What is the Comprehensive Economic Development Strategy?
The Comprehensive Economic Development Strategy process is a national program sponsored by the US Department of Commerce Economic Development Administration (EDA). A CEDS is designed to bring together the public and private sectors in the creation of an economic roadmap to diversify and strengthen regional economies.
The CEDS outlines an approach to regional growth and prosperity that builds on the region’s strengths, emphasizes key regional industry clusters, and prioritizes economic development projects. It is required to be updated at least every five years.
Why do we need a Regional Comprehensive Economic Development Strategy?
Research indicates that the majority of U.S. economic activity is occurring not just within major cities but rather within a limited number of major regions across the nation. To compete nationally and internationally for people and businesses, interdependent jurisdictions are planning regionally. The North Central Texas region’s population has grown by 30 percent since the 2000 Census and is projected to grow by another 30 percent over the next 15 years. Part of planning for that growth is planning for the economic and workforce development to ensure we have quality jobs for workers and skilled workers for jobs.
What is in a CEDS plan?
The Comprehensive Economic Development Strategy identifies regional economic development goals and priorities which communities within a region can implement collaboratively to bring about sustainable economic prosperity. The CEDS includes components such as economic and community development problems and opportunities, goals and objectives, regional strategies and priorities, industry and occupation cluster assessments, a plan of action, and performance measures.
EDA requires that the following be included in the plan.
- Summary Background
- SWOT Analysis and Economic Resilience
- Strategic Direction/Action Plan
- Evaluation Framework
The North Central Texas Economic Development District is required to update the CEDS every five years. Due to the COVID-19 Pandemic, the required update for the current CEDS has been extended through June 30, 2022