request for EDA reflects a continued investment in place-based economic development through transformational programs. The budget requests:
- $4 billion in mandatory funds and $50 million in discretionary funds for EDA’s Regional Technology and Innovation Hub Program, known as “Tech Hubs.” This funding will enable EDA to establish cutting-edge and strategic regional technology hubs that foster geographic diversity in innovation, strengthen national security, and create quality jobs in underserved and vulnerable communities;
- $200 million in discretionary funds for the Recompete Pilot Program to provide grants to distressed communities to create and connect workers to good jobs that support long-term comprehensive economic development; and
- $100 million in discretionary funds for the Good Jobs Challenge to fund employer-led workforce training systems and partnerships to train and place American workers into quality jobs and support regional economies.
These programs, and many others already in motion at EDA, are helping create the conditions needed for the American economy to grow and thrive. Through continued opportunities provided by our Public Works and Economic Adjustment Assistance Programs, STEM Talent Challenge, coal community support, and much more, EDA is working to make sure every community and every territory in America is prepared to grow the industries and jobs that power a strong, inclusive national economy.
We are inspired by the commitments to long-term economic development in President Biden’s Budget and look forward to working closely to implement these initiatives with Secretary Raimondo and colleagues across the Administration. Our whole-of-government approach to deliver on President Biden’s economic agenda reflects the collaborative spirit at the heart of EDA’s work ensuring no community is left behind on our journey toward opportunity and access for all.
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 invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.
