Economic Development Administration
Agency overview
Formed	1965
Jurisdiction	Federal government of the United States
Headquarters	Herbert C. Hoover Building Washington, D.C.
Annual budget	US$258 million (2009) US$293 million (est. 2010) US$286 million (est. 2011)
Agency executive	Matt Erskine, Deputy Assistant Secretary for Economic Development, COO
Parent Agency	Department of Commerce
Website
www.eda.gov

The Economic Development Administration (EDA) is an agency in the United States Department of Commerce that provides grants to economically distressed communities to generate new employment, help retain existing jobs and stimulate industrial and commercial growth.

History
The EDA was established under the Public Works and Economic Development Act of 1965 to generate jobs, help retain existing jobs, and stimulate industrial and commercial growth in economically troubled areas of the United States. EDA assistance is available to rural and urban areas of the United States experiencing high unemployment, low income, or other severe economic distress.

Mission and Investment Priorities
EDA’s stated mission is to "lead the federal economic development agenda by promoting innovation and competitiveness, preparing American regions for growth and success in the worldwide economy."

The U.S. Economic Development Administration’s investment policy is designed to establish a foundation for sustainable job growth and the building of durable regional economies throughout the United States. This foundation builds upon two key economic drivers - innovation and regional collaboration. Innovation is the key to global competitiveness, new and better jobs, a resilient economy, and the attainment of national economic goals. Regional collaboration is essential for economic recovery because regions are the centers of competition in the new global economy and those that work together to leverage resources and use strengths to overcome weaknesses will fare better than those that do not. EDA encourages its partners around the country to develop initiatives that advance new ideas and creative approaches to address rapidly evolving economic conditions.