Today, U.S. Deputy Secretary of Commerce Rebecca Blank released the Department of Commerce’s fiscal year 2014 budget request, which supports President Obama’s plan for an economy built to last with crucial investments in advanced manufacturing, innovation, trade promotion and enforcement, and research and development. These investments are designed to help grow the economy, create jobs and strengthen the middle class. The $8.6 billion budget request is an increase of $1 billion over the fiscal year 2012 level. The Department also identified a total of $195 million in administrative savings.
The President’s FY 2014 budget also strengthens the Economic Development Administration's (EDA) capacity to invest in American manufacturing, infrastructure, and exports. The allocations support the agency's priorities and investment programs at the highest level of funding in more than ten years. EDA's flexible programs address a variety of economic development needs, particularly through its Economic Adjustment Assistance and Public Works programs, which invest in critical infrastructure needs, strategic planning, and provide access to capital.
To bolster EDA's efforts to create jobs, attract and increase business investment in communities across the nation, the FY 2014 budget also proposes:
Revitalizing American Manufacturing: The President’s budget includes $113 million for the creation of the Investing in Manufacturing Communities Partnership (IMCP)—a multi-agency initiative housed at the Department’s Economic Development Administration (EDA) that will help American communities attract manufacturers and their supply chains. IMCP will provide targeted financial assistance to manufacturing communities while also leveraging non-federal funds to invest in infrastructure projects and research facilities that will promote long-term economic growth.
Increasing Exports: The President’s budget includes $12 million for EDA to create a Regional Export Challenge to assist communities in developing robust and sustainable export action plans that support jobs.
The full Department of Commerce FY 2014 budget request can be found here.
