Economic Development
The Area 15 RPC is the designated Economic Development District (EDD) organization for the ten county Region. The US Department of Commerce – Economic Development Administration (EDA) awarded this designation in 1974 with the submission and approval of an Overall Economic Development Program. This original document, now known as the Comprehensive Economic Development Strategy (CEDS), serves as the “guide” to economic growth for the Region. The purpose of the CEDS is to coordinate economic development activities throughout the region to create jobs, foster more stable and diversified economies, and to improve living conditions of the area. The CEDS is required to qualify local governments for Economic Development Administration (EDA) assistance grants and loans.
Economic Development is fundamentally about enhancing the factors of productive capacity - land, labor, capital, and technology - of a national, state or local economy. By using its resources and powers to reduce the risks and costs which could prohibit investment, the public sector can assist in setting the stage for employment-generating investment by the private sector.
The public sector generally seeks to increase incomes, the number of jobs, and the productivity of resources in regions, states, counties, cities, towns, and neighborhoods. Its tools and strategies have often been effective in enhancing a community's:
- labor force (workforce preparation, accessibility, cost);
- infrastructure (accessibility, capacity, and service of basic utilities, as well as transportation and telecommunications);
- business and community facilities (access, capacity, and service to business incubators, industrial/technology/science parks, schools/community colleges/universities, sports/tourist facilities);
- environment (physical, psychological, cultural, and entrepreneurial);
- economic structure (composition); and
- institutional capacity (leadership, knowledge, skills) to support economic development and growth.