U.S. Department of Commerce Invests $1.1 Million for Infrastructure Improvements to Establish an Industrial Park and Support Business Development in Watertown, South Dakota
WASHINGTON – Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $1.1 million grant to the city of Watertown, South Dakota, for construction, water, and roadway infrastructure improvements to establish a new industrial park.
This infrastructure and industrial park will create new opportunities for businesses to establish and grow, creating new jobs and boosting the regional economy. The EDA investment will be matched with $1.1 million in local funds and is expected to create 70 jobs and generate $4.5 million in private investment, according to grantee estimates.
“President Biden is committed to ensuring that our communities are provided with the resources they need to diversify and grow their economies,” said Secretary of Commerce Gina Raimondo. “This EDA investment in infrastructure will support business development in Watertown, creating jobs and providing economic resilience.”
“The Economic Development Administration plays an important role in supporting locally-developed strategies designed to stimulate American innovation and entrepreneurial activity,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This project will bolster the diversification of Watertown’s economy by expanding the city’s industrial capacity, leading to new, good-paying jobs.”
This project was made possible by the regional planning efforts led by the First District Association of Local Governments (First District). EDA funds First District to bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment and create jobs.
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 invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.