Wealth Creation and the CEDS at the 2025 Washington Policy Conference

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At the 2025 Washington Policy Conference, nearly 100 attendees joined a session on Leveraging Wealth Creation Strategies Through the CEDS: Building Resilient Economies for the Future. The discussion featured insights from NADO Research Foundation (NADO RF) staff and representatives from two Economic Development Districts (EDDs).

Understanding Wealth Creation
Melissa Levy, NADO RF’s Wealth Creation Specialist, kicked off the session by outlining the core principles of wealth creation: generating multiple forms of wealth, keeping wealth local, and fostering long-term livelihoods. Participants were asked to reflect on and share their strongest assets or the form of wealth that is strongest in their region. Melissa also shared some of the ways that EDDs are using wealth creation in their work:

  1. Comprehensive planning – through SWOT and measurement in the CEDS.
  2. Sector-specific strategies – through collaboration and coopetition.
  3. Value chain development – mapping out market opportunities and understanding the gaps in the chain.

CEDS as a Strategic Economic Tool
Brett Schwartz, Associate Director at NADO RF, provided an update on the Comprehensive Economic Development Strategy (CEDS). He described the CEDS as a roadmap for regional economic development, a strategic plan for regional economies, and as a crucial conduit for accessing public and private resources. Notably, it has been ten years since the release of the U.S. Economic Development Administration’s (EDA) CEDS Content Guidelines which ushered in a new era for CEDS planning and implementation. Brett also highlighted how EDA recognizes wealth creation—specifically its asset-based approach—as a best practice within the evaluation framework of the CEDS guidelines.

Integrating Wealth Creation into CEDS
Melissa then shared how EDDs are incorporating wealth creation both in the development process and the content of their CEDS:

  • Process: EDDs are structuring their CEDS Strategy Committees through a wealth creation lens, leveraging members’ strengths across various forms of wealth.
  • Content: Wealth creation is being integrated into SWOT analyses by examining strengths, weaknesses, opportunities, and threats across eight forms of capital (image below). Strategies are designed to retain wealth within communities through local ownership and control structures.
Wealth Creation in Action

South Eastern Council of Governments (SECOG) – Sioux Falls, South Dakota
Sean Hegyi, Community Development Manager at SECOG, shared how his organization applied a wealth creation approach in its recent CEDS after learning about the approach at a NADO conference. SECOG’s methods included:

  1. Conducting a large-scale survey to assess wealth across eight capitals in each county.
  2. Developing an action plan to address community-specific strengths and needs.
  3. Aligning strategies with various forms of wealth.
  4. Designing an evaluation framework to track progress over time.

Buckeye Hills Regional Council – Marietta, Ohio
Sam Miller, Development Director at Buckeye Hills Regional Council, outlined key steps for successfully incorporating wealth creation into a CEDS:

  • Start with an innovative leader willing to embrace new ideas.
  • Use data to analyze regional strengths.
  • Recognize that community development is economic development.
  • Adopt an asset-based approach to build resilience.

She also shared best practices for CEDS implementation:

  1. Learn from peers—borrow and adapt successful strategies from other regions.
  2. Reevaluate CEDS committee membership—include diverse perspectives.
  3. Engage the community early in the writing process.
  4. Simplify language and avoid jargon—consider a glossary for shared terms.
  5. Listen to community input and integrate feedback.
  6. Maintain a sense of humor—don’t take the process too seriously!
  7. Expand networks by continuously engaging stakeholders.
  8. Follow up to ensure the final CEDS reflects community priorities.

A new resource was just released on how EDDs are incorporating wealth creation into the CEDS, Building Prosperity: How EDDs are Enhancing CEDS with Wealth Creation Strategies. Stay tuned for further insights on building resilient, locally rooted economies. Feel free to reach out to Melissa Levy at [email protected] with any questions about wealth creation and how it relates to the CEDS.

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