Achieving the Strategy Goals Together

What Is a Comprehensive Economic Development Strategy?

As explained by the U.S. Economic Development Administration:

CEDS is a strategy-driven plan for regional economic development. A CEDS results from a regionally-owned planning process designed to build capacity and guide an area’s economic prosperity and resiliency. It is a critical component in establishing and maintaining a robust financial ecosystem by helping to develop regional capacity (through hard and soft infrastructure) that contributes to individual, firm, and community success.

The CEDS provides a vehicle for individuals, organizations, local governments, institutes of learning, and private industry to engage in a meaningful conversation and debate about what capacity-building efforts would best serve economic development in the region. The CEDS should take into account and, where appropriate, integrate or leverage other regional planning efforts, including the use of other available federal funds, private sector resources, and state support that can advance a region’s CEDS goals and objectives. Regions must update their CEDS every five years to qualify for EDA assistance under its Public Works and Economic Adjustment Assistance programs. In addition, a CEDS is a prerequisite for EDA designation as an Economic Development District (EDD).