What Is Economic Development?
Economic Development creates the conditions for economic growth and an Improved Quality of Life By expanding the capacity of individuals, businesses, towns/counties, and communities to maximize the use of their talents and skills to support innovation, lower transaction costs, and responsibly produce and trade valuable goods and services. Economic Development requires effective, collaborative Partners focused on advancing mutual gain for the public and the private sector. Economic Development is essential to ensuring our economic future.” U. S. Economic Development Administration
Northwest Colorado Council of Governments became an Economic Development District under the auspices of the U.S. Economic Development Administration (EDA) in 2012. NWCCOG EDD is one of six in the State of Colorado, and one of 384 in the United States. The NWCCOG EDD receives funding every year from the EDA’s Planning Partnership Program. The Comprehensive Economic Development Strategy (CEDS) is the cornerstone of this program. The NWCCOG EDD is responsible for facilitating the development, implementation, and revision of our region’s CEDS. NWCCOG’s first ever CEDS covered the period 2012-2016. A region’s CEDS must be updated every 5 years. This plan supports economic development plans in the region and exists to promote long-term economic success of the region. One of the goals of the CEDS is to leverage funds in order to implement local plans, build on and improve the region’s key sectors, encourage entrepreneurship and innovation, increase economic development capacity, and maintain and improve our high quality of life. The NWCCOG EDD is governed by a Board of Directors. NWCCOG Economic Development District exists to connect our communities with resources, build partnerships, and foster regional collaboration to enhance the economic prosperity of our region.