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2020-21 Comprehensive Economic Development Strategy and EDA Economic Recovery Planning Process

The NRVRC is in the process of updating the New River Valley Comprehensive Economic Development Strategy (CEDS) document for 2020.  The CEDS provides a review of economic data and conditions for NRVRC jurisdictions, identifies goals and strategies that help to addresses these regional issues, and prioritizes regional economic development projects that the region can undertake to achieve these goals.  The CEDS documents from previous years are available on our website: http://nrvrc.org/what-we-do/economic-development/comprehensive-economic-development-strategy/.

A key step in updating the CEDS each year is to reconvene the CEDS committee, a group of 25 volunteers representing key regional industries, institutions, and economic development organizations, that help NRVRC staff to capture key economic trends in the CEDS update and develop impactful regional economic development projects. The CEDS committee met several times this spring to provide input on CEDS updates and project priorities, with a focus on the COVID-19 pandemic and the related economic impacts of closures, cancellations, etc. that are still affecting the region. The committee identified several existing CEDS strategies and projects that will be priorities for regional economic recovery efforts, including expansion of broadband networks, support for small business and assistance with safe reopening, and worker training and support services.

This fall, NRVRC will undertake an economic recovery planning process as part of an award from the US Economic Development Administration (EDA) to designated Economic Development Districts (EDDs) through the recently adopted CARES Act funding package. The NRVRC will develop an economic recovery plan to incorporate into the CEDS, and identify top priority projects to assist local communities and businesses to recover from the pandemic’s economic effects. The project also provides funding for updates the NRVRC data dashboard and website to create an online version of CEDS and economic recovery planning documents.

For more information on the NRV CEDS update process, please contact Patrick O’Brien: pobrien@nrvrc.org, 540-639-9313 x206