REMARKS AS PREPARED FOR DELIVERY - SANDY K. BARUAH, ASSISTANT SECRETARY OF COMMERCE FOR ECONOMIC DEVELOPMENT - EDA INVESTMENT CHECK PRESENTATION PORT OF STOCKTON - STOCKTON, CALIFORNIA

THURSDAY, JUNE 21, 2007

AS PREPARED FOR DELIVERY

Introduced by Richard Aschieris Port Director

Thank you, Richard, for that kind introduction.

It is a pleasure to be in the great State of California today representing President George W. Bush on this special occasion to celebrate another bright spot on Stockton’s economic horizon.

As you know, economic development works best when it is a locally-driven process – local people coming together for the common good to take control of their economic destiny. That’s what we’re celebrating this morning.

Of course, it can be helpful to consider the national business environment in which the companies of tomorrow are being formed here in California.

In this context, we have good reason to be optimistic. Recently, the government released information that shows that our economy continues to be strong, and it is getting stronger.

157,000 jobs were created in May, and the unemployment level remains at a low 4.5%, which many economists say is essentially full employment, and is lower than where we were at the time of the 2001 terror attacks.

The economy has created about 1.9 million jobs over the past year. For those of you keeping score at home, that’s over 7.9 million new American jobs since August 2003, more jobs than all the other major industrialized countries combined.

It is clear that our economy is resilient and strong. This is good news not just for the nation, but for California as well – because a strong, growing national economy will allow economic regions and individuals to tap into this expanding economic pie and share in our national prosperity. It takes both smart national policies and forward-thinking regional action in order for economic growth to occur, and we celebrate both today.

Of course, a little help from the Federal government can’t hurt. And today, I have the distinct pleasure to announce an Economic Development Administration investment of $450,000 to the Port of Stockton.

This investment will help complete a master utility plan needed to redevelop Rough and Ready Island, a former naval base, for commercial use. The investment is expected to create 300 jobs and generate $50 million in private investment.

Commerce Secretary Gutierrez and I share high hopes for this important project and its goal of creating jobs and economic opportunity for California.

EDA is proud to be a partner in this important project, which demonstrates what we can achieve for America’s communities if we work together in a bipartisan fashion to create higher-skill, higher-wage job opportunities.

So now, if I could please have Mr. Aschieris and Mr. Toccoli join me for the check presentation…

On behalf of President George Bush, it is my pleasure to present the Port of Stockton with this $450,000 investment check to help redevelop Rough and Ready Island. Congratulations.

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