Good morning. I'm delighted to be here today on behalf of President Bush.
I do think it's worthwhile, however, to consider the national context in which you are working, and to remind ourselves of what we have achieved as a nation in the past few years: Economy Regional/Local Development A growing national economy gives Gaston County and the rest of the state a better opportunity to realize economic growth. It takes both smart national policies and strong local initiatives to ensure that the American dream reaches all parts of the country.
As we all know, the region's textile industry was hit hard by global competition. The Economic Development Administration (EDA) worked closely with Sue and with local leaders in crafting the Cleveland-Gaston Comprehensive Economic Development Strategy. This is the kind of forward-looking plan every community needs to create new 21st century jobs.
It's extremely gratifying to see the progress being made here and the great partnerships that are being formed. The new Dole vegetable processing plant is a great asset for this area. It shows how investing in education, worker training, and infrastructure can bring in new companies.
And building the U.S. National Whitewater Center along the beautiful Catawba River was a brilliant decision. A center for professional athletes is very creative and certain to bring in related businesses and create jobs. You could also capitalize on its draw as a regional tourism destination, as Idaho has done, by attracting potential investors while they're vacationing.
Our job as economic developers is to constantly be looking over the horizon for new ideas, searching for the next key elements will keep us competitive into the future.
The EDA invested some $62 million in nearly 160 projects in North Carolina over the last five years. That seed investment attracted $2.1 billion in private investment, creating or saving nearly 36,000 jobs.
To further this growth, the President's tax cuts are putting more dollars into your pockets, letting you choose how to spend, save and invest. Small businesses are a critical part of our economy, accounting for over a quarter of new jobs being created, and they are able to flourish with lower taxes. Only the private sector can generate wealth; the government can only redistribute it.
Closing The key to keeping our nation on track, our economy growing and our communities vibrant is effective leadership.
Every new period brings challenges as economies face transition. There is no golden age to economic development. You cannot "freeze" an ideal economy in time. The reality that we face today is an ever-changing marketplace where the key to success is looking ahead and taking advantage of new ideas and new ways of doing things.
President Bush understands this. He has read the compass and set a clear direction. As a result, we have an incredibly strong and resilient economy, the greatest in the world. Last week, I was on the Gulf Coast, and being reminded of the hurricanes a year ago at the same time that the Dow was topping 12,000 for the first time ever made me realize how incredibly resilient and strong the American economy truly is.
I am trained as a historian, and looking at our history, I believe we have every reason to be optimistic about our future. Even when we face the economic challenges we have faced in the last five and one-half years, attacks on 9/11, unprecedented instances of corporate fraud, and hurricanes of truly epic proportions, we should continue to see "opportunity in every difficulty," as Winston Churchill once said.
We have in front of us tremendous opportunities to make this a stronger country, a safer country, a more prosperous country, a country that can continue to lead the economic and innovative world for generations to come.
I thank you very much for your leadership. And I look forward to a very stimulating discussion.
Source: U.S. Department of Commerce
