EDA Update
Vol. 3 No. 4 January 2006



In this issue...

  • Summary of Recent Economic Indicators
  • Next Economic Development Today Telecast to Feature “Global Gateways”
  • “Rural Entrepreneurship and Innovative Leadership” to Be Featured in Winter 2006 Edition of Economic Development America
  • EDA Executive Staff Update
  • Recent EDA Speeches and Upcoming Events

How to subscribe: To subscribe yourself or a colleague to EDA Update, send an email with contact information, including email address, to Jason Christian at jchristian@iedconline.org.



Summary of Recent Economic Indicators

  • More Americans are working than ever before – the economy has created over 4.6 million new jobs since May 2003. 108,000 new jobs were created in December and more than 2 million in past year.
  • The current 4.9 percent unemployment rate is well below the 5.8 percent rate of 1990s.
  • U.S. economy grew at a solid 4.1 percent annual rate in Q3, averaging 4 percent for the last two and a half years.
  • Household wealth reached $51.1 trillion in Q3, an all-time high.
  • Real hourly wages are improving – 0.5 percent October increase; 0.7 November increase.
  • Federal revenues for fiscal year 2005 totaled $2.15 trillion – the highest level ever – and a 14.6 percent increase over fiscal year 2004. This is the largest year-over-year increase in more than 20 years.



Next Economic Development Today Telecast to Feature “Global Gateways”

On February 14, from 3:00 – 4:00 Eastern time, the National Association of Regional Councils (NARC) will conduct a telecast on “Global Gateways.” This Economic Development Today telecast is the second of six in the 2005-2006 series.

Global Gateways are areas throughout the United States that are critical corridors to reaching world markets. To compete in an interconnected, worldwide economy, America’s regions must be linked to develop these global gateways. It requires that cities and towns along these critical corridors manage the links between transportation, infrastructure investments and economic development. This includes new institutional arrangements for interstate and international relations, accessing federal funding and building international relationships.

Panelists will address challenges and opportunities; issues faced by ocean and inland ports; unexpected outcomes from new technology; and lessons learned on transportation, economic development, tourism and international trade.

Moderator: Matthew E. Crow, Director of Communications, Economic Development Administration

Panelists:

  • Mr. Gary Gallegos, Executive Director, San Diego Association of Governments
  • Ms. Gayle Rusing, CEcD, President/CEO, Greater Yuma Economic Development Corporation
  • Mr. Jeffrey S. Heller, Assistant Vice President, International Marketing, Norfolk Southern Corporation

To register for this event, please visit www.narc.org/ed/ecodev-main.html. If you have questions, contact Peggy Tadej at (202) 986-1032, ext. 224 or Tadej@narc.org.

To view Webcasts of previous shows, please visit www.eda.gov/NewsEvents/Edevinfocoalition.xml.



“Rural Entrepreneurship and Innovative Leadership” to Be Featured in Winter 2006 Edition of Economic Development America

The next edition of Economic Development America magazine, to be published in February, will focus on efforts to build entrepreneurship in rural areas. Other themes for 2006 include:

  • Global Gateways (Spring)
  • Financial Tools for Economic Development (Summer)
  • Performance Metrics: What Is Your Economic Development Return on Investment? (Fall)

Story ideas are welcomed for each of the 2006 editions of the magazine. For more information, contact editor Louise Anderson at landerson@iedconline.org. Past issues of Economic Development America magazine are available at www.eda.gov/NewsEvents/Edevinfocoalition.xml.



EDA Executive Staff Update

Assistant Secretary Sandy Baruah is pleased to announce the following updates to EDA’s senior staff:

  • Mr. Benjamin Erulkar now serves as the Deputy Assistant Secretary of Commerce for Economic Development. In this capacity, Mr. Erulkar is responsible for the day-to-day operations of EDA. Mr. Erulkar also directs long-range planning efforts on behalf of EDA’s mission, which is to lead the federal economic development agenda by promoting innovation and competitiveness, preparing American regions for growth and success in the worldwide economy.

    Prior to his appointment as Deputy Assistant Secretary, Mr. Erulkar served as EDA’s Chief Council, where he led and managed all aspects of legal practice and policy of the $250 million economic development bureau – including working to secure EDA’s reauthorization legislation and promulgating a comprehensive revision of EDA’s regulations. Mr. Erulkar also served as counsel to the Strengthening America’s Communities Advisory Committee, a Federal Advisory Committee established by the Secretary of Commerce.

  • Jim Yeager, currently serving as Senior Advisor to the Assistant Secretary, will assume the role of EDA Chief of Staff. Prior to his move to the Commerce Department, Mr. Yeager served as Deputy Associate Director in the Office of Presidential Personnel in the White House. Under the direction of the President, the Office of Presidential Personnel manages the recruitment, vetting and nomination of all political appointees to the United States government.

    Before his White House service, Mr. Yeager was an Associate at Heidrick & Struggles International, a publicly traded global executive search firm, where he played an active role in the formation of a new Government Services Practice and Global Security Practice. Mr. Yeager also held positions in: New Life Clinics in Falls Church, Virginia, a privately owned national behavioral health organization; eSSOCIATION in Baltimore, Maryland, an early state technology start-up company that provided online community services for the nonprofit sector; and The International Foundation in Washington, D.C., which is devoted to leadership training and mentoring for university students, business leaders and elected members of the United States government.

  • Mr. Barry Bird now serves as EDA’s Chief Counsel. Formerly, he was part of EDA’s Office of Chief Counsel from 1976 until 1981. In 1981, he moved to the Office of General Counsel in the Department of Commerce to handle a variety of legislative matters, including those relating to EDA. Mr. Bird was with that office until his assignment as EDA Chief Counsel. He has worked on numerous EDA legislative proposals, including the 1998 and 2004 reauthorizations of the Public Works and Economic Development Act and the Administration’s Strengthening America’s Communities Initiative. Mr. Bird's law degree is from Georgetown University and he has been a member of the D.C. Bar since 1976.



Recent EDA Speeches and Upcoming Events

On January 6, Assistant Secretary of Commerce for Economic Development Sandy Baruah gave a speech at the University of New Mexico Manufacturing Technology Training Center in Albuquerque, N.M. Click here to read his remarks.

On February 6, Assistant Secretary Baruah will discuss regional economic development strategies at the National Association of Regional Councils’ Washington Policy Conference in Washington, D.C. Watch the February EDA Update for a link to his speech.



EDA Update is brought to you as a benefit of a partnership among the Economic Development Administration (EDA), the International Economic Development Council (IEDC) and the National Association of Regional Councils (NARC), to provide information about economic development practices and programs to economic development practitioners who serve distressed communities throughout the United States. This partnership also provides six telecasts and a quarterly magazine. For more information, visit the EDA Web site.




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