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Blog Category: Economy

Obama Administration to Strengthen Rural Alaskan Community Economy

Submitted on August 16, 2012 - 5:45pm
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Aerial view, Bristol Bay Lowlands (Alaska)

Guest blog post by Matt Erskine, Acting Assistant Secretary of Commerce for Economic Development

Over the last three and a half years, President Obama has committed his administration to make investments to strengthen rural economies and create jobs. That includes Alaska’s Bristol Bay region.

The Bristol Bay Jobs Accelerator Project, an economic growth effort by the Bristol Bay Native Association in Dillingham, Alaska is one of the winners of the multiagency Rural Jobs and Innovation Accelerator Challenge, an initiative that pools the resources of 13 federal agencies to support innovation in rural regional industry clusters.

While Bristol Bay has a wealth of natural resources, it has struggled to leverage those assets to fuel long-term, sustainable growth. The area, for example, is one of the world’s premier fishing grounds for sockeye and king salmon, with millions of fish returning to Bristol Bay and its tributaries each year to spawn.

The Bristol Bay Jobs Accelerator Project, representing a consortium of 31 Alaskan tribes, will support the fisheries and seafood processing industry cluster located in Bristol Bay. The goal is to assist distressed rural communities in the region by leveraging local assets, building stronger economies, and creating regional linkages.

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Obama Administration Holds Rural Swing in North Carolina and Louisiana to Promote Jobs and Innovation

Submitted on August 15, 2012 - 3:15pm
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EDA Jobs and Innovation Accelerator Challenge Logo

Guest blog post by Matt Erskine, Acting Assistant Secretary of Commerce for Economic Development

Over the next two days, I will join several colleagues for a rural swing in North Carolina and Louisiana to promote jobs and innovation. Along with Deputy Under Secretary for USDA Rural Development Doug O’Brien, Appalachian Regional Commission Federal Co-Chair Earl F. Gohl, and Delta Regional Authority Federal Co-Chairman Christopher Masingill, I will attend events in rural America and tour two projects that were among the 13 winners of this year’s Rural Jobs and Innovation Accelerator Challenge.

The Rural Jobs Accelerator—designed by the Taskforce for the Advancement of Regional Innovation Clusters and the White House Rural Council—is a joint effort of 13 federal agencies, working together to help accelerate economic and job growth across rural regions. It is a great example of collaboration across federal agencies to pool resources and identify new, innovative ways to create an economy built to last.

Since taking office three and one-half years ago, President Obama has been deeply committed to strengthening rural economies all across America—helping to create jobs, support business growth, and expand opportunity for rural Americans. The administration has advanced new policies and initiatives and made significant investments in rural communities. The Rural Jobs Accelerator builds on those goals, seeking to foster job creation and business innovation in these communities.

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New Export Data Shows 34 States Reached Record Highs for Merchandise Exports in the First Half of 2012

Submitted on August 15, 2012 - 10:30am
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U.S. map showing 34 states passing exports records

U.S. exports support nearly 10 million jobs across the country

Acting U.S. Commerce Secretary Rebecca Blank announced today that U.S. merchandise exports totaled a record $773.4 billion in the first six months of 2012, up by $50.7 billion from the same period of 2011.

“Comprehensive data from the first half of 2012 demonstrates that exports continue to be a bright spot for America and that we’re making historic progress toward the president’s goal of doubling U.S. exports by the end of 2014,” said Acting U.S. Commerce Secretary Rebecca Blank. “Despite a challenging global economy, these numbers show continued global demand for American goods. While the nation looks to be on track toward exceeding last year’s goods and services export total of $2.1 trillion, we are also seeing some individual states outpace the national average of seven percent growth in merchandise exports. This is good news for the economy, because we know that increased exports create jobs. The jump in exports since 2009 has helped the private sector create 4.5 million jobs over the past 29 months, and, in 2011, jobs supported by exports increased by 1.2 million over 2009. There’s more work to be done to strengthen the economy and put more Americans back to work, and we need to continue to do all we can to support American workers, exporters and businesses so that they can continue to help us rebuild this economy." Full release

U.S. Patent and Trademark Office Helps Atlanta Kickstart Innovation Opportunities

Submitted on August 14, 2012 - 2:00pm
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Director Kappos addressing Startup Atlanta (Photo by Bytegraph.com. Used with permission)

Helping set a stage for success to Atlanta’s entrepreneurs, Under Secretary of Commerce and Director of the U.S. Patent and Trademark Office (USPTO) David Kappos was in the Georgia capital this afternoon to help launch Startup Atlanta. Created by the city’s economic development agency, Invest Atlanta, the initiative seeks to connect entrepreneurs with the resources they need to succeed.

