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North Carolina Unemployment Grant

June 5th, 2007 Posted by Amelia

Recently, the third round of WIRED grants was announced by US Secretary of Labor Elaine Chao. WIRED is an acronym for Workforce Innovation in Regional Economic Development Initiative.

A North Carolina unemployment grant would be a good opportunity or workers in parts of the state that have traditionally experienced high unemployment. During the second round of WIRED grants, northern North Carolina was one of 13 regions that received funds.

WIRED grants awarded by the Department of Labor have been instrumental in reducing high unemployment in certain areas of the country. They also provide a stimulus to regional economies.

“WIRED brings together universities, businesses, community colleges, foundations and economic development organizations to help equip regional workforces with the skills needed to succeed in the 21st century worldwide economy,” said Secretary Chao. She added, “The WIRED Initiative recognizes that local economies often do not neatly conform to geographic boundaries.”

WIRED grants are highly beneficial for communities, but the grant selection process is highly competitive. Of the hundreds of applications received since February 2006, only 13 grants were awarded during the first round.

Each governor received a letter from the Secretary of Labor announcing the competition for the third round of WIRED grants. Each state or territory governor can submit up to two proposals for grants up to $5 million each. Grant proposals must identify private, state or regional sources of funding in addition to the federal grant monies.

The current rate of unemployment in the country is around 4%. When the unemployment rate is below 5%, most economists consider that there is a labor shortage. Despite the generally rosy employment picture, there are a few areas scattered around the country that have higher unemployment rates. WIRED grants are just one of the federal government’s programs to increase employment in these areas, and stimulate the local economy.