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NECCOG is updating its Comprehensive Economic Development Strategy (CEDS) as part of the overall COVID-19 recovery effort in coordination with the Connecticut Department of Economic and Community Development and the U.S. Economic Development Administration. Click on the above text or image to be redirected to the CEDS Hubsite where you can find links to various tools and resources as well as the document.
A Comprehensive Economic Development Strategy or CEDS is a plan developed through a process prescribed by the Economic Development Administration (EDA). To be successful a CEDS must be the result of a continuing economic development planning process developed with broad-based and diverse public and private sector participation, and must set forth the goals and objectives necessary to solve the economic development problems of the region and clearly define the metrics of success.
What does a CEDS do?
- Analyzes regional conditions
- Identifies Strengths, Weaknesses, Opportunities and Threats (SWOT)
- Defines the vision, goals and objectives of the region
- Designs strategies to accomplish goals and identifies needed projects
- Provides a process for regional dialogue and CEDS evolution
What are the primary elements of a CEDS plan?
- Executive Summary and Introductory sections
- Description of staffing and organization
- A detailed Economic Base Analysis of the Region’s economy – including SWOT
- A Vision Statement with Goals, Objectives, and Action Plan
- Identification of possible economic development projects in the Region, segmented into those considered “Vital” and all others submitted
- A description as to how the Region will be implementing the CEDS and evaluating progress
- A description of how the region’s CEDS relates to other local, regional and state plans
- Appendices documenting the entire CEDS process
Connecticut has added to the federal system with a law passed in 2010 (Public Act 10-168) that allows regional planning and economic development organizations to propose Regional Economic Development Districts (REDDs) that the governor designates, prepare strategies to develop them, and apply for state and federal economic development funds. The act specifies criteria for drawing district boundaries and procedures for preparing, reviewing, and approving strategies.
The CEDS Strategy Committee is the entity responsible for as responsible for the development, implementation, revision or replacement of the CEDS for the NECCOG region. The Strategy Committee must represent the main economic interests of the region, and must include Private Sector Representatives as a majority of its membership.