As of July 8, the “Louisiana Chemical Corridor” from New Orleans to Lake Charles is now one of 24 places nationwide with the federal government’s Investing in Manufacturing Communities Partnership designation. The first 12 communities were selected last year, while Louisiana’s group was part of the second batch announced in July.
As Business Report details in a feature from the current issue, the designation comes with no guarantee of new federal dollars, although the U.S. Department of Commerce says it’s “an important signal to potential investors that these communities are a good place to spend their money.” But IMCP regions could have an edge when competing for funds from 11 federal agencies with more than $1 billion available in federal economic development assistance.
“By breaking down silos and encouraging communities to take a more thoughtful, comprehensive approach to their strategic plans, we are ensuring that precious federal dollars are used on the most high impact projects and in a way that maximizes return on investment,” says U.S. Secretary of Commerce Penny Pritzker.
In other words, the feds have a mandate to grow the nation’s manufacturing economy, and they want to spend their effort and taxpayers’ money where it will do the most good. South Louisiana was picked because of its traditional strength in the chemical business, and because its application showed broad cooperation between the public, private and nonprofit sectors. That same cooperation will be needed to get the most out of this opportunity.
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