On September 29, 2023, the Colorado Office of Economic Development and International Trade (OEDIT) unveiled the state’s first Statewide Comprehensive Economic Development Strategy (CEDS). This landmark initiative is set to serve as a five-year strategic action plan designed to outline a vision and set of goals for Colorado’s economic future, fostering sustainable growth across its diverse communities.
What is the Statewide CEDS?
The Statewide CEDS is not a mere document; it is a comprehensive roadmap designed to align efforts across urban, suburban, and rural areas in Colorado. Developed with substantial feedback from various stakeholders—ranging from local communities to economic development organizations—the CEDS embodies a collaborative effort to enhance the state’s economic landscape. This strategic framework draws upon robust research and aims to create synergies in economic activities, ensuring that every corner of Colorado benefits from state initiatives.
Governor Jared Polis emphasized the necessity of this initiative, stating, "Building a strong economy for Colorado’s future requires detailed research, strategy, and coordination." This statement underscores the essential role of strategic planning in fostering economic development that meets the needs of all Colorado residents.
A Tool for Inclusivity and Growth
The CEDS is crafted as an inclusive strategy that encompasses all 64 counties in Colorado, including the Ute Mountain Ute and Southern Ute tribes. Eve Lieberman, executive director of OEDIT, remarked on the tool’s potential to align economic strategies statewide. This holistic approach promises not only to enhance local efforts but also to attract investments that prioritize sustainable and inclusive growth.
The CEDS is inspired by proven best practices laid out by the U.S. Economic Development Administration (EDA), ensuring that Colorado is following a well-established groundwork in economic planning. In turn, this alignment with national guidelines is expected to enhance the state’s ability to secure federal and private sector funding aimed at economic development.
Previous Foundations and Alignment
The inception of the 2025 Colorado Statewide CEDS builds upon previous strategic initiatives like Colorado’s Blueprint 2.0, which was launched in 2015. This framework serves as a stepping stone in the journey toward cohesive economic strategies, designed to reduce redundancies while amplifying the localized efforts undertaken across various regions.
Moreover, OEDIT has actively supported regional economic development entities by assisting them in formulating and implementing their own regional CEDS. For the first time, Colorado’s regions have successfully completed individual CEDS, signaling a synchronized approach that amplifies local initiatives within a broader statewide framework.
Impact on Economic Development
The CEDS is poised to significantly affect Colorado’s economic landscape by creating a structured path for collaboration and growth. By fostering partnerships among local governments, private sectors, and communities, the strategy aims to create a resilient economy that can adapt and thrive in an ever-changing environment. The plan focuses on attracting investment while generating employment opportunities across various sectors.
One of the core objectives of the Statewide CEDS is to cultivate a vibrant economic climate by positioning Colorado as an attractive destination for investment. This entails enhancing infrastructure, supporting workforce development, and leveraging the natural resources available to the state.
Sustainability and Resilience
A significant facet of the CEDS is its emphasis on sustainability and resilience. Amid rising concerns about climate change and economic volatility, Colorado’s strategy involves not just economic growth but striving for a sustainable trajectory that benefits both the environment and the economy. This encompasses promoting green technologies, sustainable practices, and a diversified economy that can weather economic downturns.
Conclusion
The release of Colorado’s Statewide Comprehensive Economic Development Strategy marks a significant advancement in the state’s ongoing efforts to create a coordinated and optimized economic framework. By prioritizing collaboration among diverse stakeholders and aligning regional goals with statewide objectives, the initiative sets the stage for an inclusive, prosperous future.
This first-ever Statewide CEDS will allow Colorado to not only bolster its economy in the immediate sense but also build a more resilient structure that can adapt to future challenges. As communities come together to implement this broad yet detailed plan, the hope is to create a thriving economic landscape that reflects the diverse needs and aspirations of all Coloradans.
The importance of this initiative cannot be understated; it serves as a comprehensive guide for fostering economic stability, growth, and inclusivity in a rapidly changing world, ensuring that Colorado remains at the forefront of economic development strategies nationwide.
