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WHY A REGIONAL CEDS FOR CENTRALINA? Why does EDA think regional priorities are so important? Current economic development practices emphasize the importance of regionalism. Regional agencies present opportunities for networking and information sharing that allow for an exchange of ideas and development strategies. Regional programs can leverage resources that otherwise may be beyond the reach of one jurisdiction. Regional collaborations bring together unique skill sets, which maximize the available resources. Regional activities allow for diverse partnerships that build the capacity of communities to overcome challenges as well as decrease the likelihood of the programs in one community being diminished by the inadvertent counterproductive efforts of another. Regional organizations offer direction, a focal point for regional initiatives, and management of the process. According to Dr. David Sampson, Assistant Secretary of the U.S. Department of Commerce and director of the EDA, "Do not lose sight of the importance of regional collaboration or partnerships. If you stop at the county level, you will seriously impede your ability to be successful." He also noted, "Regionalism is the greatest factor in how successful a grant request will be." Regions, not individual counties, house "industry clusters." Clusters of industries represent a new way of thinking about the economy; a new tool to identify economic engines. Clusters reach beyond individual firms and individual industries and they significantly enhance the ability of regional economies to build prosperity, according to the national Council on Competitiveness. Clusters, as defined by Professor Porter, are a geographically proximate group of interconnected companies and associated institutions in a particular field, including product producers, service providers, suppliers, universities, and trade associations. Regional economies are specialized, with each region exhibiting competitiveness in a different mix of industry clusters. Our greater Charlotte region has lost over 31,300 jobs during the past thirty months; 58% were manufacturing jobs. The unemployment rate in our region stands at 7.1% (8/2003) compared with a national rate of 6.1% (8/2003). The overall level of distress in our region was precipitated by the general decline of the manufacturing sector and the major downturn in the furniture and textile industries. Several studies have confirmed the permanence of the jobs lost during the recent recession due and the relocation of jobs from one industry to another. Creating new jobs to replace those lost takes longer than simply waiting for workers to be recalled to their former positions. It is imperative to begin building a base to re-invigorate the economy here. Long-term investments must be made to spur innovation and develop new engines to drive the regional economy. For all these reasons and more, the Executive Committee of the Centralina COG Board of Delegates has asked the staff to actively pursue a "regional economic reinvestment initiative" that would cooperatively harness the regional economic engines, build on the local CEDS data and processes. The Board intends to find ways to encourage investment in our communities, businesses, workers and quality of life. A Regional CEDS is the next step.