CARPC and the Madison Region Economic Partnership recently announced a $200,000 initiative to support the region’s economic recovery from the coronavirus pandemic.
Over the next 20 months, the two agencies will study Columbia, Dane, Dodge, Green, Iowa, Jefferson, Rock, and Sauk Counties and map their specific assets — for example, labor force strengths or local supplies of raw material. They’ll then use that information to determine where to invest in enhancing industry sectors like advanced manufacturing, information and communications technology, biological sciences and health care.
“This is a great opportunity for CARPC to work with MadREP on a regional approach to pandemic recovery,” said CARPC Executive Chair Larry Palm. “It’s important to take an integrated approach to pandemic recovery, looking at economic development along with housing, land use and transportation.” MadREP leads economic development efforts for the eight-county Madison region.
The project will identify, document and map potential sites for key industry sectors including advanced manufacturing, information and communications technology, biosciences, and healthcare.
“We’re very excited to receive this CARES Act funding and looking forward towards the next round of federal funds under the American Rescue Plan Act (ARPA),” said MadREP President & CEO Jason M. Fields.
The initiative includes a $160,000 grant from the U.S. Economic Development Agency, which is part of the Department of Commerce. The federal investment is part of the $1.5 billion that the $2.2 trillion CARES Act allocated in March 2020 for economic development assistance programs that would help communities prevent, prepare for and respond to the coronavirus. The two agencies will cover the remaining $40,000 in costs for the initiative.
