Comprehensive Economic Development Strategy

Regional Comprehensive Economic Development Strategy (CEDS)

Every five years, a Comprehensive Economic Development Strategy, or CEDS, is required to be prepared and updated. When CRCOG’s last CEDS plan was published in 2019, projections anticipated a period of growth, with a strong insurance and financial sector, resurgent advanced manufacturing, emerging biotech and other strengths. The COVID-19 pandemic upended the global economy in unexpected ways, forcing both governments and businesses to shift their focus to reconfigure ways for businesses operate and recruit workers, households to adjust to sudden job losses (and gains) and adapt to a new normal.  

In June 2022, CRCOG began working with Camoin Associates and various partner organizations to update the CEDS for 2024-2029. We recognized recovery from the economic disaster of a pandemic required more than strategies and a plan, but also specific actions and committed partners to implement the strategies identified. ACT Greater Hartford – A Comprehensive Economic Development Strategy for Growth and Equity in the Capitol Region is the result. 

Learn More About Economic Development in the Capitol Region Here

SUMMARY OF CEDS GOALS & INITIATIVES

  1. Focus on adaptive reuse of buildings in urban and suburban core areas
  2. Reshape the regional housing market
  3. Advance RiverLink and related East Coast Greenway projects
  1. Take the pulse of the entrepreneurial ecosystem
  2. Grow youth entrepreneurship opportunities
  3. Create a front door to the regional entrepreneurial ecosystem
  4. Expand access to capital for entrepreneurs and small businesses
  1. Significantly expand business retention and expansion (BRE) efforts
  2. Prioritize investment into training and retaining the future workforce
  3. Support industry-led workforce development efforts for business-driven outcomes
  4. Establish consistent messaging that is regionally shared
  5. Launch a ‘smart’ data-driven talent attraction campaign
  6. Focus business attraction on emerging opportunities
  1. Embrace diversity, equity, and inclusion (DEI) regionally
  2. Take a collaborative, place-based, neighborhood-scale approach to development
  3. Fix the broken rung to advance women and underrepresented employees into more senior roles
  1. Restructure the CEDS Implementation Committee
  2. Procure multi-year funding to hire an experienced executive
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