LVGEA releases updated strategy for Southern Nevada
An Updated CEDS Will Guide Regional Efforts to Advance the Community Beyond Recovery
LAS VEGAS– Las Vegas Global Economic Alliance (LVGEA) in collaboration with SRI International, a nonprofit research institute, has released “Vision 2025: A Comprehensive Economic Development Strategy.” This updated Comprehensive Economic Development Strategy (CEDS) presents a new plan for regional economic development in Southern Nevada.
The CEDS provides essential guidance to regional leaders across industry, government, nonprofits, and educational institutions in guiding their strategies that have an economic impact on the region. The strategy was developed with broad community participation to develop a shared vision and set of goals for Southern Nevada. While LVGEA will lead in this new strategy, its implementation requires a shared, coordinated effort across regional organizations.
“Economic development is a team sport,” said LVGEA President and CEO Jonas Peterson. “This updated CEDS will not only provide a five-year strategy to guide our work at LVGEA but also our synergistic efforts with partners across the region. Through intentional collaboration, we can move Southern Nevada from resilient to unstoppable.”
The report begins with a Summary Background and Economic Assessment. This assessment evaluates Southern Nevada based on a variety of factors including general economic conditions, labor market attributes and educational attainment, trends in target industry sectors, and innovation and entrepreneurship activity. This quantitative analysis considers the region’s performance in comparison to other regions over time.
Beyond an economic analysis, SRI also conducted a SWOT analysis on Southern Nevada communities, identifying the strengths, weaknesses, opportunities, and threats to the region. This analysis evaluates the current state of the region and helps guide the Strategic Direction and Activities Plan.
The Strategic Direction and Activities Plan presents a series of goals and objectives, serving as a roadmap for Southern Nevada’s economic development efforts. By developing a shared vision by regional stakeholders, the plan identified the following five goals:
- Goal 1: Promote a Resilient & Diverse Economy
- Goal 2: Connect People, Businesses, & Ideas
- Goal 3: Support the Emergence & Maturation of Southern Nevada’s New Target Industries
- Goal 4: Strengthen & Reimagine Regional Collaboration
- Goal 5: Stimulate a Future-Ready Workforce
Each goal is followed by measurable objectives and activities to be accomplished by specific stakeholders in order to strengthen the Southern Nevada community and economy.