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Comprehensive Economic Development Strategy CEDSCEDS

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Comprehensive Economic Development Strategy CEDSCEDS The Pioneer Valley Plan for Progess Comprehensive Economic Development Strategy CEDSCEDS 20142014 TenTen YearYear UpdateUpdate Prepared by Pioneer Valley Planning Commission September 2014 Pioneer Valley Planning Commission and Economic Development District The Pioneer Valley Plan for Progress The Region’s Comprehensive Economic Development Strategy (CEDS) 2014Ten-Year Update Prepared by Pioneer Valley Planning Commission 60 Congress Street - Floor 1 Springfield, MA 01104-3419 July 2014 Funding for this project was provided in part through an EDA Section 203 Partnership Planning Grant awarded by the U.S. Department of Commerce, Economic Development Administration Pioneer Valley Planning Commission and Economic Development District Comprehensive Economic Development Strategy (CEDS) Ten-Year Update Contents EXECUTIVE SUMMARY 1 AN ANALYSIS OF REGIONAL ECONOMIC CONDITIONS 7 A SNAPSHOT OF THE PIONEER VALLEY REGION 7 THE STATE OF THE PIONEER VALLEY REGION 8 The People ....................................................................................................................................................................................................8 The Economy ............................................................................................................................................................................................ 33 The Infrastructure ................................................................................................................................................................................. 46 Political Infrastructure ....................................................................................................................................................................... 57 ASSESSMENT OF ECONOMIC DEVELOPMENT CONDITIONS 61 Weaknesses & External Threats...................................................................................................................................................... 61 Competitive Advantages ..................................................................................................................................................................... 62 Analysis of the Region’s Economic Clusters ............................................................................................................................... 65 Availability of Partners and Resources for Economic Development .............................................................................. 72 A VISION FOR THE PIONEER VALLEY REGION 74 THE NEW 2014 PLAN FOR PROGRESS 74 2014 PLAN FOR PROGRESS – BACKGROUND AND CONTEXT 75 2014 PLAN FOR PROGRESS GOALS 75 INTEGRATION WITH OTHER ECONOMIC DEVELOPMENT PLANS 79 Choosing to Compete in the 21st Century: An Economic Development Policy and Strategic Plan for the Commonwealth of Massachusetts ................................................................................................................................... 79 Our Region, Our Future: A Plan for a Connected-Competitive-Vibrant-Green Knowledge Corridor Region ......................................................................................................................................................................................................... 80 Economic Development Council of Western Massachusetts: Strategic Goals 2013 ................................................ 81 Pioneer Valley Growth Business Study ......................................................................................................................................... 82 Massachusetts Broadband Institute – Closing the Digital Divide: Broadband Infrastructure, Adoption and Digital Inclusion in Massachusetts................................................................................................................... 82 Innovation-Based Economic Development Strategy for Holyoke and the Pioneer Valley Region ................... 84 Rebuild Springfield Plan ..................................................................................................................................................................... 85 Greater Franklin County Comprehensive Economic Development Strategy (CEDS) ............................................. 86 Regional Employment Boards ......................................................................................................................................................... 87 Other Plans ............................................................................................................................................................................................... 88 PLAN FOR PROGRESS MAJOR ACCOMPLISHMENTS 2004-2014 89 STRATEGY UPDATES 89 Strategy #1: Attract, Retain, and Grow Existing Businesses and Priority Clusters ............................................... 89 Strategy #2: Promote Small Businesses and Generate Flexible Risk Capital............................................................. 95 Strategy #4: Integrate Workforce Development and Business Priorities ............................................................... 101 Strategy #5a: Advance and Enrich Early Education at State and Regional Levels ............................................. 104 Strategy #5b: Improve and Enrich K to 12 Education ...................................................................................................... 107 Strategy #6: Support Higher Education and Retain Graduates ................................................................................... 109 Strategy #7: Recruit and Train a New Generation of Regional Leaders .................................................................. 111 Strategy #8: Market our Region .................................................................................................................................................. 113 Strategy #9: Revitalize the Connecticut River ...................................................................................................................... 116 Strategy #10: Enhance High-Tech and Conventional Infrastructure ........................................................................ 118 Strategy #11: Develop an Array of Housing Options ......................................................................................................... 122 Strategy #12: Endorse a Regional Approach to Public Safety ...................................................................................... 124 Strategy #13: Champion Statewide Fiscal Equity ............................................................................................................... 126 Strategy #14: Develop A Green Regional Economy ............................................................................................................ 128 i Pioneer Valley Planning Commission and Economic Development District Strategy #15: Innovation-Based Economic Development Strategy for Holyoke and the Pioneer Valley Region ........................................................................................................................................................................................ 131 2014 CEDS PROJECTS 133 The Project Proposal Process ........................................................................................................................................................ 133 Summary of Project Proposals ..................................................................................................................................................... 134 1) Regional High Priority Projects in Locations Meeting EDA Distress Criteria: ................................................. 135 2) Regional High Priority Projects Intended to Serve Areas Meeting EDA Economic Distress Criteria: ................................................................................................................................................................................................... 137 AN EVALUATION OF OUR PERFORMANCE 142 MOU S WITH STRATEGY TEAM LEAD IMPLEMENTERS 142 STRATEGY ACCOMPLISHMENTS 143 PERFORMANCE INDICATORS 143 Summary ................................................................................................................................................................................................ 143 Rating Scale .......................................................................................................................................................................................... 144 Regional Geography .......................................................................................................................................................................... 144 How are we doing? Reviewing Indicator Trends ................................................................................................................. 144 SUMMARY OF PLAN FOR PROGRESS PERFORMANCE INDICATORS BY STRATEGY GROUPING 147 Strategy Grouping I: Strengthen & Expand the Region’s Economic Base ................................................................ 147 Strategy Grouping II: Foster Means of Regional Competitiveness .............................................................................. 149 Strategy Grouping III: Supply the Region with an Educated, Skilled, and Adequately Sized Pool of Workers ..................................................................................................................................................................................................
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