MetroCOG is the lead agency of the Comprehensive Economic Development Strategy and is in the process of administering, coordinating and overseeing the planning process. A Comprehensive Economic Development Strategy is a “locally-based, regionally-driven economic development planning process.” Furthermore, the CEDS “serves as a means to engage community leaders, leverage the involvement of the private sector, and establish a strategic blueprint for regional collaboration.” MetroCOG, utilizing a grant through the United States Economic Development Administration (U.S. EDA) is fostering inter-agency cooperation between local governments, local and regional chambers of commerce, industry and business leaders, state and federal agencies, residents and other stakeholders to ensure that a coordinated and efficient Comprehensive Economic Development Strategy is developed. MetroCOG’s customized CEDS and Action Plan will integrate the Greater Bridgeport Region’s location, infrastructure, diverse culture and other unique characteristics. The CEDS will not only provide relevant background information, but also a realistic and successful approach towards economic growth that reflects the consensus and character of the entire Region.
A Comprehensive Economic Development Strategy provides a realistic and successful approach towards economic growth that meets the consensus and character of the entire Region. Based on an analysis of current and future demographics, economics and market trends, the CEDS will utilize relevant data to identify current economic conditions that will identify feasible solutions to attract and retain businesses, talent and capital in the MetroCOG region.
The CEDS is designed to bring together the public and private sectors in the creation of an economic roadmap to diversify and strengthen regional economies and to integrate a region’s human and physical capital planning in the service of economic development. Integrated economic development planning provides the flexibility to adapt to global economic conditions and fully utilize the region’s unique advantages to maximize economic opportunity for its residents by attracting the private investment that creates jobs for the region’s residents.
A CEDS that has been approved by the State of Connecticut and U.S. Department of Commerce – Economic Development Administration will allow the region to qualify for EDA funding through the Public Works and Economic Adjustment Assistance Programs. Eligible program activities include construction, non-construction, technical assistance and revolving loan fund projects.