ViTAL Economy Alliance contracted to develop Windham Region Comprehensive Economic Development Strategy
Release Date: Monday, December 3rd 2012
The Brattleboro Development Credit Corporation (BDCC), on behalf of its affiliate the Southeastern Vermont Economic Development Strategies Group (SeVEDS), has signed an agreement with ViTAL Economy Alliance to create a Comprehensive Economic Development Strategy (CEDS) for the Windham Region of Vermont. The Windham Region is defined as the 23 towns in Windham County plus Winhall, Weston, Searsburg and Readsboro.
The Windham Region CEDS will be a strategy document that reflects documented local economic development needs and priorities and will recommend a regional project approach to achieving sustainable economic development. A CEDS is required to qualify for Economic Development Administration assistance under its public works, economic adjustment, and most planning programs and is a prerequisite to designation by EDA as an Economic Development District (EDD).
SEVEDS recognizes that the work undertaken in this region over the last several years has built a proper foundation for a successful CEDS process. A CEDS will help the region to further identify its strengths and weaknesses and continue to establish clear priorities for guiding the work of state agencies, municipalities, non-profit organizations and local business as we work in partnership to foster economic development in the region. The CEDS process for southeastern Vermont will naturally benefit from established social networks around SEVEDS and from the strong history of public engagement initiated by SEVEDS in building a regional economic development brand. The CEDS process is intended to secure specific commitments from stakeholders in adopting strategies which can be executed to achieve the region’s stated economic goals.
- End Population Decline 2009 = 42,605 est.
- 669 new jobs @$ 43,833 and 446 new jobs @$39,848 (NNE Average Wage)
- Improvement of 4,464 jobs by $5,000/yr.
- $69M new wages $141M in new GDP
- Reach Regional GDP of $2.8B
- Increase Median Annual Income for Associates/Some College from $26,855 to $32,000
- Increase Median Annual Income for Bachelor’s Degree from $32,518 to $39,000
- Improve the Ratio of Net Earned Income to Total Income from .566 to .65
The CEDS process will include, but is not limited to: coordination with SEVEDS board, committees and outside community groups designed to gather public input and deliver presentations, analyze data and prepare a CEDS document that satisfies the requirements of the Economic Development Administration (EDA). This document will include the following list of critical components:
- Regional Profile:
- Visioning, Goals and Objectives
- A Plan(s) of Action
- Evaluation and Measurement
The Public Engagement process will take place via series of regionally diverse meetings around Southeastern Vermont; four to be help in March 2013 and a follow up four to be held in May 2013. The CEDS will be presented to the public for a 30 day comment period at a public meeting in September of 2013.
About ViTAL Economy Alliance: Founded in 1992, ViTAL Economy (VE) is a virtual resource team comprising successful business, government, education, and nonprofit entrepreneurs to provide best practice expertise to underperforming and remote regional economies. That team is called the VE Alliance. Members of the VE Alliance have guided regional economies in 43 states and three countries to a brighter future using our proven blueprint, the VE Journey. These communities have transformed themselves from declining to sustainable regional economies that are creating billions of dollars in new, sustainable economic growth; developing hundreds of high-performance businesses; and creating thousands of high-wage jobs. For more information, visit www.vitaleconomy.com.
About BDCC and SeVEDS: BDCC is a private, nonprofit economic development organization that serves as a catalyst for industrial and commercial growth throughout Southeastern Vermont, including Windham County and the towns of Readsboro, Searsburg, and Weston. The primary objective of BDCC is to create and retain a flourishing business community in the Windham Region that supports vibrant fiscal activity, and improves the quality of life of all its residents. BDCC is affiliated with the State of Vermont as the certified Regional Development Corporation (RDC) serving the greater Windham County area. BDCC is one of 12 RDCs throughout Vermont.
SeVEDS is an affiliate of BDCC that grew from a 2008 grass roots effort, initiated by BDCC, to reverse the economic decline of the Windham Region. For more information on SeVEDS visit www.seveds.com .
