News

collage-in-the-news

 

    SETAAC Awarded $1.2 Million Federal Commerce Grant

    SETAAC serves eight southeastern states and helps manufacturers affected by foreign import trade better compete.

    SETAAC serves eight southeastern states and helps manufacturers affected by foreign import trade better compete.

    U.S. Department of Commerce Secretary Wilbur Ross announced $13 million in U.S. Economic Development Administration (EDA) grants to support 11 Trade Adjustment Assistance Centers (TAACs), including $1.2 million to the Southeastern Trade Adjustment Assistance Center (SETAAC) at the Georgia Institute of Technology.

    SETAAC and the other 10 Trade Adjustment Assistance Centers help manufacturers affected by imports. The comprehensive assistance includes the development and implementation of projects to regain global competitiveness, expand markets, strengthen operations, and increase profitability. It also saves and/or creates new U.S. jobs.

    “The Trump administration is committed to providing a level playing field for American manufacturers,” Ross said in a statement. “This program provides critical technical assistance to firms to help them develop and implement projects to regain global competitiveness, expand market share, and create jobs.”

    The TAACs, which each service multiple states, are located in California, Colorado, Georgia, Illinois, Massachusetts, Michigan, Missouri, New York, Pennsylvania, Texas, and Washington. The announced grants are for the fifth year of a funding cycle running from 2016 to 2021.

    In addition to Georgia, SETAAC’s service area includes the Carolinas, Florida, Kentucky, Tennessee, Mississippi, and Alabama. Created in 1974, SETAAC is an offering of Georgia Tech’s economic development arm, the Enterprise Innovation Institute.

    For the 10 years between 2009 and 2019, SETAAC received more than $12.2 million in federal funding and served 250 clients across its service region.

    Those companies reported increased sales $49.8 million and saving or creating nearly 2,000 jobs in that period.

    Read more...

    Georgia Tech Economic Development Administration University Center awarded $300K Grant
    Lynne Henkiel hedshot

    Lynne Henkiel is director of Georgia Tech's Economic Development Administration University Center. (Photo: Péralte C. Paul)

    The U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $300,000 CARES Act Recovery Assistance grant to the Georgia Institute of Technology’s EDA University Center.

     

    The grant will be used to boost the center’s capacity to support regional economic development strategies in response to the coronavirus pandemic.

     

    “The Trump Administration is eager to allocate these essential CARES Act funds and deliver on our promise to help American communities recover from the impact of COVID-19,” said Secretary of Commerce Wilbur Ross said in a statement. “I am proud of the perseverance and strength shown by our communities coast to coast throughout this pandemic, and these funds will help provide Georgia with the necessary resources to make a swift and lasting economic comeback.”

     

    The CARES Act, signed into law by President Donald J. Trump, provides EDA with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to the coronavirus pandemic.

     

    EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) (PDF) program, provides a wide-range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic.

     

    EDA university centers marshal the resources found in colleges and universities to support regional economic development strategies in areas challenged with chronic and acute economic distress.

     

    Tech was the first institution of higher learning to be designated an EDA University Center when the program was launched in the 1960s. It has been an EDA award recipient since inception — the only institute of higher learning with that distinction.

     

    Tech’s EDA University Center, an offering of its economic development arm, the Enterprise Innovation Institute, will use the CARES Act funding to support three specific activities with businesses, communities, and entrepreneurs in Georgia:

     

    • Conduct, share, and disseminate applied research to address specific challenges or needs, or solve specific problems resulting from the economic impacts of coronavirus.
    • Provide technical assistance to entrepreneurs, businesses and communities to assist in their recovery efforts from the impacts of the coronavirus pandemic.
    • Assist communities in identifying, defining, and supporting their workforce talent with the goal of helping communities recover from the economic impacts of coronavirus.

     

    “We always incorporate new, innovative approaches in working with our clients,” said Georgia Tech EDA University Center Director Lynne Henkiel. “Georgia businesses and communities are all dealing with the effects that COVID-19 on their operations and local economies. This funding will help support our work and development of programs and training for business and community leaders to evaluate and reassess their activities to help them get back up and operating quickly.”

     

    Among some of the services that Tech’s EDA University Center will offer under grant include business counseling, feasibility studies, and resilience plans, as well as skills development and workforce training, among other offerings.

     

    “This investment comes at a crucial time to help Georgia’s and our nation’s economy come roaring back and provide hard-working Americans with new opportunities,” said Dana Gartzke, performing the delegated duties of the assistant secretary of commerce for economic development. “We are pleased to make this investment in Georgia Tech’s Enterprise Innovation Institute to respond to the coronavirus pandemic by assisting communities across Georgia develop short and long-term resilience plans with additional support for workforce development initiatives.”

     

    In 2018, the most recent reporting data available, the EDA University Center at Georgia Tech worked with 13 clients and helped them save or create 57 jobs and secure more than $1.4 million in private and public sector investments.

    Read more...

    Georgia Tech’s Economic Development Research Program Selects City of Woodbury for Revitalization Initiative

    Three-month project to help city develop, plan short and long-term economic development goals for job growth, downtown revitalization.

