Regional Economic Development
P.A. 10-168 "AN ACT CONCERNING REGIONAL ECONOMIC DEVELOPMENT" is a milestone for economic development in Connecticut. The act authorized the state to approve up to eight regional economic development districts (EDD) for coordinating municipal economic development projects and seeking federal funding support through the United States Economic Development Administration (USEDA).
An EDD is a region, designated by the Assistant Secretary of Commerce, to undertake and carry out economic development projects under the U.S. Economic Development Administration's (USEDA) Public Works & Economic Development Act programs. An EDD is managed by an economic development organization (EDO).
A comprehensive economic development strategy (CEDS) is a planning tool and process developed by the U.S. Department of Commerce, Economic Development Administration designed to bring together the public and private sectors in the creation of a master plan to strengthen regional economies. The CEDS is a requirement for USEDA funding, and is an excellent tool for regions in prioritizing economic development initiatives.
EDOs that manage their CEDS can apply to USEDA for project funding and administrative expenses to provide staff support to the region's communities.
The four primary state responsibilities in regional economic development:
- Develop strong partnerships between the state and regions;
- Support regional collaboration;
- Encourage inter-regional communication; and
- Ensure that all municipalities have equal access to economic development opportunities through the CEDS/EDD process.