A Comprehensive Economic Development Strategy (CEDS) brings together the public and private sectors in the creation of an economic roadmap to diversify and strengthen regional economies. The CEDS analyzes the regional economy and serves as a guide for establishing regional goals and objectives, developing and implementing a regional plan of action, and identifying investment priorities and funding sources.
Every five years a new CEDS is submitted to the Federal Economic Development Administration, with revisions updated annually. This regionally-driven planning process engages community leaders, leverages the involvement of the private sector, and establishes a strategic blueprint for regional collaboration to create an environment for economic resiliency and prosperity. The 2022-2027 CEDS was worked on throughout 2021 and was formally adopted by the CEDS Committee and SRDC Board in December 2021.
This plan was sent to the U.S. Economic Development Administration in January 2022 and will serve the nine counties of Cottonwood, Lincoln, Lyon, Jackson, Murray, Nobles, Pipestone, Redwood and Rock. The CEDS serves as a roadmap to diversify and strengthen our regional economy.
Why is CEDS Important to the Region?
- Planning doesn’t stop at borders. As a regional plan, the CEDS has the potential to influence issues with a larger voice. What benefits one area of the region benefits the region in its entirety. What’s learned today could be shared and replicated tomorrow to build a more resilient region.
- The CEDS is a forward-thinking, collaboratively-driven document that showcases our region’s capacity to retain residents and attract new residents, both of which are critical to address labor force issues. This document also showcases our region’s capacity to attract private investment and promote business expansion.
- The CEDS can be used to support projects in grant applications and can be used as a trusted data source. The Federal EDA has a specific section in their online submission process that asks applicants to provide a nexus between their proposed project and the respective CEDS in that Economic Development District. Through project support in the CEDS, additional dollars can be brought to the region for project implementation.
2022-2027 CEDS Planning
Public Comment Period: November 1 – November 30, 2021
SRDC held a 30 day public comment period (Nov 1-30) on the draft 2022-2027 Comprehensive Economic Development Strategy (CEDS).