Recovery = Restore + Resiliency + Renewal + Transformation
MAY 8, 2020 – SERIES 5 OF 6
The federal government will continue to provide stimulus packages to help the country recover from the corona virus pandemic. As with previous economic crises, there will be opportunities for transformational projects through federal entities such as U.S. Economic Development Administration (EDA) and U.S. Department of Housing and Urban Development (HUD).
Following several hurricane disasters in Florida, EDA helped in funding the Innovation Hub in Gainesville. HUD community development block grants for disaster recovery were used to build the Maritime Training Academy in Pascagoula, Mississippi supporting the state’s largest manufacturing employer, Ingalls Shipbuilding as well as other businesses in that important economic cluster.
Now is the time to start thinking about that transformational project that could be a catalyst in changing the regional economy. Is it fiber supporting high speed internet for your rural community? Is it an expansion of a university center to support leading edge research that adds value to the industry cluster? Can it be the needed infrastructure to support a new industry sector adding diversity in the employment base and mitigating risk from future economic impacts?
Economic development organizations that are prepared and have aligned necessary stakeholder support are the ones that win funding for these types of projects. The best plans include:
- Collaborative partners
- Demonstrate resiliency for future disruptions
- Have multiple funding partners
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