The first regional Economic Development District in Puerto Rico has been designated by the U.S. Department of Commerce’s Economic Development Administration.
The Southern Puerto Rico Economic Development District (SPREDD) will help plan economic growth in Guánica, Guayanilla, Juana Díaz, Peñuelas, Ponce and Yauco, according to a May 12 news release. The district is expected to support the healthcare, hospitality and agriculture industries, among others.
“President Biden is committed to ensuring that no community or demographic group is excluded from the opportunity to achieve the American dream,” Deputy Secretary of Commerce Don Graves said in the release. “This designation will serve as a foundation for future economic success that will benefit families and businesses in the Southern Region of the archipelago, an area still recovering from several hurricanes, the brunt of multiple earthquakes and the coronavirus pandemic.”
SPREDD is among hundreds of federally designated Economic Development Districts in the U.S. that create a comprehensive economic development strategy, the release said.
A comprehensive economic development strategy "is the result of a ‘regionally-owned’ planning process designed to guide the economic prosperity and resiliency of an area or region," the release said. “It provides a coordinating mechanism for individuals, organizations, local governments and private industry to engage in a meaningful conversation and debate about the economic direction of their region.”
Economic Development Districts “facilitate regional economic recovery and growth,” Alejandra Castillo, assistant secretary of commerce for economic development, said in the release.
“This designation will support economic revitalization and innovation programs to retain existing businesses, encourage new entrepreneurial endeavors, entice industries to make long-term investments and create higher-skill and higher-wage job opportunities in Southern Puerto Rico,” Castillo said in the release.
The EDA aims to expand federal economic development by "promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy," the release reported.
