Summary
PlanRVA has been awarded a grant to update the region's Comprehensive Economic Development Strategy (CEDS). This updated plan will help guide the region's economic development efforts for the next several years, attracting investment and creating jobs.
The US Economic Development Administration (EDA) recently awarded PlanRVA Local Technical Assistance program funding to support the development of an updated Comprehensive Economic Development Strategy (CEDS) for the Richmond region.
Over the next year, PlanRVA will use the grant funds to develop an updated economic development strategy document across the nine PlanRVA member localities. The region’s CEDS was last updated in 2018, following initial adoption in 2014. Having a current CEDS in place benefits the region by helping with coordination and collaboration across the public and private sectors, strategic project prioritization, and helping economic development grant applications to be eligible for federal funding. It is also a prerequisite for the formation of a regional Economic Development District, which if achieved by PlanRVA, could bring additional financial resources to the region.
The CEDS will:
- examine existing economic conditions in the region,
- assess opportunities and challenges, and
- create a plan for action along with measures that can be used to assess progress in future years. Key data for the study will be coordinated with the Greater Richmond Partnership (GRP).
PlanRVA submitted 10 letters of support from the Town of Ashland, Charles City County, Chesterfield County, Goochland County, Hanover County, Activation Capital, Chamber RVA, Community Foundation for a greater Richmond, United Way of Greater Richmond & Petersburg, and Virginia Career Works Capital Region to secure the grant.
The EDA has provided support for CEDS development across the country for more than five decades. Learn more about the EDA and the role of CEDS in economic development at EDA’s website.
