This is part of a $1.6 million project that will install new marine hardware to allow the Port to more fully utilize terminals 4 and 5. Terminals 4 and 5 were constructed, in 2011, with U.S. Department of Transportation funding.
This federal funding will help the port berth small and medium sized vessels and barges, and give the Quonset Development Corporation (QDC) more flexibility with cargo.
This is good news for increasing the ports capacity and builds on the significant federal investments weve already made. These funds will help accommodate more vessels, and ultimately more cargo and more jobs here in Rhode Island. I am pleased to have helped make these funds available, proud to have supported the Quonset Development Corporations grant application, and commend EDA for approving it, said Senator Reed, a member of the Appropriations subcommittee which oversees EDA programs, who helped provide $247 million in fiscal year 2014 for EDA programs to help more communities plan regional strategies for long-term economic growth, leverage billions in private investment, and generate thousands of jobs.
This federal investment will build on the work Quonset is already doing to position itself as hub for clean energy jobs in our state, said Senator Whitehouse. I was proud to support the Quonset Development Corporations application for this funding, and I congratulate them on receiving the grant.
Quonset and the Port of Davisville are anchors of the Rhode Island economy, and I am thrilled that these federal funds will be used to make the port even more attractive to new business, said Congressman Langevin. Quonset is home to more than 175 companies that employ over 9,500 people. It is crucial that we support continued investment in the area, thereby supporting existing jobs and incentivizing new companies to relocate to Rhode Island.
A 2012 Economic Impact Study of the Port of Davisville, by FXM Associates, estimated about 90 jobs will be created as a result of this investment and other recent upgrades made in port infrastructure and the terminal berth project.
The mission of the U.S. Economic Development Administration 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 makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.