This year marks the tenth anniversary since the Regional Economic Development Councils (REDC) were created as a new economic development strategy in New York State, replacing the older top-down model with an innovative bottom-up approach that is meant to increase local stakeholders’ participation in shaping the vision and the priorities of each region. Since 2011 over $6.9 billion in State funding has been awarded to over 8,300 projects. Through the Consolidated Funding Application (CFA) a diverse range of projects has been funded thus far from hospitality and tourism initiatives to high-tech manufacturing and business incubators.
In 2011 Governor Cuomo created ten Regional Economic Development Councils: Western New York, Finger Lakes, Southern Tier, Central New York, Mohawk Valley, North Country, Capital Region, Mid-Hudson, New York City, and Long Island.
Each Council has developed its own strategic economic development plan to bolster economic activity, create new businesses, revitalize downtowns, invest in technology, and train skilled workforce. These plans address specific challenges and capitalize on unique assets that each region has to offer to allocate resources judiciously and stimulate economic activity. The plans are updated annually to include new challenges and opportunities. In 2021 specifically the post COVID-19 recovery efforts have become essential as well as investments in a more resilient economy. Public outreach and engagement are paramount in delineating actionable goals for each region.
Regional Councils are organized in workgroups formed by stakeholders representing each region and engaging with local officials, businesses, community organizations, and academia to identify priorities, set goals, and design and implement strategies that best suit each region’s economic development objectives. The workgroups play an important role in identifying strong projects that can advance regional and state priorities.
In 2015 The Southern Tier, Finger Lakes and Central New York regions became the winners of the Upstate Revitalization Initiative (URI) awards in the amount of $1.5 billion, with each region being awarded $500 million to spend on economic development projects over the span of five years.
In The Southern Tier the expectation was that the URI investment of $500 million would leverage more than $2.5 billion in private investment, create more than 10,200 jobs and have an overall economic impact of $3.4 billion over the span of five years. The focus has been on revitalizing distressed communities, spearheading innovation, attracting foreign investment, increasing exports, leveraging the region’s natural resources, strengthening regional industries ranging from advanced manufacturing to agriculture and tourism, and building a regional brand.
The Southern Tier 2021 Annual Report details the state of the region and highlights regional priorities – it can be found online at https://regionalcouncils.ny.gov/sites/default/files/2021-07/SouthernTier2021AnnualReport.pdf
The Southern Tier’s regional priorities, which are addressed by the workgroups include: The Greater Binghamton Innovation Ecosystem, Advanced Manufacturing, Food and Agriculture Industry, Innovative Culture, and Tourism Business.
A list of awarded projects over the past decade can be found at https://regionalcouncils.ny.gov/cfa/projects
The 2020 global pandemic caused disruption and forced the region to re-set its priorities. The Southern Tier Regional Economic Development Council has prepared an Economic Recovery Strategy that addresses COVID-19 related issues and reshapes the focus of the workgroups. The plan includes input from local municipalities, economic development agencies and industrial development agencies to bolster the economic recovery of the region and build resilience. The co-chairs of The Southern Tier Regional Council Dr. Kevin Drumm and Judy McKinney-Cherry described the plan as “pragmatic, ambitious, and forward-focused.”
The following overarching themes have emerged, and they will inform policy recommendations:
- Expanding broadband access
- Quality, affordable, and available childcare
- Creating a unified workforce strategy
Statewide priorities include: childcare, economic and environmental justice, placemaking and downtown revitalization, and workforce development.
In 2021 the Regional Economic Development Councils compete for $150 million in capital funds and $75 million in Excelsior Tax Credits. Over thirty state programs participate in the Consolidated Funding Application (CFA) for state economic development resources from multiple agencies, representing a combined pool of grants, tax credits, and low-cost financing totaling over $750 million. Project readiness and the alignment with the strategic plan are of essence. The application process is open from May 10 to July 30. Learn more at https://apps.cio.ny.gov/apps/cfa/
Learn about Regional Economic Development Councils at https://regionalcouncils.ny.gov
Simona David Consulting 