|Program||# of Grants||EDA Funds|
During FY 2012, EDA awarded three grants totaling $2.7 million in the State of Rhode Island. In addition to funding critical infrastructure improvements, EDA invested in a state-wide comprehensive economic development strategy that will bring together the public and private sectors in the creation of an economic development roadmap to diversify and strengthen the state’s economy. These investments are expected to create or retain 425 jobs according to grantee estimates.
Investment Spotlight: EDA Investment Expands Opportunities in Offshore Wind
Offshore wind energy presents tremendous opportunities for the U.S. economy. As a clean and sustainable source of energy, offshore wind carries the potential of decreasing the nation’s dependence on foreign oil and lowering overall energy costs. Offshore wind also creates possibility for job creation in turbine manufacturing, wind farm construction and maintenance, as well as related industries.
With a waterfront location with accessibility to four modes of transportation (highway, air, water and rail) and proximity to a skilled workforce, Quonset Business Park in North Kingston, Rhode Island, an optimal location for a potential staging area for offshore wind farm development. In FY 2012, EDA invested $440,000 to construct roadway and utilities improvements to facilitate the expansion of the Park. These improvements will enable the development of 60 additional acres which will position the Park to become a staging area for offshore wind farm development. The Quonset Business Park currently hosts 168 businesses with 7,000 full-time employees and 1,600 part-time employees. With this expansion, grantees estimate the Park support the creation of approximately 275 additional jobs.