What is the Plan?
A regional Comprehensive Economic Development Strategy, or CEDS, is a cooperative effort of businesses, civic organizations and the public to map out economic projects and goals that will strengthen a geographic area. A 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. The plan identifies goals, strategies, and implementable actions for the community to pursue.
A CEDS is unique in that it involves a region’s residents in the service of economic development. By combining the insight and commitment of the public with the connections and resources of business, a CEDS contains an understanding of the region’s unique advantages, the flexibility to adapt to global economic conditions, and the ability to attract public and private investment, thus bringing jobs and opportunities to the region. A CEDS also provides a useful benchmark for comparing a region’s economy with those of other regions in the U.S.
A Comprehensive Economic Development Strategy:
- Promotes economic development and opportunity
- Works to improve access to transportation
- Enhances and protects the environment
- Maximizes effective development and use of the work force
- Promotes the use of technology in economic development, including access to high-speed telecommunications
- Balances resources through sound management of development
- Obtains and utilizes adequate funds and other resources
Who uses the Plan?
The plan is used by local and regional economic development partners to coordinate and prioritize regional economic development projects and strategies. It is also used by the U.S. Economic Development Administration and other federal agencies for funding purposes.
How is the Plan implemented?
The plan is implemented by local and regional economic development partners as they develop projects and programs and make investments related to activities identified in the plan. A CEDS is also required when applying for investment assistance from the U.S. Economic Development Administration.
How is this update different from past updates?
This is the first time that the central Indiana region has had a comprehensive economic strategy of this kind.
For more information about Marion County’s Comprehensive Economic Development Strategy click here.