REMARKS AS PREPARED FOR DELIVERY - SANDY K. BARUAH, ASSISTANT SECRETARY OF COMMERCE FOR ECONOMIC DEVELOPMENT - EDA CHECK PRESENTATIONS TO THE PUGET SOUND REGIONAL COUNCIL AND CITY OF LAKEWOOD/PIERCE COUNTY LAKEWOOD, WASHINGTON

FRIDAY, DECEMBER 8, 2006

AS PREPARED FOR DELIVERY

Introduction by John Arbeeny, Deputy Mayor, City of Lakewood, Washington

Thank you, John, for that kind introduction, and thank you all for being here this morning.

It is a pleasure to be in the beautiful Northwest today representing President George W. Bush and Commerce Secretary Carlos Gutierrez on this special occasion to celebrate the Puget Sound region’s economic future.

Before I begin, please allow me to make a few brief introductions. I’m up here today taking the credit for work done by the Commerce EDA team, and I’d like to acknowledge my EDA colleagues who are here with me this morning. Len Smith, EDA’s Regional Director for the Seattle Region, and Bryan Borlik, EDA’s Acting Director of Public Affairs.

Let me also recognize our representatives from the offices of:

• Senator Patty Murray

• Senator Maria Cantwell

• Congressman Norm Dicks

And

• Congressman Adam Smith.

Thank you all for being here, and for your work here locally and in our nation’s capital to strengthen your regional economy.

This celebration would not be possible without the leadership and hard work of Pierce County Executive and Puget Sound Regional Council President John W. Ladenburg and Central Puget Sound Economic Development District and Regional Council Executive Director Bob Drewel.

While Jon and Bob were not able to be with us this morning, I would like to thank them for their leadership of the Regional Council. Being from the Northwest – Oregon, to be specific – I appreciate the critical role that organizations like the Regional Council play in building strategies for this region to compete in the 21st Century global economy.

As the leaders of the Regional Council know so well, economic development works best when it is a locally-driven process – local people coming together for the common good to take control of their economic destiny, which is what we celebrate here today.

Of course, it can be helpful to consider the national business environment in which the companies of tomorrow are being formed here in the Puget Sound region.

In this context, we have good reason to be optimistic. Just today, the government released information that shows that our economy is strong, and it is getting stronger.

This morning, my colleagues back in Washington announced that 132,000 jobs were created in November, and that the unemployment level is at a low 4.5%, which many economists say is essentially full employment, and is lower than where we were at the time of the 2001 terror attacks.

The economy has created about 2 million jobs over the past year. For those of you keeping score at home, that’s over 7 million new American jobs since August 2003, more jobs than all the other major industrialized countries combined

We have now had 20 straight quarters of uninterrupted economic growth. Energy prices are going down, and wages and consumer sentiment are going up. A recent ABC News poll showed that consumer confidence is at its highest point in 5 years.

Real after tax incomes have increased about 10% since the President took office, and more Americans own their own their own home than ever before – about 70% – which is a key economic driver.

Exports are up 12% this year over last year, and we are on track this year to record our nation’s largest volume of exports ever, more than $1.3 trillion.

And despite returning over $1 trillion to American taxpayers as part of President Bush’s tax cuts, tax revenues are up 12% in 2006, and this country will beat President Bush’s 2004 pledge to cut the deficit in half by 2009 by 3 years.

It is clear that our economy is resilient and strong.

This is good news not just for the nation, but for the Puget Sound region as well – because you can tap in to a strong and growing national economy as you build strategies for your own regional growth. Imagine how difficult it would be to strengthen Washington’s economy if the national economy was not as strong as it is.

Of course, a little help from the Federal government can’t hurt. And today, I have the distinct pleasure to announce two Economic Development Administration investments in the Puget Sound region.

The first investment I would like to announce is for $200,000 to the Puget Sound Regional Council to implement key components of its 2006 Regional Economic Development Strategy. More specifically, this investment will help the Regional Council develop business linkages that will benefit both urban and rural areas in emerging industries such as clean technology and more mature industries such as aerospace.

The success of this effort will depend on collaboration and cooperation between the public and private sectors and the commitment of all partners – both rural and urban – to regional prosperity. With the leadership of the Regional Council, Commerce Secretary Gutierrez and I share high hopes for this project as we look forward to its impact on emerging industries in Washington.

So now, if I could please have Regional Council Vice President Sue Singer and Program Manager Bill McSherry join me for the formal presentation of the check…

On behalf of President George Bush, it is my pleasure to present you with this check for $200,000 to the Puget Sound Regional Council. Congratulations.

Moving on now to the second part of our program this morning, I am also pleased to announce a $1.5 million EDA investment in the City of Lakewood and Pierce County.

This investment will help construct a sanitary sewer system in Lakewood to serve the American Lake Gardens industrial area and the Tillicum retail district. With an expected 1,000 new jobs and $80 million in private investment generated by this investment, EDA is proud to be a partner in this important project.

If I could please have Deputy Mayor John Arbeeny join me for the formal presentation of the check…

On behalf of President George Bush, it is my pleasure to present you with this check for $1.5 million to the City of Lakewood and Pierce County. Congratulations.

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