Assistant Secretary of Commerce for Economic Development Alejandra Castillo said the U.S. Department of Commerce’s (DOC) Economic Development Administration (EDA) is building a more equitable and resilient economy for all Americans.
“A budget is a reflection of a nation’s values. President Biden’s budget clearly demonstrates that this nation values economic opportunity for all,” Castillo said in a press release issued March 13.
Castillo discussed the President’s 2024 budget, saying EDA is "proud to be an agency that invests in America," the release reports.
"As the only federal government agency focused exclusively on economic development," she said in the release, "we are building a more equitable and more resilient economy that works for all Americans."
She said the President made a commitment to creating good jobs equitably with regional collaboration and innovation, which are two of EDA’s guiding principles, according to the release. Starting in 2022, EDA’s annual discretionary budget more than doubled, enabling the agency to power the American economy through investments in the people, places, and possibilities.
Castillo said the EDA gets inspiration from long-term economic development commitments found in the budget, the release reported. The agency looks forward to implementing these initiatives by working with Secretary of Commerce Gina Raimondo and colleagues throughout the administration.
“Our whole-of-government approach to deliver on President Biden's economic agenda reflects the collaborative spirit at the heart of EDA’s work ensuring no community is left behind on our journey toward opportunity and access for all,” she said in the release.
The budget provides EDA’s Regional Technology and Innovation Hub Program with $4 billion in mandatory funds and $50 million in discretionary funds, the release reported. Another $200 million in funds will provide grants for the Recompete Pilot Program for distressed communities to create and connect workers to good jobs.
The Good Jobs Challenge will get $100 million in discretionary funds for employer-led workforce training systems and partnerships. These initiatives will train and place American workers into quality jobs and support regional economies, according to the release.
