U.S. Department of Commerce Invests $1 Million to Support Economic Growth and Diversification Efforts in Kentucky
WASHINGTON – To support local efforts to create jobs and stimulate economic growth, U.S. Secretary of Commerce Wilbur Ross announced today that the Department’s Economic Development Administration (EDA) is awarding $1 million in grants to the Commonwealth of Kentucky. The projects are expected to help create or retain more than 650 jobs throughout Kentucky and generate $20.8 million in private investment according to grantee estimates.
“From the start of his campaign, President Trump promised time and again to aid America’s ailing coal communities,” said Secretary of Commerce Wilbur Ross. “This funding will provide Kentuckians with the tools to revitalize their communities and plan for increased growth across diverse industries.”
The EDA investments announced today are:
- Henderson County Fiscal Court in Henderson, Kentucky will receive $990,700 to expand Ohio Drive to meet the transportation needs of the existing local businesses. According to grantee estimates, the project is expected to create or retain more than 300 jobs and spur $8.3 million in private investment. The project was made possible by the regional planning efforts led by the Green River Area Development District, which is funded by EDA.
- Perry County Fiscal Court in Hazard, Kentucky will receive $60,000 to help with planning for the Drone Port of Kentucky project. The project is expected to help create or retain more than 350 jobs and generate $12.5 million in private investment. The project was made possible by the regional planning efforts led by the Kentucky River Area Development District, which is funded by EDA.
“We are working diligently to diversify the economy in rural Eastern Kentucky and this EDA investment will help lift innovation and job creation in the rapidly growing drone industry, in the heart of Appalachian coal country,” said Congressman Hal Rogers (KY-05). “I applaud Secretary Ross for supporting the ingenuity and regional collaboration in the Kentucky River Area Development District, where economic development is desperately needed as we continue to revitalize coal-producing communities hit hardest by the downturn of the coal industry.”
These projects are funded under the 2018 Assistance to Coal Communities (ACC 2108) program, through which EDA will award funds on a competitive basis to assist communities severely impacted by the declining use of coal through activities and programs that support economic diversification, job creation, capital investment, workforce development, and re-employment opportunities.
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.