U.S. Department of Commerce Invests $3 Million to Support Growth in Floyd County
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $3 million grant to the Floyd County Commissioners of New Albany, Indiana, to make critical roadway infrastructure improvements needed to serve an industrial park that will support high-tech businesses. The EDA grant, to be matched with $3 million in local investment, is expected to attract $10 million in private investment and create 50 jobs.
“The Trump Administration is dedicated to making improvements to help local and regional economies prosper,” said Secretary of Commerce Wilbur Ross. “The construction of this roadway and other related infrastructure in Floyd County will spur growth at the industrial park, help diversify the region’s economy, and create new jobs.”“Modern and reliable infrastructure powers economic growth and enhances quality of life,” said Indiana Department of Transportation Commissioner Joe McGuinness. “Results happen when partnerships between state, federal, and local stakeholders take effect, and Indiana is proud to join with the U.S. Department of Commerce and Floyd County to support this important project.”“The EDA’s $3 million grant will provide critical support for the Floyd County Tech Park and the surrounding region,” said Senator Young. “The grant will enable the safe and secure transportation of people and goods into the first tech park in Floyd County, and support continued economic and job growth in the community.”“Top-notch infrastructure is vital for the livelihood of Hoosier businesses,” said Senator Braun. “I commend the EDA for this grant that will create jobs, foster high-tech innovation, and improve the lives of Hoosiers in Floyd County and across the region.”
“Hoosiers in Floyd County have worked hard to expand opportunities for economic development, to attract new businesses and jobs in southern Indiana, and to update our infrastructure,” said Rep. Trey Hollingsworth (IN-09), whose congressional district includes Floyd County. “I look forward to the support this grant will bring to our Floyd County community and the growth of our southern Indiana economy.”
This investment will help Floyd County expand its industrial base by accommodating high-tech businesses, including those working in the spaceflight systems and equipment manufacturing sector. The roadway to be built will also mitigate the impact of flooding.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.