The NRVRC is beginning the process to update the New River Valley Comprehensive Economic Development Strategy (CEDS) document for 2016. 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 the NRVRC’s website: https://nrvrc.org/what-we-do/economic-development/comprehensive-economic-development-strategy/.
The first step to updating the CEDS each year is to reconvene the CEDS committee, a group of 25 volunteers who represent organizations around the New River Valley. The diverse committee has a broad understanding of the regional economy, and a deep knowledge of specific issues that contribute to the region’s economic health. This year’s committee contains representatives with a variety of expertise, including finance, international trade, small business development and entrepreneurship, educational institutions (both K-12 and higher ed), manufacturing, workforce development, and local government, among others.
The CEDS committee met at the NRV Business Center in December 2015 for the first of several meetings in the 2016 update process. The committee reviewed the SWOT analysis component of the CEDS document, which summarizes the region’s internal strengths and weaknesses, and the external opportunities and threats that may influence the region’s economic development goals. The group discussed updates and additions to the SWOT analysis to make sure this foundational component of the CEDS reflects the most current trends and conditions in the New River Valley.
The CEDS committee will meet several more times in early 2016 in order to provide input on the CEDS update process, such as reviewing and updating the ranking and prioritization of economic development projects, and the development of a ‘data dashboard’ that helps the region to track economic health and development, and measure our progress toward achieving the CEDS’ economic development goals.
For further information, please contact Patrick O’Brien (pobrien@nrvrc.org), 540-639-9313 x206