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The Latest From The Commerce Blog

U.S. Secretary of Commerce Penny Pritzker Celebrates BMW’s Investment in U.S. Manufacturing

Submitted on March 28, 2014 - 5:45pm
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Download Original]" class="imagefield imagefield-lightbox2 imagefield-lightbox2-custom_crop_350x230 imagefield-field_photo imagecache imagecache-field_photo imagecache-custom_crop_350x230 imagecache-field_photo-custom_crop_350x230">Secretary Pritzker Speaks with Workers While Touring the BMW Facilities in Spartanburg, South Carolina

Foreign direct investment (FDI) fuels U.S. economic growth and creates good, high-paying jobs, which is why the Commerce Department is so focused on attracting more FDI to the United States. At an event today at the BMW manufacturing facility in Spartanburg, South Carolina, U.S. Secretary of Commerce Penny Pritzker applauded the German automaker for announcing an investment of approximately $1 billion in a new X7 production line at the plant.

BMW’s announcement, which is expected to create 800 new jobs by 2016, builds upon the company’s substantial commitment to production in the United States. BMW has made investments of $6.3 billion since coming to South Carolina in 1992. In 2012, the company announced that it would be expanding its Spartanburg facility to make it the largest plant in the BMW Group production network, a move that is expected to bring 1,000 new jobs to South Carolina by the end of 2014.

Secretary Pritzker delivered remarks at the announcement, focusing on the importance of FDI to the U.S. economy and job creation. The United States is both the largest recipient and source of FDI in the world. As of 2011, the most recent data available, majority-owned subsidiaries of multinational firms with U.S. operations employ more than 5.6 million workers and pay an average annual compensation of $77,600. These firms also spent more than $45 billion in R&D in the United States and accounted for 20.5 percent of U.S. goods exported in 2011. Through the SelectUSA program, which Secretary Pritzker described in her remarks, the Department of Commerce is working to attract increased investment to the United States.

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Clemson University’s Public-Private Partnerships Help Create Next-Generation Workforce

Submitted on March 28, 2014 - 3:45pm
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Download Original]" class="imagefield imagefield-lightbox2 imagefield-lightbox2-custom_crop_350x230 imagefield-field_photo imagecache imagecache-field_photo imagecache-custom_crop_350x230 imagecache-field_photo-custom_crop_350x230">Secretary Pritzker and John Ballato, Clemson University vice president for economic development, toured the Clemson University-International Center for Automotive Research (CU-ICAR)

Guest blog post by Dr. John Ballato, Clemson University vice president for economic development, and Kris Frady, director of operations for the Clemson University Center for Workforce Development
 
We had the privilege today of showing U.S. Secretary of Commerce Penny Pritzker the cutting-edge research and education that are helping South Carolina play a leading role in the nation’s economic revival.
 
She toured the Clemson University-International Center for Automotive Research (CU-ICAR) and then participated in a roundtable discussion with education and business leaders about how to develop a well-qualified workforce.
 
Her visit put a spotlight on the public-private partnerships that are helping create the next generation of engineers, scientists and technicians that America needs to remain competitive.
 
CU-ICAR in Greenville, S.C. is one of four Clemson University innovation campuses placed strategically across the state where businesses and communities need them most. It is an excellent example of what higher education, government and industry can accomplish when they work synergistically for the common good. It creates win-win partnerships.

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Fostering Innovation through Strong, Sustainable Regional Partnerships

Submitted on March 28, 2014 - 11:06am
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Download Original]" class="imagefield imagefield-lightbox2 imagefield-lightbox2-custom_crop_350x230 imagefield-field_photo imagecache imagecache-field_photo imagecache-custom_crop_350x230 imagecache-field_photo-custom_crop_350x230">Fostering Innovation through Strong, Sustainable Regional Partnerships

Guest blog post by Matt Erskine, Deputy Assistant Secretary for Economic Development

Earlier this week, I was honored to provide the keynote address at the International Economic Development Council’s (IEDC) 2014 Federal Economic Development Forum. Dr. Pat Gallagher, NIST Director performing the duties of Deputy Secretary and Mark Doms, Under Secretary for Economic Affairs, also participated in the forum. Both applauded the important work of the IEDC in fostering economic growth in communities across America.

The work that IEDC members are doing in communities here and around the globe is critical, timely and mirrors our philosophy at EDA: only by working together in effective, strong, and sustainable regional partnerships will we realize our collective economic vision. 

In fact, the three guiding themes of this year’s IEDC Federal Forum – Learn, Teach, and Collaborate – reflect EDA’ core mission to establish a foundation for sustainable job growth through innovation and regional collaboration.

Through our flexible grant programs, EDA provides construction, technical assistance, financing, strategic planning and network building tools that local and regional entities can use to support their communities’ unique economic development strategies and objectives. 

Our model of competitive, merit based co-investment in support of strong regional economic development strategies is a proven approach – an approach that always looks to maximize the return on investment and the impact of our assistance in communities.

Today, we are focused on synchronizing federal programs to both maximize federal taxpayer returns and maximize the impact in the communities we serve.  By breaking down Washington’s bureaucratic silos, we can be a more effective partner.

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