The 2022 Comprehensive Economic Development Strategy - Get the Details from LOREDC!
Every five years, the Lake of the Ozarks Council of Local Governments prepares the Comprehensive Economic Development Strategy (CEDS) for the Economic Development Administration. Lake of the Ozarks Regional Economic Development Council works with the Lake of the Ozarks Council of Local Government to supply the information in this strategy report. There is a lot of value in this report and we thought you would appreciate learning more from the it. So, we would like to focus today’s blog on the 2022 CEDS.
What is the CEDS?
The CEDS is the region’s economic development vision for maintaining and growing our economic base while creating jobs and supporting future development and growth within the region. The CEDS was developed to meet the requirements outlined in the 13CFR 303.7. It also incorporates components necessary for our communities to be eligible for the Section 6025 Strategic Economic and Community Development (SECD) program. This program through the USDA provides communities the opportunity for an additional ten percent grant funding for certain projects.
Social Capital, Economic Cooperation, and Job Growth
The CEDS outlines a strategy for building Social Capital, Economic Cooperation, and Job Growth within the Lake of the Ozarks Region. Our goal in developing the CEDS strategy was to identify key priorities and principal organizations as planning partners that will help bring both public and private investment into the region. An overall review of the Strengths, Weakness, Opportunities, and Threats demonstrated that we face many of the same issues that were present during the 2017 CEDS planning process. There were several areas of concern, including workforce housing, workforce development, transportation, and the impacts of Fort Leonard Wood that were expounded on in this revision of the CEDS.
Cluster Analysis
In an effort to really focus on areas of growth and opportunity, an industry cluster analysis was conducted to evaluate all sectors represented. Drilling down to the county level exposed which areas have the most potential for growth. In Camden County, the health care sector demonstrated a significant increase in the number of jobs created from the 2012 and 2022 versions of the CEDS. Due to the steadily increasing number of retirees within the region, there may be additional opportunities for growth within this sector.
Miller County’s manufacturing base includes automotive parts and a new window factory which opened in 2019. Both have been a key focus for employee and business recruitment for the State of Missouri. Miller County could emphasize the available opportunities in conjunction with the state’s initiatives. Morgan County’s largest employment base was in the retail sector.
Goals and Key Components
The CEDS committee developed seven goals that represent key components for future growth in the Lake of the Ozarks area. Goals and objectives emphasizing the unique needs for each segment of the region have been defined. Along with the regional goals, we identified the community capital available within the region including Natural Capital, Human Capital, Social Capital, Manufactured/Built Capital, and Financial Capital. The implementation of the CEDS plan incorporates the regions capital resources to meet the defined goals.
More to Come from LOREDC!
There is much more to the CEDS that we look forward to sharing with you in our next blog. If you have questions or input regarding economic growth at the Lake of the Ozarks, we would love to hear from you. Reach out to us at info@loredc.com or join us at our next monthly meeting. You can also sign up for updates from us by going to https://loredc.com/ and scrolling to the bottom of our home page. If you would like to hear helpful information from us more often, be sure to follow us on social media using the links below.
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