Following the most devastating hurricane season in American history, The Home Depot(R) announced that it is investing U.S. $57 million to support rebuilding efforts throughout the Gulf region. Combining capital construction with philanthropic support, the retailer said the investment will create jobs, drive economic activity and support local community efforts to rebuild homes.
The bulk of the commitment will support capital projects. The company will spend more than $13 million to re-open two New Orleans-area stores that were completely destroyed. An additional $43 million will support the opening of new The Home Depot stores along the Gulf Coast.
The Home Depot is also expanding its philanthropic commitment to the region by donating an additional $750,000 in funding to support the following community rebuilding efforts: affordable housing development and construction of a new athletic field house in Pass Christian, Mississippi; materials and product for home repairs and supplies for housing volunteers in Biloxi, Mississippi; construction of 20 playgrounds over 2 years throughout the Gulf region with its national nonprofit partner KaBOOM!, including 10 builds in 5 days in August 2006 to commemorate the 1-year anniversary of Hurricane Katrina.
With these new commitments, The Home Depot adds to earlier investments in the region of more than $10 million in philanthropic support and more than $7 million in capital funding. In total, the company will have invested more than $75 million dollars into the Gulf community and anticipates significant future investments in the region as it scales its business to respond to community rebuilding needs.
Finally, as part of the company's ongoing commitment to help communities mitigate disaster through preparation, The Home Depot is hosting hurricane preparation clinics at stores in the Gulf region throughout the approaching hurricane season. These clinics will teach customers how to protect their homes and families from the impact of hurricanes.
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