Report Details Ventura County's Economic Development Strategy

    CAMARILLO, CA, December 06, 2014 /24-7PressRelease/ -- Ventura County now has an updated Comprehensive Economic Development Strategy (CEDS), which will serve as the county's economic development plan for the next five years. The Economic Development Collaborative-Ventura County created the 61-page report as a comprehensive tool that focuses the county's ongoing economic development activities and maximizes the county's economic assets among its 10 cities and unincorporated areas. EDC-VC's board of directors approved the final CEDS report at its November meeting.

The research focused on identifying how the region can create more jobs and retain existing businesses, and to identify what support programs or projects are needed to achieve the goals. The workforce components are consistent with the Workforce Investment Board of Ventura County's work plan.

Based on the findings, the 2014 CEDS committee set a number of goals, including improving regional infrastructure (including water resource management, transportation and broadband), and promoting a sustainable balance of employment opportunities, housing choices, agriculture production, open space and natural resources.

"Now that we have compiled data and analyzed the findings, we remain bullish on the region's economy, though recognize there is real work ahead to retain jobs and advance the quality of life we cherish in Ventura County," said Bruce Stenslie, president/CEO of EDC-VC.

The report provides information required by the Economic Development Administration of the U.S. Department of Commerce, as a prerequisite to apply for certain federal grants to fund projects within the county. It includes details of the region's obstacles, opportunities and challenges, and strategies for advancing economic development.

A sampling of insights from the 2014 CEDS report:
• Manufacturing--particularly in the pharmaceutical and electronics subsectors--continues to be the region's most productive sector, responsible for 26% of the county's economic output.
• The agriculture sector is extraordinarily strong in food production--that is, in the value taken from the fields--but tremendously under-productive in the higher value-added component of food processing.
• While the county has relatively high-level incomes and quality jobs, there is a profound shortage of jobs in Ventura County for the population, resulting in the county being a daily exporter of jobs and talent. Fully 49% of the county's workforce commutes out of the county for work, with the county generating the lowest share of jobs per worker in our surrounding counties.

The CEDS report was completed for EDC-VC by Applied Development Economics (adeusa.com). The report benefitted from the input and direction of the Economic Roundtable, including representation from each of the 10 cities and county, and from leaders from the region's key industry sectors. EDC-VC appreciates the California Stewardship Network's partnership and support, and the Morgan Family Foundation's (morganfamilyfoundation.org) grant contribution in support of this project.

About EDC-VC
EDC-VC is a private, nonprofit organization that serves as a business-to-government liaison to assist businesses in Ventura County by offering programs that enhance the economic vitality of the region. For more information about the EDC-VC and its Small Business Development Center, and loan, manufacturing and international trade programs, contact Bruce Stenslie at 805-384-1800 ext. 24, or [email protected]. Or visit http://www.edc-vc.com.

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