U.S. Department of Commerce Invests $2.4 Million to Support Economic and Job Growth in Three States
WASHINGTON — U.S. Secretary of Commerce Penny Pritzker today announced that the Department’s Economic Development Administration (EDA) is awarding $2.4 million in grants to support economic development projects in Louisiana, New Mexico and Texas. The projects are expected bolster job creation and spur stable and sustainable economies, according to grantee estimates.
“The Obama administration is committed to investing in higher education and fostering innovation,” said Secretary Pritzker. “The EDA grants announced today support regional economic competitiveness and job creation in Louisiana, New Mexico and Texas.”
The $2.4 million in EDA investments announced today include:
- $300,000 to the University of New Orleans in New Orleans, Louisiana, to support the implementation of the New Orleans Regional Innovation Alliance, a collaborative effort between universities, colleges, industry partners, and economic development organizations throughout southeastern Louisiana that will work to advance the region as an innovation engine.
- $1.5 million to STC.UNM in Albuquerque, New Mexico, a nonprofit corporation on the University of New Mexico’s (UNM) campus that works with researchers, scientists, and companies to help get technologies developed at UNM to market. The funds will help establish a new innovation center to anchor Innovate ABQ, a collaborative initiative to bring together the research powers of the state’s flagship university and Albuquerque’s entrepreneurial and established business community to create new companies, grow existing ones, and attract more out-of-state business.
- $300,000 to Texas State University in San Marcos, Texas, to support the STAR Center for Materials and Life Sciences, which will work to strengthen materials and life sciences clusters by expanding capacity for industry interaction at the university, creating critical support services to grow an effective innovation environment, increasing support for student entrepreneurship activities, increasing participation in programs by underserved populations, and increasing awareness of programs to support startup/early stage companies to the Austin region.
- $300,000 to Texas Tech University in Lubbock, Texas, to builds on the South Plains region’s capability in wind and other renewable energy sources that increase innovation and entrepreneurship through technology commercialization. This project supports cross-disciplinary student teams performing hands-on analysis to identify technologies suitable for commercialization to increase the region’s ability to leverage investments.
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 makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.