U.S. Department of Commerce Invests $665,000 to Help Bring Foreign-owned Manufacturer to Kentucky
Contact: EDA Public Affairs Department, (202) 482-4085
December 1, 2017
WASHINGTON - The U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $665,000 grant to the Simpson County Water District of Franklin, Kentucky, to make water system improvements needed to serve businesses locating in an industrial area in the northern part of Franklin, including a German manufacturer of brake routers for automobiles, which is establishing its first U.S. plant in Franklin. The project is expected to spur $193 million in private investment and create more than 340 jobs.
“We commend Simpson County on their strategy of attracting a major foreign investor to the region,” said Deputy Assistant Secretary for Regional Affairs Dennis Alvord. “This project will provide the critical infrastructure the community needs to support this company and others businesses to help create new jobs in the region.”
Foreign Direct Investment (FDI) plays an important role in the U.S. economy. It leads to the creation of jobs, an increase in wealth and living standards, and overall growth and innovation that drive the U.S. economic competitiveness. For more, visit the SelectUSA website.
As the only federal government agency solely focused on economic development, EDA is uniquely positioned to help drive community strategies focused on attracting FDI. This project was made possible by the regional planning efforts led by the Barren River Area Development District. EDA funds the Barren River Area Development District to bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support capital investment and create jobs.
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.