The U.S. Economic Development Administration (EDA) has been reauthorized by Congress for the first time in two decades, marking a significant milestone for the agency. This bipartisan legislation aims to modernize the EDA and other regional commissions focused on stimulating economic growth across the nation.
Since its inception in 1965, the EDA has played a pivotal role in enhancing public works and infrastructure, job creation, workforce development, disaster recovery, and technological advancement. The last formal reauthorization occurred in 2004.
U.S. Secretary of Commerce Gina Raimondo emphasized the importance of this reauthorization: “Reauthorization will allow EDA to continue meeting its mission of ensuring communities across the country have the resources they need to expand economic opportunity, invest in innovation, and recover from disasters.” She added that it would enable EDA to "evolve, modernize, and provide the services that communities across the nation need."
Between January 2021 and November 2024, EDA directed nearly $6 billion into 3,393 projects nationwide. These initiatives are projected to create or save over 554,700 jobs while generating more than $67.7 billion in private investment.
Acting Assistant Secretary for Economic Development Cristina Killingsworth noted that “the country has changed since EDA was last authorized," citing new industries and challenges as well as impacts from global events like pandemics and natural disasters.
The reauthorization is part of the Thomas R. Carper Water Resources Development Act of 2024 which received bipartisan support. Senator Tom Carper stated that “EDA is driving our nation’s job growth" by building resilient supply chains and investing locally.
Senator Shelley Moore Capito highlighted how this move will benefit rural states like West Virginia: “This reauthorization will help the EDA carry out its mission to drive investment, create jobs.”
Representative Dina Titus expressed pride in negotiating this package recognizing tourism's role in economic development. Transportation and Infrastructure Committee Chairman Sam Graves thanked his colleagues for their efforts in developing this measure.
Ranking Member Rick Larsen praised the passage of related legislation saying it includes provisions to grow the economy through job creation via EDA's reauthorization.
The EDA remains committed to leading federal economic development efforts by promoting competitiveness and preparing regions for global success through investments aimed at fostering innovation and sustainable growth.
