Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $2.3 million grant to the Village of Ruidoso, New Mexico, for roadway infrastructure improvements needed to support business and economic growth.
This grant will design the restructure of the U.S. Highway 70 and NM Highway 48 intersection to improve access to the business district and support future economic growth. This EDA investment will be matched with $465,600 in local funds.
“President Biden’s Investing in America agenda is a commitment to ensuring that communities in New Mexico and across the country have the resources they need to grow strong, resilient regional economies,” said Secretary of Commerce Gina Raimondo. “This EDA investment will provide the Ruidoso community with modern and sustainable infrastructure that will support local businesses and create good-paying jobs in the region.”
“The Economic Development Administration works closely with local communities to support place-based economic growth,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This investment in the Village of Ruidoso will provide the foundation to restructure a busy intersection, improving traffic flow and increasing access to the area, supporting nearby businesses and boosting the regional economy.”
“It’s very encouraging to see this kind of investment in our communities,” said Governor Michelle Lujan Grisham. “Sustainable and robust infrastructure is crucial for effective economic development and helps us create the opportunities for meaningful work and high paying jobs.”
“Local economies depend on having reliable infrastructure for working families’ everyday lives – whether it’s to get to work, drop the kids off at school, or buy food at the grocery store,” said Senator Martin Heinrich. “This $2.3 million investment will begin the process to make needed improvements to roadways in the Village of Ruidoso, making life easier, commutes safer, and the local economy stronger.”
“I’m excited to welcome $2.3 million for road infrastructure in Ruidoso, paving the way for increased business activity and economic growth,” said Senator Ben Ray Luján. “This crucial investment will make accessing the business district easier, create more jobs, and lay the groundwork for future growth. I’m proud to back a project that will create a more connected community and provide benefits for local businesses, residents, and visitors.”
This project is funded under the Disaster Relief Supplemental Appropriations Act, 2023, which provided EDA with $483 million in additional Economic Adjustment Assistance (EAA) Program funds for disaster relief and recovery for areas that received a major disaster declaration under the Robert T. Stafford Act as a result of Hurricanes Ian and Fiona, wildfires, flooding, and other natural disasters occurring in calendar years 2021 and 2022. Please visit EDA’s Disaster Supplemental webpage for more information.
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.