The U.S. Economic Development Administration (EDA) is an agency in the United States Department of Commerce that provides grants and technical assistance to economically distressed communities in order to generate new employment, help retain existing jobs and stimulate industrial and commercial growth through a variety of investment programs. EDA works with boards and communities across the country on economic development strategies.[1]
History
In 1965, Congress passed the Public Works and Economic Development Act of 1965 (PWEDA) (42 U.S.C. ch. 38), which authorized the creation of the Economic Development Administration (EDA) to generate jobs, help retain existing jobs, and stimulate industrial and commercial growth in economically troubled areas of the United States. EDA assistance is available to rural and urban areas of the United States experiencing high unemployment, low income, or other severe economic distress.
Mission and investment priorities
The EDA's stated mission is to "lead the federal economic development agenda by promoting innovation and competitiveness, preparing American regions for growth and success in the worldwide economy."[2]
The EDA's investment policy is designed to establish a foundation for sustainable job growth and the building of durable regional economies throughout the United States. This foundation builds upon two key economic drivers - innovation and regional collaboration. Innovation is the key to global competitiveness, new and better jobs, a resilient economy, and the attainment of national economic goals. Regional collaboration is essential for economic recovery because regions are the centers of competition in the new global economy and those that work together to leverage resources and use strengths to overcome weaknesses will fare better than those that do not. EDA encourages its partners around the country to develop initiatives that advance new ideas and creative approaches to address rapidly evolving economic conditions.[2]
Role
The EDA is the only federal government agency solely focused on economic development. EDA works with communities and boards across the country on regional economic development strategies to attract private investment and create jobs in economically distressed areas of the United States.
EDA's economic footprint is wide and its tool box is extensive—including technical assistance, post-disaster recovery assistance, trade adjustment support, strategic planning and research and evaluation capacity, thereby allowing the agency to offer the most effective investment to help communities succeed in the global economy.[2]
Multi-agency initiatives
EDA leads a host of multi-agency initiatives to advance intergovernmental and public-private partnerships across the nation. These initiatives include:[3]
- Assistance to Coal Communities[4]
- EDA Vista Corps[5]
- Americas Competitiveness Exchange[6]
