The Western Connecticut Economic Development Alliance (WCEDA) in Danbury has drafted a report on the health of the regional economy that includes a plan for sustainable growth.
Among the starker findings is a directive for municipalities to stop undercutting each other. The report notes individual towns are trying ”” rather they”™re failing ”” to compete for economic growth against larger entities such as county and state and “it has been an unequal fight.”
“The problem is that when it comes to competing against other states or other regions, we are doing it now on a town-by-town basis,” alliance Chairman Hal Kurfehs said. “This is about working together as a region, which could put us on a more competitive level.”
The Comprehensive Economic Development Strategy (CEDS) for western Connecticut covers 10 communities: Bethel, Bridgewater, Brookfield, Danbury, New Fairfield, New Milford, Newtown, Redding, Ridgefield and Sherman. The report is termed “an economic blueprint to help bolster the region”™s future for the next five years and beyond.”
According to the report, “The information and direction provided by the CEDS will enable area communities to compete for business on a more equal playing field.” The report is considered a critical step in applying for grants, including for infrastructure money.
Three-plus years ago a core group of economic development leaders and the Housatonic Valley Council of Elected Officials met to outline a process for regional economic development. The group was soon expanded to 20 members from the public and private sectors. After a plan of action was adopted, the group engaged in a funding drive and retained the services of Garnet Consulting Services in Pleasant Valley and the nonprofit Connecticut Economic Resource Center (CERC) to help in the preparation of a comprehensive economic strategy. The CEDS is the result.
In general, there is adequate fiscal capacity that enables area municipalities and the region as a whole to invest in supportive economic development activities, the report says, noting, “Health care, education and financial services are widely considered to be growth sectors and are the foundations of sustainable economic growth.”
The presence of a concentration of highly skilled financial services workers living in the Western Connecticut Alliance area, but commuting to jobs in other areas, could be marketed as an inducement to firms in the emerging financial activities sector to move to and expand their operations within our region, the alliance believes.
Industries that are strong for the WCEDA region and also are strong in nearby regions include financial and business services; aircraft components; entertainment; food; manufacturing; jewelry and precious metals; and publishing and printing.
The Hispanic/Latino community will continue to grow in this region (see story, page 13), which requires specific strategies to meet different cultural demands.
The WCEDA region”™s aging population, meantime, will create an elevated demand for health and social services.
“While our Western CT Region”™s economy is not as large as Southern Fairfield County, it is stronger than any other region in the state on fundamentals such as a low unemployment rate and market potential,” the report stated. “A broad interpretation of the CEDS is the identification and promotion of our regional strengths to the outside world. It is also important to assess our weaknesses, so that they can be shored up to the extent that they can then be added to our strengths.”
The report seeks the following goals, with the stated objective of “not gathering dust”:
Ӣ Assure that the WCEDA region and its 10 communities have a full-service economic development program with the necessary tools and programs to support effective economic development efforts.
Ӣ Assure that the existing and future businesses of the region have access to the workforce skills and training programs required for profitable business operations in the global economy.
Ӣ Assure that the regionӪs workforce has access to high quality jobs and the programs and services necessary to keep their skills current.
Ӣ Carry out an aggressive set of business attraction, retention, expansion, creation and transition programs and services to strengthen the regionӪs existing sectors and clusters and grow new ones.
Ӣ Continue to strengthen community and regional efforts to make the region a highly desirable place to live, work, play and run a business.
Kurfehs noted other regions, including the nearby Hudson Valley, have well-funded economic development organizations with which the alliance region must compete.
“Individual economic development directors can”™t do it by themselves,” he said.
The estimate for such an organization to get off the ground was put at $250,000.
