Strategy, Action Plan, Goals & Objectives
STRATEGIC DIRECTION &
ACTION PLANS
Economic Development “creates the conditions for economic growth and improved quality of life by expanding the capacity of individuals, firms, and communities to maximize the use of their talents and skills to support innovation, lower transaction costs, and responsibly produce and trade valuable goods and services.” (Key Definitions | U.S. Economic Development Administration (eda.gov))
The correlation of key findings from the regional survey, focus groups and one-on-one interviews, the CEDS Strategy Committee SWOT sessions, and EDA’s investment priorities focusing on resilience and equity clearly inform the goals of CEDS 2023: Support People, Build Capacity, and Advance Growth and Sustainability. Within these goals, policy and planning, housing, workforce development, and industry diversification rose as focus areas within which CEDS 2023 can lay the groundwork for impactful action at the EDD level.
Economic Development “creates the conditions for economic growth and improved quality of life by expanding the capacity of individuals, firms, and communities to maximize the use of their talents and skills to support innovation, lower transaction costs, and responsibly produce and trade valuable goods and services.” (Key Definitions | U.S. Economic Development Administration (eda.gov))
The correlation of key findings from the regional survey, focus groups and one-on-one interviews, the CEDS Strategy Committee SWOT sessions, and EDA’s investment priorities focusing on resilience and equity clearly inform the goals of CEDS 2023: Support People, Build Capacity, and Advance Growth and Sustainability. Within these goals, policy and planning, housing, workforce development, and industry diversification rose as focus areas within which CEDS 2023 can lay the groundwork for impactful action at the EDD level.
The goals and strategies start with the most important category: Support People. This CEDS update starts with the identified priorities of housing and infrastructure to outline strategic actions to support all residents, despite geographic location or other defining demographic characteristics. All residents in the region should have choices and the opportunity to expand one’s capacity. It is clear through the regional survey that having quality housing, healthcare and basic infrastructure in place are the keystones to achieving economic prosperity. Without these, individuals are not able to expand their capacity through education and meaningful work.
The second goal, Build Capacity, builds on the first because once basic needs are in place, systems are introduced in order to further support the individual so that greater prosperity can occur. Still, much work is needed in order to increase awareness, talent and capacity for economic development within the region. seCTer’s region contains eight of the twenty-five state-designated distressed municipalities; therefore, the region needs to increase its knowledge capacity to actively mitigate conditions that lead to economic distress. Capacity is a broad term that includes human, financial, infrastructure and, lastly, energy.
The last goal, Advance Growth and Sustainability, incorporates actions that are in direct response to the pandemic, but which are also very similar to a number of strategic actions in CEDS 2017. SECT is familiar with the threat of economic shocks that are unique to the region due to Naval Base closure discussions. Discussions about building a more resilient economy that is less dependent on defense contracting are ongoing; however, the pandemic heightens the discussion and adds a new layer of complexity as the tourism/hospitality industry was heavily impacted during the pandemic. Work is underway on the development of a resiliency assessment survey that is focused on small- to medium-sized businesses to understand their ability to respond to a variety of economic shocks.
The goals require prioritization based on the pandemic exposing the need for a more resilient approach to regional planning. Throughout the stakeholder engagement and research processes, it became clear that the goals are interdependent with themes running through the SWOT. Actions for one focus area will inevitably impact the outcomes of another focus area. It is important to know that when the phrase “all residents” appears, it is deliberately inclusive despite geography or demographic designation. Programs being launched now, for example, target businesses that are women-owned, minority-owned, veteran-owned, and those in distressed municipalities for priority funding. This focus will intentionally continue, develop and evolve as seCTer deepens relationships and builds new networks.
In order to make SECT more resilient and ready to adapt to future economic and environmental changes, community leaders and policy makers must first understand the implications of, and adapt to, the economic impact of shifting global roles, technological advances, changing demographics, and climate change. All must then engage in collaborative efforts to identify the largest regional vulnerabilities and share resources (planning, engineering and monetary resources) to enhance regional resilience.