What is a CEDS
A comprehensive economic development strategy (CEDS) is designed to bring together the public and private sectors in the creation of an economic roadmap to diversify and strengthen regional economies. The CEDS should analyze the regional economy and serve as a guide for establishing regional goals and objectives, developing and implementing a regional plan of action, and identifying investment priorities and funding sources. A CEDS integrates 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 must be the result of a continuing economic development planning process developed with broad-based and diverse public and private sector participation, and must set forth the goals and objectives necessary to solve the economic development problems of the region and clearly define the metrics of success. Finally, a CEDS provides a useful benchmark by which a regional economy can evaluate opportunities with other regions in the national economy.
CEDS Process
In developing the CEDS, PBRPC engaged in four distinct project phases to ensure the data and strategies included within the document are robust and comprehensive, and the individual interests and views of our regional stakeholders are represented within the Strategy.
Phase I: Inventory of Economic Development Initiatives/Strategies and Data Analysis
To create a foundation of knowledge from which to develop the CEDS, PBRPC (1) inventoried and reviewed existing economic development initiatives and strategies underway in communities throughout the region and (2) conducted a rigorous analysis of regional economic and demographic data.
Phase II: Engagement of CEDS Strategy Committee
PBRPC engaged the CEDS Strategy Committee to (1) contribute to the body of knowledge amassed in Phase I, (2) to validate the analysis and findings, and (3) to outline appropriate goals and benchmarks to guide the implementation and evaluation of the CEDS over its lifecycle. PBRPC made a concerted effort to ensure the region’s diversity is reflected in the membership of the CEDS Strategy Committee
During the period spanning September 2021 through December 2021, the Committee contributed to the CEDS development through a series of roundtable discussions, one-on-one phone and in-person interviews, email correspondence, surveys, and social media engagement. These engagement points provided valuable information on a range of economic development strategies and topics to include economic clusters, innovation, transportation, quality of place, human capital, and economic diversification and resiliency.
Phase III: Stakeholder Feedback
To ensure the CEDS is representative of the interests and concerns of the Permian Basin region and its constituents, the PBRPC provided an opportunity for public comment by (1) developing the CEDS online at www.pbceds.com and posting a link to the CEDS online at www.pbrpc.org, (2) providing regional elected officials and economic development representatives a copy of the CEDS via email or courier, (3) placing an “open for public comment” notice in regional print or online publications, and (4) making the document available on-site at the PBRPC offices at 2910 La Force Blvd. Midland, Texas 79706. All comments received will considered by PBRPC and the CEDS Strategy Committee and incorporated as deemed appropriate.
Phase IV: Implementation and Monitoring
Upon completion and submission of the CEDS to the Economic Development Administration (EDA) - U.S. Department of Commerce, the PBRPC will implement actionable steps outlined in the Strategy and monitor and report the progress of the region in meeting goals and benchmarks to the EDA, the Strategy Committee, and interested stakeholders on an, at minimum, annual basis during the CEDS lifecycle (2015-2020). The PBRPC further, will move proactively to facilitate coordination and progress of the region toward meeting its economic development goals and benchmarks, as appropriate, to maximize opportunities for the region.
Phase I: Inventory of Economic Development Initiatives/Strategies and Data Analysis
To create a foundation of knowledge from which to develop the CEDS, PBRPC (1) inventoried and reviewed existing economic development initiatives and strategies underway in communities throughout the region and (2) conducted a rigorous analysis of regional economic and demographic data.
Phase II: Engagement of CEDS Strategy Committee
PBRPC engaged the CEDS Strategy Committee to (1) contribute to the body of knowledge amassed in Phase I, (2) to validate the analysis and findings, and (3) to outline appropriate goals and benchmarks to guide the implementation and evaluation of the CEDS over its lifecycle. PBRPC made a concerted effort to ensure the region’s diversity is reflected in the membership of the CEDS Strategy Committee
During the period spanning September 2021 through December 2021, the Committee contributed to the CEDS development through a series of roundtable discussions, one-on-one phone and in-person interviews, email correspondence, surveys, and social media engagement. These engagement points provided valuable information on a range of economic development strategies and topics to include economic clusters, innovation, transportation, quality of place, human capital, and economic diversification and resiliency.
Phase III: Stakeholder Feedback
To ensure the CEDS is representative of the interests and concerns of the Permian Basin region and its constituents, the PBRPC provided an opportunity for public comment by (1) developing the CEDS online at www.pbceds.com and posting a link to the CEDS online at www.pbrpc.org, (2) providing regional elected officials and economic development representatives a copy of the CEDS via email or courier, (3) placing an “open for public comment” notice in regional print or online publications, and (4) making the document available on-site at the PBRPC offices at 2910 La Force Blvd. Midland, Texas 79706. All comments received will considered by PBRPC and the CEDS Strategy Committee and incorporated as deemed appropriate.
Phase IV: Implementation and Monitoring
Upon completion and submission of the CEDS to the Economic Development Administration (EDA) - U.S. Department of Commerce, the PBRPC will implement actionable steps outlined in the Strategy and monitor and report the progress of the region in meeting goals and benchmarks to the EDA, the Strategy Committee, and interested stakeholders on an, at minimum, annual basis during the CEDS lifecycle (2015-2020). The PBRPC further, will move proactively to facilitate coordination and progress of the region toward meeting its economic development goals and benchmarks, as appropriate, to maximize opportunities for the region.