A Regional Roadmap to Economic Prosperity

We hope you’ll take 10 minutes to complete this survey and share your perspectives on Franklin County’s economic landscape, your vision for economic development in the County, and opportunities and resources you’d like to see made available to spur economic growth countywide.

Click here to complete the survey!

The CEDS update is guided by five core goals that reflect Franklin County’s values and aspirations:

• Engage the Community
  Create meaningful opportunities for residents, businesses, and organizations across all sectors to help shape the region’s economic future.

• Gather and Apply Meaningful Data
  Use local and regional data to understand our economy—what’s working, where challenges exist, and how we can respond with strategic, informed actions.

• Identify Shared Priorities
  Focus on collaborative efforts that drive long-term impact across the county, while supporting the distinct needs of individual communities.

• Attract Investment
  Build a strategy that positions Franklin County to compete for state, federal, and philanthropic funding by showing we have a clear, credible, and united vision.

• Strengthen and Grow the Local Economy
  Support entrepreneurs, small businesses, and key sectors such as agriculture, forestry, healthcare, tourism, and clean energy—those that form the backbone of our communities.

A CEDS is a program of the United States Commerce Department’s Economic Development Administration (EDA). The EDA is the only federal agency whose mission is solely focused on economic development. It provides funding in the form of grants and loans as well as technical assistance to state and local government and economic development organizations.

Its programs include:
◼ Public infrastructure
◼ Technology-based development
◼ Innovation and entrepreneurship
◼ Community facilities
◼ Business attraction and expansion assistance
◼ Workforce initiatives for disadvantaged communities

A CEDS is a prerequisite for designation as an EDA Economic Development District (EDD). Once this happens, municipalities at all levels are provided priority consideration when applying for funds, not only for EDA’s programs, but many other federal sources of funding, such as transportation, labor, health, etc.

The CEDS process must include representation from public, private and non-profit sectors and typically involves an exercise to define expectations, a series of stakeholder engagement activities, data analysis of the regional economy and the creation and prioritization of action items and performance measures.

The shelf-life of a CEDS is five years, at which point it is necessary to assess progress and identify changes that need to be made.

The CEDS document, which is submitted to the EDA, is meant to be a blueprint for activity that will bring about greater economic prosperity.

The document includes the following items:
◼ Summary background of the economic conditions of the region
◼ SWOT analysis
◼ Strategic direction/action plan
◼ Evaluation framework with performance measures
◼ Resiliency plan for recovery from natural and economic disaster

A CEDS is meant to integrate with and complement other economic development plans. Rather than being “owned” by any one agency, a CEDS consists of plans of action that may be undertaken by multiple players.

Established by the planning organization, the Strategy Committee is the principal facilitator of the CEDS process and is responsible for developing and updating the CEDS. The Strategy Committee should broadly represent the main economic interests of the region.

Committee Roles
1. Actively contribute knowledge in areas of expertise
2. Collaborate with other members on interdisciplinary topics
3. Vet direction of strategies and implementation capacity

Representation
◼ The public sector
◼ Private interests
◼ Nonprofits
◼ Educational institutions
◼ Community organizations

“The Planning Organization must appoint a Strategy Committee. The Strategy Committee must represent the main economic interests of the Region, which may include Indian tribes, the private sector, State and other public officials, community leaders, private individuals, representatives of workforce development boards, institutions of higher education, minority and labor groups, and others who can contribute to and benefit from improved economic development in the relevant Region. In addition, the Strategy Committee must demonstrate the capacity to undertake a collaborative and effective planning process.”