The U.S. Department of Commerce announced a new data proposal intended at improving America’s comprehension of local regional economies and their capacity to compete.
According to a March 27 news release, the Regional Economic Research Initiative is meant to answer the cluster of economic opportunity in major cities and the coasts, which has spurred geographic inequality throughout the country for the past 40 years.
“For too long, cities and towns across the country have been overlooked or left behind. Americans deserve to be able to work and thrive in their home communities,” U.S. Secretary of Commerce Gina Raimondo said in the release. “With the right partnerships and investments, every corner of America can flourish in the modern, global economy. The Regional Economic Research Initiative will use the power of data to identify and catalyze investments to spur economic opportunities across America.”
The Biden-Harris administration said helping close geographic gaps by facilitating investments will revive economic growth in maligned areas, according to the release.
“It’s great if people are able to move to places where there’s more economic opportunity – but many people face barriers that make moving difficult or impossible, so they need economic opportunities where they live now," Secretary of Commerce for Economic Affairs Jed Kolko said in the release. "Geographic inequality continues to widen, and high-paying sectors remain concentrated in specific places. The Regional Initiative will spotlight those key trends and ensure federal investments are coordinated to close these gaps and improve regional competitiveness.”
Having already funded billions of dollars toward increasing regional economic competitiveness through competitive regional and local grant programs, the Biden-Harris administration hopes these infrastructure investments will spur more partnerships that protect coastal and marine habitats, the release reported.
The Regional Initiative continues this legacy by providing a sound economy that is aware of the strengths and challenges faced by local economies, the release said.
