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Wyoming Unemployment Grant

June 5th, 2007 Posted by Amelia

“The WIRED Initiative recognizes that local economies often do not neatly conform to geographic boundaries,” US Labor Secretary Elaine Chao said in a recent speech. Secretary Chao made this speech while announcing that the competition for the third round of WIRED grants has officially begun.

WIRED stands for the Workforce Innovation in Regional Economic Development Initiative. The third generation of WIRED grants was recently launched by the U.S. Dept. of Labor.

A Wyoming unemployment grant under the WIRED program would be great news for parts of the state that have traditionally suffered from higher unemployment. One of the second generation of WIRED grants was awarded to Northern Indiana, an area with a history of limited job opportunities. A similar grant to Wyoming would help many people.

“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 was referring to the fact that up to 50% of WIRED grant funds must be provided by private, regional or state monies. The remaining funds come from the federal government.

The WIRED initiative can empower local economies and reduce regional unemployment. The unemployment rate throughout the nation hovers around 4%, but some areas experience higher rates of unemployment. The goals of the WIRED grants are to increase unemployment and stimulate regional economies in those areas.

An unemployment rate below 5% is technically considered a labor shortage. Currently, the unemployment rate for highly skilled employees is about 1.9% nationwide.

The first WIRED grants were awarded by the U.S. Labor Department in February 2006, after a highly-competitive grant process. At that time, 13 regions were selected to receive grants. The purpose of the grants is to reduce unemployment and boost regional economies.

The current, third-generation WIRED grants competition is open to all states and territories. The Secretary of Labor sent a letter to each governor, outlining the conditions of the WIRED program. The governors must approve the WIRED grant proposals presented by their state. Each governor can submit up to two projects. Each grant can be for any amount up to $5 million.