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The Latest From The Commerce Blog

Secretary Bryson Tours and Joins a Discussion with Business Leaders, Educators at Minneapolis Community and Technical College

Submitted on February 10, 2012 - 6:00pm
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Secretary Bryson Enjoys Mayor Rybak's Attempts at Welding

Today, Secretary John Bryson traveled to Minneapolis, Minnesota, to tour facilities at Minneapolis Community Technical College (MCTC), along with Mayor R.T. Rybak and U.S. Representative Keith Ellison. After the tour, Bryson held a discussion with business leaders, students and educators—including Steven Rosenstone, Chancellor of Minnesota State Colleges and Universities, MCTC Graduate Mike Palm and Kimberly Arrigoni, President-Elect of Minnesota Precision Manufacturing Association—on how the Obama Administration can continue to support successful partnerships between community colleges and businesses to train and place skilled workers. 

The rigorous education and hands on technical training offered at MCTC and other workforce training campuses has made a difference in the lives of people across the country. As President Obama said during his State of the Union Address a few weeks ago, having a strong workforce is a critical part of ensuring that our economy is built to last. 

Bryson noted that over the past two years, we’ve added over 3.7 million new jobs, including 404,000 manufacturing jobs. But there is still work to be done. That’s why the President has called for more programs and partnerships like the ones at MCTC. We need to support more colleges that teach people the skills that businesses need, and investing in the next generation of skilled workers is a smart investment that will pay off.

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Advancing Economic Development Strategies: the First White House Community Partnership Summit, Atlanta, GA

Submitted on February 10, 2012 - 1:30pm
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Guest blog post by Deputy Assistant Secretary for Economic Development and Chief Operating Officer for Economic Development Administration Matt Erskine

Hundreds of small business owners, community leaders, and state and local elected officials in Atlanta, Georgia, convened during the first in a series of White House Community Partnership Summits today for the opportunity to meet face to face with senior Obama administration officials and discuss key local issues.

I had the pleasure of representing the Commerce Department and engage participants about steps the administration is taking to promote economic and job growth in Georgia and across America. I especially enjoyed the open space dialogues where participants set the agenda and identify action steps with officials.

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Why Investing in R&D Matters

Submitted on February 9, 2012 - 3:50pm
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What do the electric light bulb, the internal combustion engine and the transistor have in common? They are all examples of how innovative ideas can bring rapid change and growth to our economy. Innovation has long been recognized as an important driver of economic growth.  New ideas can spark wave upon wave of new goods and services that literally transform the economy, making it more robust and vibrant.

What exactly is innovation? A precise explanation can be elusive, but common to every definition is the idea of realizing commercial value by creating something that did not previously exist. And, while economists agree that innovation is important for economic growth, actually measuring it is quite a challenge. Innovation is what’s known as an intangible asset. It’s hard to quantify. Understanding the role of intangible assets–and thus the role of innovative activity in general–is critical to understanding the modern economy.

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