WHAT IS A CEDS?
The Comprehensive Economic Development Strategy (CEDS) is a locally-based, regionally-driven economic development planning process that identifies strengths and weaknesses and brings together a diverse set of partners to generate good jobs, diversify the economy, and spur economic growth. The CEDS development process engages a range of partners, including community leaders and residents, the private sector, educational institutions, and other stakeholders in planning for the region’s future.
An effective CEDS allows a region to maximize its economic development potential, as well as engage with the U.S. Economic Development Administration (EDA)and other federal partners to receive infrastructure and technical assistance grants. The CEDS is a pre-requisite for a region to be federally designated as an Economic Development District (EDD) and must be updated at least every five years. Overall, an effective CEDS planning process identifies locally-grown strategies that will guide regional economic development, encourage partnerships and collaboration, and improve economic outcomes and overall quality of life in the region.
1. Summary Background of economic conditions in the region;
2. SWOT Analysis to identify regional strengths, weaknesses, opportunities, and threats;
3. Action Plan incorporates tactics identified through the planning process, other plans, and stakeholder feedback to develop the priority strategies for the region; and
4. Evaluation Framework to identify and monitor performance measures associated with the plan.
WHY IS THIS IMPORTANT?
The Albemarle Commission CEDS is a 5 year plan designed to support economic and community priorities across our region. Created through a diverse collaboration of community stakeholders, the CEDS process produces a true road map that brings together many voices to form a common vision for economic prosperity and resilience.