Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $1.5 million grant to the Weslaco Economic Development Corporation, Weslaco, Texas, to provide critical infrastructure in support of the new Mid Valley International Industrial Park.
This project will support commercial, industrial, cold storage, and warehousing businesses leading to business expansion and job growth. This EDA project will be matched with $375,000 in local funds and is expected to create 600 jobs and generate $275 million in private investment, according to grantee estimates.
“President Biden is committed to supporting communities as they grow their economic opportunities,” said Secretary of Commerce Gina M. Raimondo. “This EDA investment in Weslaco will support business growth and the industrial park’s location will attract manufacturers and distributors to the region, leading to a stronger regional economy.”
“The Economic Development Administration is pleased to support the Weslaco Economic Development Corporation as they seek to diversify the region’s economy,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This project will facilitate the location of approximately 20-25 companies in the industrial park, expanding job opportunities in the region.”
“Thank you to the Economic Development Administration for this critical investment in Weslaco that will create new jobs and more economic opportunities in the Rio Grande Valley,” said Governor Greg Abbott. “This grant to the Weslaco Economic Development Corporation will support new business ventures for hardworking Texans and contribute to the region’s growing economy.”
“Access to safe and efficient infrastructure is critical for the continued economic development in Texas,” said Senator John Cornyn. “I applaud this announcement and look forward to seeing the positive impact this investment will have on commerce in Weslaco.”
This project was made possible by the regional planning efforts led by the Lower Rio Grande Valley Development Council (LRGVDC). EDA funds LRGVDC 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.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.