The objective of economic development is to create jobs and wealth while improving the quality of life. Economic development is also a process that influences growth and restructuring of an economy to enhance the economic well being of a community*.
The New River Valley Planning District Commission provides economic development planning in New River Valley communities and serves as the Economic Development District (EDD) for the area. The Comprehensive Economic Development Strategy (CEDS) is the main focus of the PDC’s economic development planning efforts. The CEDS is a planning document used to broadly inform economic development activities and desires in the region. The CEDS contains an analysis of the economic status of the region, goals and objectives related to economic development, and most importantly, projects identified by local governments and a CEDS Committee of public and private representatives. The Commission reviews and approves the CEDS document annually. The CEDS document qualifies the region for funding assistance from the US Department of Commerce-Economic Development Administration (EDA). The PDC also provides technical assistance to communities in order to develop projects benefitting the region.
The PDC also works alongside other regional and local organizations including the New River Valley Economic Development Alliance, New River/Mount Rogers Workforce Investment Board, Virginia’s First Regional Industrial Facilities Authority, and the New River Valley Development Corporation. Through these and other partnerships, the NRVPDC supports efforts to expand existing businesses and help attract new businesses to the region.
*Definition of Economic Development taken from iedconline.org