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EDA: Helping Communities Build Economic Resilience

EDA: Helping Communities Build Economic Resilience

Guest blog post from Assistant Secretary of Commerce for Economic Development, Jay Williams

Since taking office, President Obama and his administration have worked to help communities and regions impacted by natural disasters and major economic challenges respond and rebuild stronger than before.

This week, on a visit to Colorado, I was pleased to have the opportunity to announce two Economic Development Administration investments that support those efforts in two communities.

In Estes Park, a picturesque town located at the entrance to Rocky Mountain National Park, residents are working diligently to rebound from severe flooding that hit them hard as they were preparing for the busy snow season – and the economic tourism boon that comes with it - last fall. 

To help the town following the federally-declared flood disaster, I was honored to announce a $300,000 EDA investment to help the Town develop a strategy that will guide their economic diversification and resiliency efforts. One key component of this grant is developing specific actions to make use of Estes Park’s existing fiber optic ring to deliver improved broadband services to the town and surrounding region. By working with other affected communities – including nearby Loveland and Lyons – this strategy will help the region diversify while strengthening their existing established industry clusters.

In Colorado’s central western region, the recent closure of Oxbow Elk Creek coal mine has resulted in a regional economic emergency. 

To help the region respond, I announced a $245,000 EDA grant to the Region 10 League for Economic Assistance and Planning of Montrose, Colorado, to help create a strategy that aims to improve and enhance the economic resiliency and sustainability of Delta and Gunnison counties.

Resiliency is critical to economic prosperity: all communities—whether in a position likely to weather significant natural disasters, or struggling to deal with immediate or pending catastrophes—must have or be able to develop strategies that can mitigate an economic downturn and support long-term recovery efforts.

I am proud of the important role EDA plays in helping communities get back on their feet stronger than before.

Welcoming Investment from South America

Profile photo of Aaron Brickman, Deputy Executive Director, SelectUSA

Guest blog post by Deputy Executive Director, SelectUSA Aaron Brickman

Not only is South America the birthplace of soccer greats and the location of natural wonders, it is also an important and rapidly growing source of foreign direct investment (FDI) to the United States. According to the U.S. Commerce Department’s Bureau of Economic Analysis (BEA), more than 85,000 men and women go to work each day at South American companies operating in the United States.

The SelectUSA South America Road Show this week connected U.S. economic development organizations (EDOs) directly with inversores and investidores in Santiago, Chile; Sao Paulo, Brazil; and Bogota, Colombia to build opportunities for even more South American companies to succeed in U.S. cities and regions.

Why did SelectUSA’s first South American Road Show focus on Chile, Brazil, and Colombia?

  • These three countries accounted for nearly a quarter of inward investment from Latin American sources in 2013.
  • Brazil is the largest source of investment from South America, with a total stock of nearly $15 billion in 2013. Brazilian companies such as JBS, Embraer, Braskem, and Chilli Beans have made significant investments in the United States over the past several years. The annual growth rate of Brazilian investment averaged 19.6 percent between 2009 and 2013, making Brazil the ninth-fastest global source of investment to our country. There is robust interest from a diversity of sectors: 325 Brazilian firms took part in our seminar and one-on-one meetings with EDOs.
  • As of 2013, the stock of FDI from Chile into the United States stood at $983 million. Investment from Chile, with which we have a Free Trade Agreement (FTA), has been growing at a compound annual growth rate of 11.9 percent since 2009. More than 130 Chilean firms registered for the Road Show, and we were joined by Arauco and Elecmetal – two well-known Chilean companies who shared their experience investing in the United States.
  • Colombia, another FTA partner, was the source of over $2 billion of FDI stock in the United States as of 2013. A recent example includes Fehr Foods, a subsidiary of Grupo Nutresa, which announced earlier this year that it will invest an additional $32 million and create 105 jobs in its U.S plant. Many more Colombian firms are looking to find success in the United States, as evidenced by the 190 participants in the Road Show in Bogota. FDI from Colombia to the United States from 2009 to 2014 grew at a compound annual growth rate of 14.6 percent.

Profile America: Facts for Features - Labor Day 2014

Cross Post: U.S. Census Bureau

Labor Day 2014: Sept. 1

The first observance of Labor Day was likely on Sept. 5, 1882, when some 10,000 workers assembled in New York City for a parade. That celebration inspired similar events across the country, and by 1894 more than half the states were observing a "working men's holiday" on one day or another. Later that year, with Congress passing legislation and President Grover Cleveland signing the bill on June 29, the first Monday in September was designated "Labor Day." This national holiday is a creation of the labor movement in the late 19th century and pays tribute to the social and economic achievements of American workers.

Who Are We Celebrating?

155.6 million

Number of people 16 and over in the nation's labor force in May 2013.
Source: U.S. Bureau of Labor Statistics, Table A-1 <http://www.bls.gov/news.release/pdf/empsit.pdf>

Our Jobs

Largest Occupations May 2013Number of employees
Retail salespeople4,485,180
Cashiers3,343,470
Combined food preparation and serving workers,
   including fast food
3,022,880
Office clerks, general2,832,010
Registered nurses2,661,890
Waiters and waitresses2,403,960
Customer service representatives2,389,580
Laborers and freight, stock, and material movers, hand2,284,650
Secretaries and administrative assistants, except legal
   medical, and executive
2,159,000
Janitors and cleaners, except maids and housekeeping
   cleaners
2,101,810

Source: U.S. Bureau of Labor Statistics, Occupations with the Highest Employment, May 2013, <http://www.bls.gov/oes/2013/may/featured_data.htm#largest>