CEDS | RiverCOG

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Project Overview

What is CEDS?

A CEDS, or Comprehensive Economic Development Strategy, is a federally recognized economic development plan. The plan is based on local engagement and regional perspective. The process of creating a CEDS is designed to build capacity for economic growth, resiliency, and prosperity in a region. It links individuals, organizations, local governments, institutions of learning, and private industry in conversation and creates consensus around regional economic goals and strategies.

Once adopted, a federally recognized CEDS will make the region eligible for federal funding to support CEDS related projects.

More information about Comprehensive Economic Development Strategies can be found here:

https://eda.gov/ceds/

About the Plan

Following the adoption of the Regional Plan of Conservation and Development (RPOCD) and the Regional Housing Plan (RHP), RiverCOG is creating a CEDS for the seventeen-municipality region that integrates and builds upon the findings and recommendations in those documents, as well as the 2016 GrowSMART economic strategic plan. The CEDS will be a strategy driven plan which builds capacity and guides economic prosperity and resiliency in the region.

Plan Content

Consistent with CGS § 32-742 and 13 CFR § 303.7, the CEDS must incorporate the following components:

Summary Background: A summary background of the economic conditions of the region;

SWOT Analysis: An in-depth analysis of regional strengths, weaknesses, opportunities and threats;

Strategic Direction/Action Plan: The strategic direction and action will build on findings from the SWOT analysis and incorporate/integrate elements from other regional plans (RPOCD, RHP, Regional Metropolitan Transportation Plan (MTP), etc.) where appropriate. The action plan will also identify the stakeholder(s) responsible for implementation, timetables, and opportunities for the integrated use of other local, state, and federal funds;

Evaluation Framework: Performance measures used to evaluate the organization’s implementation of the CEDS and impact on the regional economy.

The CEDS will be grounded in accurate and accessible data, including but not limited to metrics, trends, and demographics, that facilitates a region-wide understanding of economic development. In addition, the CEDS will address the concept of economic resiliency and demonstrate how the region will avoid, withstand, and recover from economic shifts, natural disasters, and the impacts of climate change.

The concept of equity will be woven throughout the CEDS. Specifically, the CEDS will identify areas of economic distress and promote opportunities for identifying strategies to expand economic opportunities for people of color and lower income residents, particularly those living in distressed areas.

Public Involvement

The CEDS will be developed with broad based and diverse stakeholder participation.

Strategy Committee

A Strategy Committee representing the main economic interests in the region has been assembled to steer the creation of the CEDS. This committee includes representatives of the private sector, state and other public officials, community leaders, private individuals, institutions of higher education, minority and labor groups, and others who can contribute to and benefit from improved economic development in the region.

Stakeholder Input

The CEDS will incorporate a rigorous public engagement process to solicit stakeholder input and support. Outreach efforts will focus on building participation and support, as well as identifying and strengthening strategic partnerships

Stakeholder outreach and community workshops will begin in the fall. Check back here for event dates which will be posted periodically, or sign up for our email list to be notified of updates!