Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $1.3 million grant to the city of Lexington, North Carolina, for infrastructure improvements to support business expansion and job creation.
This grant will provide upgraded natural gas capacity at an industrial site necessary for the expansion of a major steel-manufacturing facility. This EDA investment will be matched with $1.3 million in local funds and is expected to help create 180 jobs and generate $310 million in private investment, according to grantee estimates.
“The Biden Administration is making sure that communities in North Carolina and across the country have the resources they need to diversify and grow their economies,” said Secretary of Commerce Gina Raimondo. “This EDA investment will support the expansion of Lexington’s steel manufacturing industry, create good-paying jobs in the region, and promote workforce development opportunities.”
“The Economic Development Administration is pleased to support the city of Lexington as it works to create new economic opportunities and jobs,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “The project will increase the availability of steel to support local economic development projects while creating jobs in the process.”
“North Carolina is a leader in manufacturing but good jobs require strong infrastructure, and this investment in Lexington will help bring new industries and support the community for generations to come,” said Governor Roy Cooper. “We’re glad to continue working with the Biden-Harris Administration to boost our economy and bring more good paying jobs to our state.”
This project was made possible by regional planning efforts led by the Piedmont Triad Regional Council (PTRC). EDA funds PTRC to bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment and create jobs.
This project is funded under the Assistance to Coal Communities (ACC) initiative, through which EDA awards funds on a competitive basis to assist communities severely impacted by the declining use of coal. ACC projects support economic diversification, job creation, capital investment, workforce development, and re-employment opportunities.
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.