U.S. Commerce Secretary Gary Locke Announces $20.9 Million in Investments to Create Jobs, Strengthen Economy in Houston/Galveston Region
May 19, 2009
Contact: Bryan Borlik, (202) 482-4085
WASHINGTON - U.S. Commerce Secretary Gary Locke today announced $20.9 million in Economic Development Administration (EDA) investments in the Houston/Galveston region in Texas. During the 2008 hurricane season, Hurricanes Ike and Gustav severely impacted Texas' Gulf Coast region. The area continues to experience extraordinary financial losses and these investments will help boost the region's economic recovery.
"The Obama Administration is committed to creating jobs, encouraging innovation and improving our nation's competitiveness," Locke said. "Hurricanes Ike and Gustav devastated the Gulf Coast region. These investments will help rebuild the region's global competitiveness, and get Texas Gulf Coast communities, businesses and entrepreneurs back on their feet.
"These important projects show President Obama's commitment to helping folks get back to work. The Commerce Department will continue to work with the Gulf Coast region to assure that the business community is rebuilt and that critical jobs are restored."
The investments announced today include:
$10 million for the city of Galveston and the Port of Galveston, Tex., to make improvements needed to increase the efficiency and productivity of the Port. The project is expected to create 300 jobs and generate $12 million in private investment, according to grantee estimates.
$10 million for the Gulf Coast Economic Development District of Houston to establish a disaster recovery Revolving Loan Fund (RLF) that will provide businesses in the Texas Gulf Coast region with the gap financing capital they need to recuperate.
$900,000 for the Gulf Coast Economic Development District of Houston to support continued disaster recovery economic development planning efforts in the hurricane-impacted Texas Gulf Coast region and to help administer the Revolving Loan Fund (RLF).
The Department of Commerce is a voice for Main Street businesses. It focuses on creating jobs by fostering innovation and opening markets to U.S. products. Locke is a key member of President Barack Obama's economic team.
EDA supports the economic development needs of distressed communities throughout the United States. Its mission is to lead the federal economic development agenda by promoting innovation and competitiveness and preparing American regions for growth and success in the worldwide economy.
Additional information on how EDA investments are helping distressed communities create a positive and sustainable economic future can be accessed at: http://www.eda.gov.