WASHINGTON – Today, U.S. Senate Appropriations Chair Patrick Leahy and U.S. House of Representatives Chair Rosa DeLauro released the Consolidated Appropriations Act, 2023, which is expected to be passed by the Senate and House and signed by the President before the end of the week. The International Economic Development Council (IEDC) is pleased to share that the legislation includes $1.12 billion for community economic development through the U.S. Economic Development Administration (EDA), a $724.5 million increase above the fiscal year 2022 enacted level.
IEDC and its members have long advocated for a substantial increase in funding to EDA and are pleased to see our vision has been recognized. Today’s announced funding will be used to support EDA’s programs, including funding for EDA’s Public Works program, Economic Adjustment Assistance, the Assistance to Coal Communities, the Regional Innovation Program, and new funding for a Regional Technology Hubs Program and for the RECOMPETE Program, which were both authorized as part of the recently passed Chips and Science Act. These programs will help support communities with job skills training, technical assistance, and infrastructure improvements needed to attract new businesses and ensure existing businesses have the opportunity to adapt to changing market circumstances. As the only federal agency solely focused on economic development, EDA is critical in supporting job creation and innovation, particularly in distressed and disadvantaged communities.
EDA has been a vital partner to local communities since its creation in 1965, serving as a federal catalyst for regional economic growth. Over the last ten years, EDA resources have become increasingly impactful, leading economic recovery efforts after devastating natural disasters and spurring on workforce development opportunities in the wake of the COVID-19 crisis. This funding is indicative of both the value of EDA’s leadership and programming, as well as the significant and growing need for federal economic development resources.
“Today’s announced investment in the tools and resources that EDA can apply in driving equitable economic outcomes is critical, and I applaud the leadership in both the House and Senate for the funding allocated in the FY23 Omnibus Package,” stated IEDC President & CEO Nathan Ohle. “EDA continues to play a leading role in providing federal resources and leadership in support of regional economic development. The more than $1.12 billion in funding will help to continue the important work that EDA does in partnership with organizations like IEDC and economic development organizations across the country.”
About IEDC
The International Economic Development Council (IEDC) is a non-profit, non-partisan membership organization serving economic developers. With more than 4,800 members, IEDC is the largest organization of its kind. Economic developers promote economic well-being and quality of life for their communities, by creating, retaining and expanding jobs that facilitate growth, enhance wealth and provide a stable tax base. From public to private, rural to urban, and local to international, IEDC’s members are engaged in the full range of economic development experience. Given the breadth of economic development work, our members are employed in a wide variety of settings including local, state, provincial and federal governments, public-private partnerships, chambers of commerce, universities and a variety of other institutions. IEDC’s members create high-quality jobs, develop vibrant communities and improve the quality of life in their regions.