U.S. Department of Commerce Invests $4.6 Million to Support Economic and Workforce Development Efforts in Rhode Island

WASHINGTON – Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is investing $4.6 million in the state of Rhode Island to support economic and workforce development efforts following natural disasters in the state.

The EDA investments announced today are:

• The University of Rhode Island Research Foundation, Kingston, will receive a $3.9 million EDA grant to support the 401 Tech Bridge Advanced Materials and Technology Center through the renovation of leased space. The project will be matched with $988,408 in local funds and is expected to create 2,000 jobs, according to grantee estimates.

• Rhode Island Commerce Corporation, Providence, will receive a $690,346 EDA grant to develop Ready Set Rhody, a statewide GIS mapping that will identify small business districts that are most vulnerable to flooding caused by storms. The project will be matched with $172,586 in local funds.

“President Biden is committed to ensuring that all communities in Rhode Island and across the country have the resources needed to not only recover from natural disasters but build back stronger,” said Secretary of Commerce Gina Raimondo. “These EDA investments will help advance innovation and climate resiliency across Rhode Island.”

“The Economic Development Administration plays an important role in supporting locally developed strategies designed to create economic opportunity,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “EDA is pleased to assist Rhode Island Commerce Corporation and the University of Rhode Island Research Foundation in their disaster recovery efforts to develop strong, resilient regional economies.”

“Rhode Island is appreciative of the federal support for these two projects, both of which use the latest technology to support our economy,” said Governor Dan McKee. “Ready Set Rhody will help us prepare our businesses in advance of changes to the environment, while the 401 Tech Bridge center will help us build high-wage jobs that will be resilient in the face of those anticipated changes.”

“This is about making Rhode Island’s economy stronger and more resilient. These federal investments will help provide new business opportunities and job growth while also addressing targeted flood mitigation for small businesses,” said Senator Jack Reed.

“This new round of funding is aimed at both accelerating job growth in Rhode Island’s Blue Economy and investing in better mapping to prepare small businesses for climate-related flooding,” said Senator Sheldon Whitehouse.  “I am working to ensure Rhode Island businesses have the tools to be successful and resilient so they can continue to grow.”

“Today’s funding announcement by the Economic Development Administration turbocharges our efforts to make Rhode Island more resilient against natural disasters,” said Representative Gabe Amo (RI-01). “These federal investments in our state will support good-paying jobs and help us advance our economic and resiliency goals. I will continue to advocate alongside my delegation colleagues for every federal dollar possible to ensure Rhode Island is prepared for the impacts of climate change and its devastating effects.”

“Rhode Island is a leader in the Blue Economy and in key industries, including textiles, composites and undersea technology – and by building on these strengths, we can create thousands of jobs and spur innovation in our state,” said Representative Seth Magaziner (RI-02).

This project is funded under the Disaster Relief Supplemental Appropriations Act, 2023, which provided EDA with $483 million in additional Economic Adjustment Assistance (EAA) Program funds for disaster relief and recovery for areas that received a major disaster declaration under the Robert T. Stafford Act as a result of Hurricanes Ian and Fiona, wildfires, flooding, and other natural disasters occurring in calendar years 2021 and 2022. Please visit EDA’s Disaster Supplemental webpage for more information.

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.