Comprehensive Economic Development Strategy (CEDS)

 Download the  D R A F T  2008 CEDS (10 mb pdf file)

A Comprehensive Economic Development Strategy (CEDS) is the result of a local planning process designed to guide the economic growth of an area. A CEDS process will help create jobs, foster more stable and diversified economies, and improve living conditions. It provides a mechanism for coordinating the efforts of individuals, organizations, local governments, and private industries concerned with economic development. Furthermore, a CEDS is required to qualify for Economic Development Administration (EDA) assistance under its public works, economic adjustment, and other planning programs, and a CEDS is a prerequisite for designation by EDA as an Economic Development District (EDD).  The 2007 CEDS was approved by the PADD Board of Directors and is currently available for download using the link above.

The Comprehensive Economic Development Strategy (CEDS) process began in 1992 when Kentucky’s Area Development Districts (ADDs) were challenged to create a comprehensive, community-based strategic planning process that would encompass the entire Commonwealth. Throughout the following year, the Pennyrile Area Development District (PADD) Board of Directors guided the development of the first study. The CEDS process is built upon the guidelines set forth in the previous studies and presented the changes that had occurred between the update periods.

The 2007 CEDS incorporates EDA’s new guidelines, and is referred to as the 2007 Comprehensive Economic Development Strategy for Pennyrile Area Development District.  As the Pennyrile Area Development District moves through the 21st Century, its mission will be a continuation of support committed to working with community leaders and their respective elected officials to provide a level of services and facilities beneficial to all residents of the Pennyrile.

Local, state and federal funds are becoming increasingly difficult to obtain, and citizens are demanding greater accountability for the funds being allocated at all levels of government.  As a result, strategic planning becomes even more critical.  Through strategic planning, development within the region will be more cost effective and result in the most efficient utilization of the available funding.

This 2007 CEDS reflects the specific challenges and opportunities of this area.  The six main areas are as follows:

• Public/Private Partnerships
• Economy Analysis
• Economic Cluster Analysis
• Action Plan
• Strategic Projects
• Evaluation/Performance Measures

The analysis addresses the local and state economy, the opportunities and threats posed by external trends and market forces, and the availability of partners and resources for economic development. The community’s vision and goals, together with the appraisal of the region’s competitive advantage, set the strategic direction for the action plan. The action plan establishes the program priorities for implementation, and the implementation section was developed to measure performance and track progress.