The University of Memphis received a $490,833 project grant award from the Department of Commerce Economic Development Administration under the Economic Adjustment Assistance program. The grant will support a project focused on transforming the Memphis regional economy through 2023. Key deliverables include developing a coordinated economic development strategy to identify opportunities from emerging technologies, attracting or growing firms to capitalize on opportunities, and delivering next-generation workforce training solutions. The project aims to create 75,000 new jobs, $10 billion in capital expenditures, 40 new or relocated headquarters, 750 new companies launched from entrepreneurial efforts, establish a 100-acre future-ready infrastructure test bed, and foster a research and development community in the Memphis region. The Board of Regents of Tennessee is the parent organization of the University of Memphis, the awardee organization responsible for implementing the project supported by this EDA grant funding.
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