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Regional Strategies/CEDS
Before a community or region can intelligently develop strategies for economic development, it needs to understand the nature of the local economy and the area's strengths and weaknesses as a location for economic activity. Regional analysis, therefore, is a logical precursor of the strategic planning process. It provides a factual basis for economic development goal setting and strategy development.
Understanding the composition and structure of your regional economy is the first step in planning and implementing local economic development strategy. The objective of this type of analysis is to gain greater insight into factors affecting the level and growth of economic activity within a local economy. Key questions that are answered include the following:
- Which sectors or industries are most important to the local economy in terms of employment and income?
- Is the structure of the local economy changing? If so, in what ways?
- How diversified is the region's economy?
- Which sectors or industries are growing and which stagnating or declining?
- How do these trends compare to other regions?
Local economic development has many parts - planning, consensus building, assessing strengths and weaknesses, investing in growth and, marketing. CERC is interested in working to develop comprehensive strategies that address the whole issue of development.
CERC takes a three-step approach to developing a comprehensive economic development strategy:
- Assess strengths and opportunities
- Determine best opportunities for growth
- Identify obstacles to growth
- Strategic planning - build consensus
- Create a vision
CERC has completed regional strategies for:
- Bridgeport Economic Resource Center
- Regional Growth Partnership
- Southeastern Connecticut Enterprise Region
- Governor's Council on Economic Competitiveness & Technology
- MetroHartford Insurance Initiative
- Northeast Utilities' Knowledge Corridor Project
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