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2019-2023 Comprehensive Economic Development Strategy

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2019-2023 Comprehensive Economic Development Strategy 2019-2023 Comprehensive Economic Development Strategy Prepared by: South Eastern Council of Governments 500 N. Western Ave., Suite 100 Sioux Falls, SD 57104 Phone: 605-367-5390 Fax: 605-367-5394 www.secog.org The preparation of the 2019-2023 Comprehensive Economic Development Strategy was financed by the Economic Development Administration (EDA) of the U.S. Department of Commerce, with matching funds provided by the member entities of the South Eastern Council of Governments. Table of Contents CHAPTER 1 – EXECUTIVE SUMMARY ................................................................................................... 1 CHAPTER 2 - INTRODUCTION .................................................................................................................. 5 • CEDS Strategy Committee ............................................................................................................ 6 • Process ........................................................................................................................................... 7 CHAPTER 3 – SUMMARY OF REGION’S ECONOMIC CONDITIONS .............................................. 8 • Population ...................................................................................................................................... 8 • Housing ....................................................................................................................................... 10 • Income & Education .................................................................................................................... 11 • Labor Force ................................................................................................................................. 12 CHAPTER 4 – SWOT ANALYSIS .............................................................................................................. 14 • Regional Survey .......................................................................................................................... 14 • CEDS Strategy Committee Input ................................................................................................ 15 • SWOT Overview ......................................................................................................................... 16 CHAPTER 5 – STRATEGIC DIRECTION AND ACTION PLANS ....................................................... 23 • Goals, Objectives, and Strategies ................................................................................................ 23 • Organization Action Plan ............................................................................................................ 27 • Integrating the CEDS with GOED’s Priorities ............................................................................ 29 CHAPTER 6 – COMMUNITY, REGION, STATE, AND PRIVATE SECTOR INVOLVEMENT ... 30 • Local Level Participation ............................................................................................................ 30 • Regional Level Participation ....................................................................................................... 32 • Statewide Level Participation ...................................................................................................... 32 • National Level Participation ........................................................................................................ 33 • Private Sector Participation ......................................................................................................... 33 CHAPTER 7 – ECONOMIC RESILIENCY .............................................................................................. 35 • Pre-Disaster Preparedness ........................................................................................................... 35 • Post-Disaster Planning and Implementation................................................................................ 35 • Economic Redevelopment ........................................................................................................... 36 CHAPTER 8 – EVALUATION MEASURES ............................................................................................. 38 • Benchmarks ................................................................................................................................. 38 • Adjustments ................................................................................................................................. 39 APPENDIX A – CEDS COMMITTEE/GOVERNING BODY MEMBERSHIP ROSTER ................... 40 APPENDIX B – REGIONAL PHYSICAL, CULTURAL, AND SOCIAL GEOGRAPHY .................... 45 APPENDIX C – INFRASTRUCTURE FACTORS/ASSETS .................................................................... 59 APPENDIX D – COMMON ACRONYMS AND PROGRAMS ............................................................... 63 APPENDIX E – DEVELOPMENT WEBSITE LIST................................................................................. 69 APPENDIX F – LIST OF TABLES ............................................................................................................. 70 APPENDIX G – LIST OF FIGURES .......................................................................................................... 71 APPENDIX H – 2018 SURVEY ON COMMUNITY AND ECONOMIC DEVELOPMENT ISSUES . 72 Chapter I – Executive Summary Beginning in July of 2018, the South Eastern Council of Governments (SECOG) CEDS Committee, with assistance of SECOG staff, worked with their local government members, economic development groups, regional businesses, State agencies, and other public and private groups to develop a framework for the promotion of a regional economic growth strategy. This 2019-2023 Comprehensive Economic Development Strategy (CEDS) document is the result of that process which identified the region’s development strengths, weaknesses, opportunities, and threats, and then translated those results into goals, objectives, strategies, and potential action items to be used as a guide for improving the local and regional economies of southeast South Dakota. This CEDS is required to be updated every five years in order to qualify for Economic Development Administration (EDA) assistance under its Public Works and Economic Adjustment Assistance Programs, and is also a prerequisite for SECOG’s designation by EDA as an Economic Development District (EDD). The 2019-2023 CEDS is designed to guide the region’s economic growth by strengthening and stabilizing the regional economy, and improving the overall living conditions for its residents. A strategy committee comprised of informed leaders and representatives of the region’s counties and municipalities was formed to study current conditions; participate in an intensive SWOT analysis of the region via an electronic survey; develop goals, objectives, and action items; and discuss the region’s economic resilience. The committee will continue to meet in order to evaluate progress and offer suggestions for improving future CEDS plans. From the regulations governing the CEDS (see 13 C.F.R. § 303.7), the following chapters must be included in the CEDS document: • Summary Background: A summary background of the economic conditions of the region; • SWOT Analysis: An in-depth analysis of regional strengths, weaknesses, opportunities, and threats; • Strategic Direction/Action Plan: The strategic direction and action plan should build on findings from the SWOT analysis and incorporate/integrate elements from other regional plans (e.g., land use and transportation, workforce development, etc.) where appropriate as determined by the EDD or community/region engaged in development of the CEDS. The action plan should also identify the stakeholder(s) responsible for implementation, timetables, and opportunities for the integrated use of other local, state, and federal funds; and • Evaluation Framework: Performance measures used to evaluate the organization’s implementation of the CEDS and impact on the regional economy. In addition to the chapters noted above, the CEDS must incorporate the concept of economic resilience, or the ability of the region to avoid, withstand, and recover from economic shifts, South Eastern Council of Governments CEDS 2019-2023 1 natural disasters, impacts of climate change, etc., and SECOG has included a chapter addressing this concept. CEDS Goals and Objectives The following Development and Organizational goals and objectives were created by the CEDS Committee to guide policy and action for the next five years: Goal 1: Improve access and availability of housing within the region. Objectives: • Expand community awareness of SDHDA housing programs and various federal housing programs that provide assistance for developing housing. • Refer communities and interested organizations to housing technical assistance providers to develop housing strategies. Goal 2: Expand the availability of land and buildings for development. Objectives: • Assist communities in developing GOED Certified Ready Sites. • Encourage communities to inventory existing commercial sites and develop a list of available land appropriately zoned for commercial use. • Work with communities to secure financing to implement needed infrastructure improvements in preparation for development. • Assist communities with the development of innovative financing for the acquisition and development of lands and buildings. Goal 3: Increase access to capital for new and existing businesses. Objectives:
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