MINNEAPOLIS and ST. PAUL, Minn. , April 03, 2023 (GLOBE NEWSWIRE) -- With President Joe Biden visiting Cummins Power Generation Facility in Fridley today, the CEO of the GREATER MSP Partnership highlighted the opportunity for Minnesota to put federal funds to work building a globally competitive 21st century economy in our state.
The federal Infrastructure Investment and Jobs Act, the Inflation Reduction Act and the CHIPS and Science Act together will inject a combined $1.9 trillion into the American economy. Annual Defense Department appropriations for health care, clean energy and advanced technologies represent billions of dollars in additional investment. Minnesota has an opportunity to leverage this never-before-seen level of federal funding to catalyze our state’s growth for the next generation.
The GREATER MSP Partnership is leading coalitions of companies, nonprofits and higher education institutions to compete for federal funds. These include the Minnesota CHIPS Coalition, which is seeking federal CHIPS & Science Act investment to expand semiconductor manufacturers and suppliers in Minnesota, creating thousands of new, good paying jobs.
Yet, state matching funds are required to compete for federal funds. Last week, GREATER MSP joined economic development partnerships from across Minnesota calling on state leaders to dedicate $1.7 billion, 10% of the existing budget surplus, to match federal funding that will create good jobs by building Minnesota’s 21st Century economy. (attached)
“The President’s visit is a timely call to action for Minnesota to seize the opportunity we have this year with federal funding,” said GREATER MSP CEO Peter Frosch, who attended today’s Presidential event. “Our region and state are positioned to take the lead in fast-growing 21st century industries including health technology, advanced avionics, sustainable aviation fuel, alternative proteins and semiconductors. The competitive federal funds available this year are the key to unlocking the billions of dollars in private capital needed to build and grow these industries. The State of Minnesota is on track this session to make the investments needed to access federal funding and launch a new generation of innovation, growth and prosperity.”
About GREATER MSP
GREATER MSP is the economic development partnership for the 15-county Minneapolis Saint Paul region. Over 300 leading businesses, universities, cities, counties, philanthropies, and others are working together to accelerate the competitiveness of the regional economy and drive inclusive economic growth by creating jobs, expanding our labor force, and increasing investment. For more information go to greatermsp.org
Media Contact
Don Ball
GREATER MSP Communications Director
612-810-3153
don.ball@greatermsp.org