A hallmark for Startup Atlanta is an online platform that will serve as a network for entrepreneurs while simultaneously mapping out valuable resources such as incubators, accelerators, service providers and connections.

At the event, Kappos addressed the importance of a vibrant local entrepreneur community. “Not only do the novel ideas of Georgia’s entrepreneurs have the potential to move the pulse of an industry or transform the welfare of a community,” Kappos said, “They can also attract critical resources and capital for additional research and development, creating a host of new markets and new opportunities.”

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Census Bureau Releases Its First Mobile App Providing Real-Time Statistics on U.S. Economy

Submitted on August 9, 2012 - 1:32pm
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Logo: America's Economy

The Department of Commerce's U.S. Census Bureau today released its first-ever mobile application, "America's Economy," which will provide constantly updated statistics on the U.S. economy, including monthly economic indicators, trends, along with a schedule of upcoming announcements. The app, which is currently available for Android mobile device users, combines statistics from the U.S. Department of Commerce's Census Bureau, Bureau of Economic Analysis, and the U.S. Department of Labor's Bureau of Labor Statistics.

America's Economy is the first mobile app from the Census Bureau that provides smartphone and tablet users with the real-time government statistics that drive business hiring, sales and production decisions and assist economists, researchers, planners and policymakers. The economic indicators track monthly and quarterly trends in industries, such as employment, housing construction, international trade, personal income, retail sales and manufacturing.

The America's Economy app has been developed as part of the Census Bureau's Web Transformation Project and fulfills a key goal of President Obama's recently announced Digital Strategy to provide federal employees and the general public with greater access to government information and services. The creation of this app is also consistent with the Census Bureau's longtime mission of providing accurate statistics about the nation's growth and changes using 21st century technology to make that information available more quickly and easily. Read the full press release. America's Economy is available now for Android users and is expected be available for Apple smartphone and tablet users in the Apple App Store in the coming weeks.

EDA Works with Federal Partners to Help Drought-Stricken Rural Areas

Submitted on August 9, 2012 - 1:15pm
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President Barack Obama meets with the White House Rural Council on August 7 to discuss ongoing efforts in response to the drought. (White House Photo by Pete Souza)

Guest blog post by Matt Erskine, Acting Assistant Secretary of Commerce for Economic Development

A look at the recent national weather map underlines the reason for the Obama administration’s comprehensive response and action plan: large sections of the country are experiencing one of the worst droughts in decades—with levels ranging from “severe” to “extreme” and “exceptional.”

The consequences of drought don’t just affect farmers and their crops and livestock, but have ripple effects throughout the regional economies that depend on them. It is with this in mind that President Obama convened a recent meeting of the White House Rural Council to coordinate an administration-wide response to the drought and focus agency activities to partner and support Americans impacted by it.

The U.S. Commerce Department’s Economic Development Administration (EDA), with its decades of experience helping communities stricken by natural disasters, will play an important role to help rural communities with economic recovery. Along with the Small Business Administration (SBA), the U.S. Department of Agriculture (USDA), and other federal partners, it will leverage its resources, economic tool box, and expertise to help implement initiatives to alert drought-stricken communities to the federal resources that are already available to them.

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Rural Jobs and Innovation Accelerator Challenge Awards $9 Million to 13 Projects to Boost Rural Economies, Strengthen Regional Industry Clusters

Submitted on August 1, 2012 - 2:15pm
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Jobs & Innovation Accelerator Challenge logo

Guest blog post by Matt Erskine, Acting Assistant Secretary of Commerce for Economic Development

Over the last three and a half years, President Obama has been committed to investing in efforts that strengthen rural economies, create jobs, support business growth, and expand opportunity for rural Americans.

Today, the administration announced the 13 winners of a key component of this goal, the Rural Jobs and Innovation Accelerator Challenge. Economic development partnerships and initiatives in Alaska, Arkansas, Connecticut, Illinois, Kansas, Louisiana, Mississippi, New Hampshire, North Carolina, South Carolina, Virginia, and West Virginia will receive awards ranging from nearly $200,000 to more than $1 million.

