WASHINGTON, D.C. - U.S. Representative Mike Michaud is praising a $10 million investment from USDA Rural Development to support boat-building operations at Front Street Shipyard in Belfast. Earlier this year, Michaud announced a $1.9 million Economic Development Administration (EDA) to Belfast. That investment allowed for the improvement of Front Street and the continued development of the Front Street Shipyard.
"Front Street Shipyard is increasingly a key piece of Belfast's economic engine, and I'm very proud that we've been able to help grow the region with these federal investments," said Michaud. "The Front Street area has seen incredible progress recently, and this funding will help the Shipyard not only support jobs locally, but reach new markets for its wooden and composite boats. I look forward to working with local officials to continue growing the Belfast waterfront."
According to USDA Rural Development, the federal funding will support 114 jobs.
Michaud has been a lead advocate for the EDA, which is the only federal agency focused exclusively on economic development. Since its inception, projects funded by the EDA have created over four million private sector jobs and leveraged roughly $150 billion in private sector investment.