U.S. Department of Commerce Invests $1 Million to Support Manufacturing in Arkansas
WASHINGTON – U.S. Secretary of Commerce Wilbur Ross today announced that the Department’s Economic Development Administration (EDA) is awarding a $1 million grant to Stone County, Arkansas, to help build a county-owned building to support local manufacturers. According to grantee estimates, the project is expected to create 50 jobs and generate $650,000 in private investment.
“The American manufacturing sector has experienced a new revival under the ambitious agenda set by President Trump,” said Secretary of Commerce Wilbur Ross. “This new facility will help strengthen Stone County’s manufacturing base and generate jobs for residents across the community.”
“This project will create an economic environment that helps our manufacturing industry succeed in Stone County,” said Senator John Boozman. “Supporting the needs of local businesses and manufacturers is a good investment that will create new opportunities for economic development in the region.”
“Arkansas’ manufacturing sector is creating a future full of job opportunities which support the viability of so many communities in rural Arkansas, including those in Stone County,” said U.S. Representative Rick Crawford. “Grants like this not only help local manufacturers expand, but they are also an investment in the infrastructure that makes it possible for Arkansas businesses to reach their full potential.”
The building is expected to be leased to a local boat manufacturing company that is looking to expand operations due to increased demand. The expansion of the boat manufacturing facility will also boost the local economy and area suppliers. This project was made possible by the regional planning efforts led by the White River Planning and Development District. EDA helps fund the White River Planning and Development District to bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private 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.