U.S. EDA Invests in Rural America—West Virginia Receives Over $5 Million to Advance Innovation Economy
On August 1, 2011, the U.S. Commerce Department’s
Economic Development Administration (EDA) invested $5.25 million in the West
Virginia Higher Education Policy Commission of Charleston, W. Va., to upgrade a
key research lab building in South Charleston’s West Virginia Regional Technology
to help attract rural small businesses. The effort is expected to create an
initial 96 jobs and an additional 9,000 jobs over the long term.
The facility will provide leased incubator space to high-tech start-up companies in the chemical, energy, and advanced materials industries. The renovations will result in significant energy savings for the State and businesses working in the facility, reducing operating costs by nearly 50 percent annually. Start-up companies and entrepreneurs in the park will conduct innovative product and process research, testing and business development, and will also have manufacturing capacity. The building will also include research and teaching facilities for Marshall University, West Virginia University, and four community colleges.
This rural investment enjoys wide Congressional
and State support.