Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $2 million grant to the city of Etowah, Tennessee, for redevelopment of the local water treatment plant.
This grant will provide for the establishment of a new manufacturing facility that will support the electric vehicle and battery storage industries, in a region impacted by changes in the energy economy. This EDA investment will be matched with $6.1 million in other federal and local funds, is expected to create 120 jobs, and generate $600 million in private investment, according to grantee estimates.
“The Biden-Harris Administration’s Investing in America agenda is jumpstarting our middle class by building out critical infrastructure and supporting manufacturing here at home, creating hundreds of thousands of jobs across the country,” said Secretary of Commerce Gina Raimondo. “This EDA investment in Etowah will help expand the region’s manufacturing sector to create new economic opportunity and jobs for local citizens.”
“The Economic Development Administration works hand-in-hand with local communities to support their bottom-up, middle-out economic development strategies,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This strategic, place-based project in Tennessee will provide critical infrastructure needed to accommodate a major manufacturing facility, creating a stronger, more diverse regional economy for the future.”
This project was made possible by the regional planning efforts led by the Southeast Tennessee Development District (SETD). EDA funds SETD 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.