     

    Main Street, Woodbury, Georgia's primary commercial strip. (Photo Credit: City of Woodbury)

    The Economic Development Research Program (EDRP) at the Georgia Institute of Technology is working with Woodbury, a community in West Georgia’s Meriwether County, under an agreement to help a coalition of civic and business leaders develop a strategic assessment plan to guide the city’s economic development efforts.

     

    The strategic assessment process includes an analysis of the community, starting with interviews with local and regional stakeholders. The completed assessment will also provide guidance on historic preservation as the city and local downtown development authority pursue redevelopment projects in some of Woodbury’s historic buildings in the central business district.

     

    The project began in May 2020 and take three months to complete.

     

    “The idea is by pursuing strategic redevelopment projects that make sense for Woodbury and leverage its assets, that will spur small business and job growth in downtown,” said Candace McKie, an EDRP project manager. “One of Woodbury’s strengths is that it is attractive to people seeking a slower pace of life in a community that offers the benefits akin to being in a big city.”

     

    The assessment’s findings will help define Woodbury’s strengths and weaknesses and provide a preliminary vision to guide the city on attainable, effective actions to reach its short and long-term economic development goals. The strategic assessment will also aid Woodbury as it prepares its application for a Rural Zone designation by Georgia’s Department of Community Affairs.

     

    Located in Meriwether County’s southeastern quadrant, Woodbury sits within the Three Rivers Regional Commission area, a 10-county body that provides a number of services, including aging programs, workforce development, transportation, and local/regional planning.

     

    Woodbury — which is a little more than two square miles in area and home to about 900 residents —  is an hour’s drive south from Atlanta. Incorporated as a city in 1913, Woodbury’s downtown has a rich history. The community has statewide appeal, drawing tourists seeking rare antique finds, as well as outdoors enthusiasts who participate in waterfront recreational activities on the Flint River, located just a short trip to the east. Designated a “Broadband Ready” community by the Georgia Department of Community Affairs (DCA), the city recently installed 1G internet service throughout the downtown area.

     

    Steve Ledbetter is mayor of Woodbury, Georgia. (Photo Credit: City of Woodbury)

    Even with Woodbury’s cultural and natural amenities, local officials say the city is ripe for revitalization. That is why the city sought to capitalize on its historic assets and redevelop the downtown and submitted an application to the EDRP.

     

    “Partnering with Georgia Tech to complete our Strategic Priorities Assessment for our community has highlighted our community’s sense of pride and ownership,” said Woodbury Mayor Steve Ledbetter.  Collectively, we can make a difference.  We can revive our downtown, bring new businesses into our community, and show our Georgia pride in Woodbury. We’re excited about this opportunity and look forward to implementing the plan developed through the EDRP program.”

     

    Funded through a U.S. Economic Development Administration University Center grant, EDRP serves rural and economically distressed communities in Georgia, Alabama, Florida, Kentucky, Mississippi, North and South Carolina, and Tennessee.

     

    Powered by Georgia Tech’s Center for Economic Development Research (CEDR), EDRP leverages Tech’s assets to help communities engineer economic development success through affordable, in-depth research.

     

    Communities that apply for a research grant have to commit local funds, based on ability to pay.  That local funding maximizes resources and ensures community involvement through all research project phases. Some recent EDRP studies include projects in Walker, Grady, and Liberty counties.

     

    About the Economic Development Research Program (EDRP)
    EDRP is Georgia Tech’s signature program for providing affordable economic development research and analysis capacity for communities that need it the most.  EDRP is funded through the U.S. Economic Development Administration’s University Center grant program (Georgia Tech’s Enterprise Innovation Institute is a designated EDA University Center).  EDRP is available to eligible communities across eight southeastern U.S. states. To learn more, visit cedr.gatech.edu/edrp.

    Read more...

    Georgia Tech EDA University Center Study Leads to Federal Grant for Valdosta Business Incubator
    Downtown Valdosta

    Valdosta, Georgia.

    U.S. Secretary of Commerce Wilbur Ross announced the department's Economic Development Administration (EDA) awarded a $2.5 million grant to the Valdosta-Lowndes County Chamber of Commerce to fund the construction of a new business incubator in that South Georgia community. The EDA grant, to be located in a Tax Cuts and Jobs Act Opportunity Zone, will be matched with $1.7 million in local funds.

     

    It is expected to help create up to 81 jobs and generate $9.7 million in private investment.

     

    “The Trump Administration is committed to the resilience of local economies by encouraging companies to grow in designated opportunity zones,” Ross said in a statement. “I look forward to seeing how the new Valdosta Area Business Incubator will help a wide variety of businesses prosper in the region.”

     

    The announcement follows a four-month analysis conducted by the Georgia Institute of Technology’s Economic Development Administration (EDA) University Center in 2015 and 2016.

     

    Funded by the U.S. Department of Commerce’s Economic Development Administration, these university centers marshal the resources found in colleges and universities to support regional economic development strategies in areas facing chronic and acute economic distress.

