Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $2.4 million grant to the city of Murrieta, California, for renovations to the Murrieta Innovation Center needed to develop a life science startup incubator.
This project will support business growth and job creation by supporting entrepreneurs, startups, and non-profit organizations in the life sciences sector. The EDA investment will be matched with $607,478 in local funds and is expected to create 260 jobs, retain 61 jobs, and generate $123 million in private investment.
“President Biden is committed to accelerating funding for research and development that spurs innovation and job growth,” said Secretary of Commerce Gina M. Raimondo. “This EDA investment in the Murrieta Innovation Center will strengthen its role as a regional tech hub for cutting-edge research in the life sciences.”
“The Economic Development Administration plays an important role in supporting locally-developed strategies designed to create economic opportunity,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This project will support extensive improvements to the Murrieta Innovation Center, including the addition of a new wet lab, a new dry lab, and the renovation of existing office and conference spaces.”
“California’s thriving life sciences industry is a source of pride and an important economic driver in hubs throughout the state,” said Governor Gavin Newsom. “This grant for Murrieta will support pioneering startups and entrepreneurs in the region, fostering innovation and propelling job growth well into the future.”
“California has been home to some of the biggest scientific breakthroughs in American history, and thanks to this federal funding we will continue to foster innovation in the Golden State,” said Senator Alex Padilla. “This investment in a new hub of modern research equipment will create jobs in the Inland Empire and spur research and entrepreneurship in the life sciences sector.”
“With these federal resources the Murrieta Innovation Center will be able to grow and help life science startups,” said Congressman Ken Calvert (CA-42). “By attracting and supporting science and technology job creators we can help shape Riverside County’s future economic growth. I want to express my appreciation for the vision and execution by everyone involved in the Murrieta Innovation Center.”
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.