Hudson County’s Comprehensive Economic Development Strategy (CEDS) will create an economic roadmap to diversify and strengthen the county’s economy. This CEDS will meet all requirements as defined by the United States Department of Commerce, Economic Development Administration (EDA), and will allow the county to apply for investment assistance under the EDA’s Public Works or Economic Adjustment Assistance Programs. Analysis of existing economic, social, and physical conditions will serve as a guide for establishing county goals and objectives. Ultimately, the CEDS will develop and implement a plan of action, identify investment priorities and funding sources, develop performance measures to evaluate economic development impact, and provide a useful benchmark for evaluating potential opportunities.
In-depth studies being performed as part of the CEDS include review of best case practices, socio-economic trends analysis, labor and industry trends analysis, workforce and labor market analysis, industry cluster analysis, real estate market trends analysis, and economic resiliency analysis associated with temporal and lasting impacts of Super Storm Sandy. These analyses will be informed by robust stakeholder interviews, focus group discussions, informational roundtables, and public meetings. The final implementation plan will include analysis of county strengths, weaknesses, opportunities, and threats (a SWOT analysis), a compilation of strategic investment projects, and performance measures.