Economic Development

The Hudson Valley Regional Council (HVRC) receives grant funding from the US Department of Commerce Economic Development Administration (EDA) through their Partnership Planning Program (2019-2022). This funding requires the development of a Comprehensive Economic Development Strategy (CEDS) for the region every five years, with annual updates in between. The report allows the EDA to assess the needs of the country and prioritize areas where federal dollars should be invested to create or retain jobs.  A new five-year CEDS will be completed and available for the region in 2019. The seven-county Mid-Hudson region is also designated as an Economic Development District (EDD) and as such is eligible for additional consideration for funding opportunities. The staff at HVRC assist municipalities and eligible entities throughout the region with the application process for EDA’s various grant offerings.

April 14, 2021: US EDA announced updated investment priorities, placing equity at the top of the priorities list. Read the release here.

CARES Project

In 2020 the US Department of Commerce Economic Development Administration funded HVRC through the CARES Act to assess the impact of the COVID-19 pandemic on the Mid-Hudson Region. This assessment, called the CARES Project, is designed to provide the EDA, the US Department of Commerce, and the US Senate and House with information on the pandemic’s impact on our regional economy, and is expected to be used to inform allocations and target federal funding to address the Mid-Hudson's specific needs. In addition to presenting the pandemic’s impact on the Mid-Hudson economy, HVRC’s CARES Project reported on the local lessons learned and best practice responses as well as outlined national best practice responses to the pandemic and provided best practice options for responding with resilience to future impacts on our economy.  The CARES Project report and CARES Resilient Economy Webinar Series are provided below.

Towards A Regional Resiliency Network 

Economic Resilience and Recovery Guide

HVRC hosted the CARES Resilient Economy Webinar Series. The recordings and presentations are provided below.

Building capacity for economic recovery after a disaster – whether it is a pandemic, the loss of a major employer or industry, or a natural disaster – is a wise move. This webinar discussed how you can measure resilience to be better prepared for natural and manmade shocks that may set your economy back. The webinar gives an understanding of the roles of local, regional, state, federal, and philanthropic partners and how all can come together for a faster recovery.

Small businesses are the backbone of our economy, yet often they get left behind to fend for themselves when there is a crisis. This webinar will explore why it is so important to pay attention to business retention, to understand who is the most vulnerable, and ways local governments can help ensure small business survival as part of a community’s economic recovery. The webinar will discuss specific steps that can be taken as well as creative financing and technical assistance to help businesses get back on their feet.

Although health and safety always come first, a second priority for communities is to get businesses back up and running, people employed, and local revenues flowing after a crisis. This webinar will discuss why it is so important that economic developers play a role in keeping businesses informed and communicating the “back in business” message. What communities can do to prepare, establishing roles, best practice examples, and pitfalls to avoid will be discussed.

Comprehensive Economic Development Strategy (CEDS) Resources

Distress Criteria Statistical Report

Through strategic investments that further job creation and encourage private investment, the U.S. Department of Commerce's Economic Development Administration (EDA) supports development in economically distressed areas throughout the United States. The US EDA investment policy establishes a foundation for sustainable job growth and fosters durable regional economies.

HVRC worked with others in the region to create the Distress-Criteria Statistical Report.The report is intended to provide a snapshot of the economic distress in the Hudson Valley region based on 2015 data. Identifying communities that exhibit economic stress, as defined by the EDA, is important in determining eligibility for EDA investment assistance. EDA grants are designed to leverage existing regional assets to support the implementation of economic development strategies that advance innovative ideas and creative approaches to advance economic prosperity in distressed communities.