Comprehensive Economic Development Strategy (CEDS)
Indiana Economic Development Corporation
Economic Strategy
The Indiana Economic Development Corporation (IEDC) is responsible for growing the state’s economy, driving economic development, and helping businesses launch, grow, and locate within the state. They collaborate with state agencies, regional economic development organizations, industry leaders, and other stakeholders across the state to advance economic development.
IEDC engaged Fourth Economy to develop the state’s first statewide Comprehensive Economic Development Strategy (CEDS). This planning effort aimed to utilize a regionally-owned process to build capacity and guide the state’s economic prosperity and resilience. Indiana is one of the few states nationwide to pursue a statewide CEDS. The project’s goal was to provide a roadmap for regional and statewide economic development in the coming years, while also enabling the state to directly compete for future rounds of federal Economic Development Administration (EDA) funding.
Approach
Our team began the project with an extensive review of existing and concurrent plans and studies, such as previous regional CEDS and Regional Economic Acceleration and Development Initiative (READI) plans, and conducted data analysis at both statewide and regional levels. We engaged with a Strategy Committee comprised of statewide officials, industry leaders, and community decision-makers, as well as broader engagement with regional leaders and topical experts in areas such as housing, workforce development, and small business growth. This allowed our team to gain a comprehensive understanding of the strengths and challenges facing the state and each individual region. Ongoing engagement to co-create and test solutions continued throughout the project.
Fourth Economy produced data and recommendations that the IEDC will use to shape its economic development programming, incentives, and offerings. Data developed by Fourth Economy was disseminated to the state’s 17 economic regions and other governmental partners to provide statewide leaders with a clear understanding of current economic performance. This data is also being used to justify $500 million in investments through the state’s READI 2.0 program.
Location
Indiana