A North Carolina town is getting a $1.3 million federal grant for an infrastructure project that will boost business expansion, job creation and the local economy, the U.S. Department of Commerce (DOC) announced May 9.
Lexington, N.C. will use the funding from the Economic Development Administration (EDA) to "upgrade natural-gas capacity at an industrial site necessary for the expansion of a major steel-manufacturing facility," the DOC states in the news release.
"This EDA investment will be matched with $1.3 million in local funds and is expected to help create 180 jobs and generate $310 million in private investment, according to grantee estimates," the DOC reports in the release.
The project and investment aligns with the EDA's mission of supporting growth and job creation in distressed communities by providing financial assistance for critical infrastructure improvements. The EDA awards competitive grants through the Assistance to Coal Communities (ACC) initiative, which assists communities that have been negatively affected by the declining use of coal, the release reports.
"The Biden Administration is making sure that communities in North Carolina and across the country have the resources they need to diversify and grow their economies," DOC Sec. Gina Raimondo said in the release. "This EDA investment will support the expansion of Lexington’s steel manufacturing industry, create good-paying jobs in the region, and promote workforce development opportunities."
Regional planning efforts, led by the Piedmont Triad Regional Council (PTRC), made the project possible, according to the release. The PTRC receives EDA funding to assist public and private sector partnerships to develop a strategy to improve local economies, private-capital investments and create jobs, the release reports.
"North Carolina is a leader in manufacturing but good jobs require strong infrastructure, and this investment in Lexington will help bring new industries and support the community for generations to come," N.C. Gov. Roy Cooper (D) said in the news release. "We’re glad to continue working with the Biden-Harris Administration to boost our economy and bring more good paying jobs to our state."
