The Richmond Regional Comprehensive Economic Development Strategy (CEDS)
is the culmination of a three-year
collaborative planning process
create an economic roadmap to diversify and strengthen the regional
economy with a special focus on distressed areas of the region.
The CEDS provides a mechanism for coordinating the efforts of local
governments, state agencies, economic development organizations, and
private businesses to create jobs while stabilizing and diversifying the
The Richmond Regional CEDS focuses on three primary areas of economic
growth and sustainability impact:
How was the CEDS developed?
In 2011, the RRPDC called together a group of economic development
leaders from the public and private sectors to formulate the Richmond
Regional CEDS through a collaborative process of discussion and
information sharing. The efforts were partially funded through a $75,000
grant from the US EDA. In order for projects to qualify for US EDA
assistance, they must be consistent with the goals and objectives set
out in a regional CEDS approved by the federal agency.
On December 12, 2013, the RRPDC Board adopted the Richmond Regional CEDS
as submitted to the US EDA, who
conditionally approved the document on
May 22, 2014. Following the approval, the RRPDC detailed specific
strategies for implementation and updated the document for
release on July 8, 2014.
Who developed the CEDS?
EDA regulations specified that the RRPDC establish a Strategy Committee to
guide the CEDS development process.
The CEDS Strategy Committee represented an excellent opportunity to
gather the economic development experts of the region around one table
and in smaller work groups to analyze the regional economy, determine
regional goals and objectives, and develop a regional plan of action for
implementation while identifying investment priorities and funding
The CEDS Strategy Committee set up four
Work Groups to conduct
research and identify priority areas for strategic action over the near
term (5 years) and longer term (20 years).
What is the purpose of a CEDS?
The purpose of the CEDS is to bring together the public and private
sectors in the creation and implementation of an economic roadmap to diversify and
strengthen the regional economy with a special focus on distressed areas
of the Region.
A CEDS is intended to integrate a regionís human and physical capital
planning in the service of economic development. Examples of other CEDS in
Virginia include those for the
Roanoke Valley and the
City of Richmond.
What is the CEDS process accomplishing?
is building upon various local and regional efforts that
have been completed over the past few years, such as the RAMPO
Socioeconomic Data Analysis Report, the Capital Region Collaborative's
conversations with the community to develop regional priorities, and the
Greater Richmond Partnership Target Industry Analysis.
The CEDS Committee met on a quarterly basis from January 2012 to July 2013
to identify how improvements can most positively impact these three
major areas, providing a comprehensive view of the economic ecosystems
of Richmond Region and a strategic plan for implementation, including