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A bureau within the U.S. Department of Commerce


Press Release

Obama Administration Funding will Support Economic Analysis of Areas Affected by BP Oil Spill

WASHINGTON - The U.S. Commerce Department's Economic Development Administration (EDA) today announced a $233,000 grant to the Greater New Orleans Development Foundation (GNO, Inc.) of New Orleans, La., to develop an objective, comprehensive economic impact analysis of the BP oil spill on the Greater New Orleans region.

"The Obama administration is committed to helping Louisiana recover from this disaster," said U.S. Assistant Secretary of Commerce for Economic Development John R. Fernandez. "The critical economic impact study funded through this EDA grant is one step in the process to get folks back to work. The foundation's efforts will help to ensure a collaborative recovery process that targets resources and maximizes business recovery efforts."

"One of the major lessons from Katrina is that there are two stages to recovery: rebuilding, and then reinvention. GNO, Inc.'s Economic Impact Analysis, made possible by the EDA, will provide southeast Louisiana with the empirical data necessary for this two-stage recovery from the BP Oil Spill. First, an objective, inclusive understanding of direct and indirect economic impact will help efficiently guide resources for the rebuilding process. Then, the results of the Economic Impact Analysis will define economic challenges and opportunities, so that individuals and businesses can reinvent themselves. The result will be a region that not only retains its competitiveness, but that can take advantage of new opportunities to become more competitive than ever before," said Michael Hecht, President, Greater New Orleans Development Foundation.

GNO, Inc., serves the 10-parish region surrounding New Orleans, which includes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. James, St. John the Baptist, St. Tammany, Tangipahoa and Washington parishes.

About the U.S. Economic Development Administration (www.eda.gov): This year, the U.S. Economic Development Administration (EDA) marks 45 years of public service, with a mission of leading the federal economic development agenda by promoting competitiveness and preparing American regions for growth and success in the worldwide economy. EDA is an agency within the U.S. Department of Commerce that partners with distressed communities throughout the United States to foster job creation, collaboration and innovation.