     

    The Valdosta-Lowndes County Chamber of Commerce contracted with Tech’s EDA University Center to conduct a community readiness assessment as the first step in pursuing its goal of a sustainable business incubation program. The chamber paid for a portion of the analysis and the Georgia Tech EDA University Center covered the remainder.

     

    Business incubation provides entrepreneurs with an array of targeted business support resources and services in an effort to accelerate the successful development of startup companies.

     

    But the development of a business incubation program requires a detailed plan of action that identifies the critical resources needed for success, provides a blueprint for its management, staffing, and how it will be funded and operated.

     

    During the October 2015 – January 2016 timeframe, the Georgia Tech team conducted primary and secondary research to address three core areas of incubation strategy development: entrepreneurship and innovation, community and stakeholder support and resources and capabilities.

     

    “We concluded that there was a demand and justification for a business incubation program and that the community should move forward with plans to develop it,” said Juli Golemi, senior project manager with Tech’s EDA University Center. “We provided the chamber with an analysis of the state of the ecosystem and identified several strategic initiatives for the organization to pursue to develop it.”

     

    Golemi and her team identified 19 components, including strong and increasing entrepreneurial activity, existing infrastructure, academic institutions, and Moody Air Force Base, that made the idea a viable one.

     

    The U.S. Commerce Department’s funding announcement covers a designated Opportunity Zone, as designated by the Tax Cuts and Jobs Act of 2017 to spur economic development by giving tax incentives to investors in economically-distressed communities nationwide.

     

    The project was made possible by the regional planning efforts led by the Southern Georgia Regional Commission (SGRC). EDA funds the SGRC 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.

     

    Georgia Tech has been an EDA award recipient since the program’s inception in the 1980s — the only institute of higher learning with that distinction.

     

    Tech’s EDA University Center’s mission is to support and lead activities designed to promote job creation, the development of high-skilled regional talent pools, business expansion in innovation clusters, and to create and nurture regional economic ecosystems in Georgia. In addition, the center conducts technology-related economic and policy research that will enhance Georgia’s competitive position.

     

    In fiscal year 2019, Tech’s EDA University Center’s work helped save or create 38 jobs and led to private sector investment of $5.8 million in Georgia.

     

    The Georgia Tech EDA University Center is a program of the Enterprise Innovation Institute (EI2), which is Tech’s economic development and outreach arm.

    Read more...

    Gov. Kemp taps Center for Economic Development Research director for coronavirus task force

    Alfie Meek is an economist and director of the Center for Economic Development Research at Georgia Tech's Enterprise Innovation Institute. (Photo: Jennifer Stalcup)

    Looking to anticipate and blunt the effects of the COVID-19/coronavirus pandemic on Georgia, Gov. Brian Kemp has convened a coronavirus task force that looks at the economic, health, emergency response and preparedness, and housing implications of the deadly disease.

     

    The 66-member task force is comprised of four subcommittees, including one focused on economic impact. That subcommittee includes Alfie Meek, economist and director of the Enterprise Innovation Institute’s Center for Economic Development Research (CEDR) at Georgia Tech.

     

    “The role of the Economic Impact Subcommittee is to help predict the economic effects on the state of Georgia from COVID19 and make recommendations,” Meek said. “We‘re also being asked to brainstorm policies that might be implemented to help ease the economic pain from this event.”

     

    Meek has more than 25 years of experience in economic/fiscal impact analysis and community-based research. He leads the five-member CEDR staff, which works with its clients — economic developers, community leaders, and industry — to help them understand the opportunities and challenges in fostering local and regional economic development.

     

    Meek is one of three economists selected to serve on the governor’s task force subcommittee. The others are Jeffrey Dorfman, the state fiscal economist who is the subcommittee chairman, and Thomas Cunningham the Metro Atlanta Chamber’s chief economist.

     

    The full subcommittee met for the first time on March 19 in a virtual conference call.

     

    “One clear goal is to represent the many different facets of Georgia’s economy that we think will be economically vulnerable at this time,” Meek said.

     

    In addition to Dorfman, Cunningham, and Meek, the Economic Impact Subcommittee members include:

    • Allan Adams, State Director UGA Small Business Development Center
    • Nick Ayers, Managing Partner AFH Capital
    • Will Bentley, Georgia Agribusiness Council
    • Donna Bowman, Office of the State Treasurer
    • Labor Commissioner Mark Butler
    • Peter Carter, Delta Air Lines Chief Legal Officer (and Chair, Metro Chamber)
    • Bill Douglas, Athens First Bank & Trust
    • Georgia State Sen. Frank Ginn
    • Walter Kemmsies, economic consultant to Georgia Ports Authority
    • Steve McCoy, Chief Investment Officer, Office of the State Treasurer
    • Richard McPhail, Chief Financial Officer, Home Depot
    • Georgia House Rep. Clay Pirkle
    • Joe W. Rogers, III, Waffle House
    • Jessica Simmons, Department of Revenue Deputy Commissioner
    • Jim Sprouse, Executive Director Georgia Hotel and Lodging Association
    • Will Wade, Georgia Student Finance Commission
    Read more...