U.S. Department of Commerce Designates First Economic Development District in Puerto Rico
May 15, 2023
U.S. Department of Commerce Designates First Economic Development District in Puerto Rico
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Fri, 05/12/2023 – 15:00
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Friday, May 12, 2023
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Today, U.S. Deputy Secretary of Commerce and Puerto Rico Economic Growth Coordinator Don Graves announced that the Department’s Economic Development Administration (EDA) has designated the first regional Economic Development District (EDD) in Puerto Rico, the Southern Puerto Rico Economic Development District (SPREDD).
“President Biden is committed to ensuring that no community or demographic group is excluded from the opportunity to achieve the American dream,” said Deputy Secretary of Commerce Don Graves. “This designation will serve as a foundation for future economic success that will benefit families and businesses in the Southern Region of the archipelago, an area still recovering from several hurricanes, the brunt of multiple earthquakes, and the Coronavirus pandemic.”
Economic Development Districts leverage the involvement of the public, private, and non-profit sectors to establish a strategic blueprint for economic development. This designation creates a new local-federal partnership to support entrepreneurs, mobilize new resources, and plan for economic growth in the municipalities of Guánica, Guayanilla, Juana Díaz, Peñuelas, Ponce, and Yauco. A variety of industries will be supported in their economic development efforts, including healthcare, hospitality, and agriculture.
“Economic Development Districts promote collaboration across all sectors to facilitate regional economic recovery and growth,” said Alejandra Y. Castillo, Assistant Secretary of Commerce for Economic Development. “This designation will support economic revitalization and innovation programs to retain existing businesses, encourage new entrepreneurial endeavors, entice industries to make long-term investments and create higher-skill and higher-wage job opportunities in Southern Puerto Rico.”
The Southern Puerto Rico Economic Development District (SPREDD) joins several hundred federally designated EDDs throughout the United States, unified by a Comprehensive Economic Development Strategy (CEDS). A CEDS is the result of a “regionally-owned” planning process designed to guide the economic prosperity and resiliency of an area or region. It provides a coordinating mechanism for individuals, organizations, local governments, and private industry to engage in a meaningful conversation and debate about the economic direction of their region.
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.
Bureaus and Offices
Economic Development Administration
Tags
Puerto Rico
Read the full report from the U.S. Department of Commerce: Read More
