Title
Receive an overview from CVL Economics regarding the 2027-2032 Comprehensive Economic Development Strategy (5-Year CEDS).
Report
RECOMMENDATION:
It is recommended that the Economic Development Committee:
Receive an overview from CVL Economics regarding the 2027-2032 Comprehensive Economic Development Strategy (5-Year CEDS).
SUMMARY:
The 2027-2032 Comprehensive Economic Development Strategy (5-Year CEDS) will provide the County of Monterey with a forward-looking roadmap for economic growth, resilience and regional competitiveness over the next five years. Specifically, the strategy will examine how Monterey County can position itself within a rapidly evolving economic landscape shaped by technological change, shifting workforce dynamics and climate pressures.
The strategy will build on the County of Monterey’s economic foundations while deliberately moving beyond the traditional sector silos such as tourism, agriculture, and health care. Instead, the 5-Year CEDS will take a cluster and ecosystem-based approach focused on how innovation, talent, infrastructure, and entrepreneurship intersect to create new economic opportunity. The goal is to identify cross-cutting initiatives that leverage the county’s existing strengths while generating higher-wage employment, strengthening workforce pipelines, and attracting new investment.
DISCUSSION:
The process and final document will align with current Economic Development Administration (EDA) CEDS guidelines while prioritizing a concise, action-oriented strategy with clear implementation responsibilities, measurable outcomes, and resilience considerations integrated throughout. The resulting strategy will provide the County of Monterey with a practical framework for coordinating economic development efforts across jurisdictions, institutions, and industry partners. Strategy development will occur over the span of 18 months and include the tasks below:
Phase 1 - Project Initiation
Phase 2 - Economic Context
Phase 3 - Cluster Analysis
Phase 4 - Stakeholder Engagement
Phase 5 - Assessment
Phase 6 - Strategic Framework
Phase 7 - Report Production
OTHER AGENCY INVOLVEMENT/COMMITTEE ACTIONS:
Staff consulted with County Counsel.
FINANCING:
Receiving this report has no financial impact.
BOARD OF SUPERVISORS STRATEGIC PLAN GOALS:
The opportunity for the Economic Development Committee to receive this presentation supports the Board approved strategic plan.
Mark a check to the related Board of Supervisors Strategic Plan Goals:
This assists with attracting and retaining businesses that will improve the well-being of County residents.
___ Well-Being and Quality of Life
___ Sustainable Infrastructure for the Present and Future
___ Safe and Resilient Communities
_X_ Diverse and Thriving Economy
Link to the Strategic Plan:
<https://www.countyofmonterey.gov/home/showdocument?id=139569>
Prepared by: Isela Sandoval, Management Analyst II, x7214
Approved by: Richard Vaughn, Economic Development Manager, x5602