Economic Development

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.

Special CARES Project

In 2020 the EDA funded a special project through the CARES Act, which is designed to provide the EDA, the Department of Commerce, and the US Senate and House with information on the impact of the pandemic on our regional economy. This information will be used to inform allocations and target federal funding to address the Mid-Hudson’s specific needs. The project is designed to look at impacts to the business community and governments. A team of consultants and economic recovery coordinators are collecting the data, conducting the analysis, and preparing the report on the pandemic’s impact on the Mid-Hudson. The report will be completed by June 2022 and will be made available to our constituency.

To make businesses throughout the Hudson Valley more resistant to economic disasters in the future, HVRC’s Economic Disaster Recovery Coordinator Caleb Fine is asking business-owners to fill out a survey about their experiences over the last year. Topics include: remote working, sales, online sales, budgets, supply chains, employment, and more.

HVRC Covid-19 Economic Conditions & Resources Survey

Comprehensive Economic Development Strategy (CEDS) Resources

CEDS 2021 Annual Update Draft

CEDS 2020 Annual Update

CEDS 2019-2023 Final

CEDS 2019-2023, Appendices

More 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.