The projects will promote job creation, accelerate innovation, and provide assistance to entrepreneurs and businesses in a wide range of industrial sectors, including advanced manufacturing, agribusiness, energy and natural resources, technology, and tourism. They range from the Bristol Bay Jobs Accelerator in Alaska, a job training initiative put together by a consortium of 31 Alaskan tribes that will support a fisheries and seafood processing industry cluster; to the I-20 Corridor Regional Accelerator, a project involving the collaboration of institutions in Louisiana and Arkansas to promote science and technology clusters in these states; to the “Project 17: Together We Stand,” a 17-county business development effort led by Kansas State University.

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EDA Helps Ohio Auto Community Build a New Future

Submitted on July 26, 2012 - 3:00pm
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Economic Development Administration-banner

Guest blog post by Matt Erskine, Acting Assistant Secretary of Commerce for Economic Development

Economic recovery in the wake of an economic disaster—such as the closing of a large employer—doesn’t happen overnight. It requires careful planning, the coordination of human and financial resources, and a willingness to consider alternative directions that will benefit the community in the long run.

This is the story that the city of Moraine, Ohio, can tell. For nearly 90 years, Moraine—located in close proximity to Dayton, Ohio—was the location of a single, prominent manufacturing plant whose successive owners read like an honor roll of 20th century American business: Dayton-Wright Airplane (manufacturer of DeHavilland aircraft), Frigidaire (maker of an iconic line of refrigerators), and, since 1981, General Motors (GM).

When GM announced plans in June 2008 to close this plant, the development came as a blow to the local economy. Just think about the impact to suppliers and the distributors that get their business from them.  According to a report published by the International Economic Development Council, the Moraine region, with more than 90 GM suppliers in 14 surrounding communities, lost more than 800 jobs at larger suppliers in addition to the 4,200 jobs that were lost when GM shut down.

Within weeks of GM’s announcement, staff from the Chicago regional office of the U.S. Department of Commerce’s Economic Development Administration (EDA) began working with state and local officials in Ohio to develop a strategy to deal with the effects of the Moraine plant closure. As a first step, an EDA investment helped the city develop a bottom-up Comprehensive Economic Development Strategy (CEDS) to guide the region’s recovery efforts.

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Director Kappos Promotes Innovation in Southern California

Submitted on July 24, 2012 - 12:15pm
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Director Kappos, seated, being interviewed

Under Secretary and United States Patent and Trademark Office Director David Kappos briefed southern California innovators on the many ways the Obama administration is advancing U.S. innovation. He met with technology entrepreneurs at Powerwave Technologies in Santa Ana, California, hosted by Southern California’s TechVoice chapter in conjunction with CompTIA and locally-based Technology Leadership Political Action Committee (TLPAC). The USPTO is on the eve of publishing a series of new rules implementing the America Invents Act, signed last September by President Obama, which will improve patent quality and make it easier for U.S. innovators to protect their intellectual property (IP) abroad. Attendees were briefed on AIA implementation as well as the USPTO’s plans to open four new satellite offices, including one in the Silicon Valley region of California. “By building partnerships and collaborating with the Orange County Bar and broader community,” Director Kappos said, "the USPTO will better engage its Silicon Valley office with the Southern California IP community.”

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Women in the Financial Sector: A White House Forum on Economic Growth

Submitted on July 17, 2012 - 3:00pm
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Acting Secretary Blank Presenting to the Women in the Financial Sector: A White House Forum on Economic Growth

Guest blog post by Acting Commerce Secretary Rebecca Blank

This morning I spoke with around 100 women from across the U.S. financial services industry at the White House. The forum included business executives as well as stewards of institutional funds.

I’m an economist by training and I’ve studied the role that women play in the workforce. When it comes to decision-making, in the boardroom or anywhere else, the best decisions get made when there is more diversity of perspectives and opinions at the table. So it was great to hear from these leaders.

We talked about the U.S. economy and some of the challenges we face, and I highlighted some of the things that President Obama is pushing for to help strengthen our economy, build on our global competitiveness, and create even more jobs.

Already, GDP has grown for 11 straight quarters and more than 4.4 million private sector jobs have been created over the past 28 months. That’s good news, but clearly we must do more.

For example, we need to expand support for states and localities to hire more teachers, police, and firefighters. We need to expand infrastructure investment, and put unemployed construction workers back to work. We need to reward firms that insource—bringing jobs back to America—and eliminate tax benefits for companies that outsource. And we need to extend tax cuts for middle class families.

In addition, everyone agreed that Americans should be as concerned, perhaps even more concerned, with long-term investments that assure long-term American competitiveness. For example, the president has called on Congress to support more research and development as well as tech transfer in America’s top universities and labs along with investments that will help to increase the skills of the U.S. workforce, provide greater access to higher education and enhance our nation’s educational infrastructure.

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