The Regional Economic Development Council initiative (REDC) is a key component of New York State's transformative approach to State investment and economic development. In 2011, 10 Regional Councils to develop long-term strategic plans for economic growth for their regions. The Councils are public-private partnerships made up of local experts and stakeholders from business, academia, local government, and non-governmental organizations.
After seven rounds of the REDC process, more than $5.4 billion has been awarded to more than 6,300 job creation and community development projects consistent with each regions strategic plans, projecting to create and retain more than 220,000 jobs.
Round VIII of the REDC initiative made more than $750 million in state resources across all 10 regions, including up to $225 million in performance-based grants and tax credits from Empire State Development, and over $525 million from over thirty state agency programs. Regional Council priorities in 2017 include:
Identifying projects for the state’s burgeoning life sciences cluster;
Identifying workforce development strategies, including collaboration with industry and educational institutions;
Implementing strategies through the project pipeline; and
Measuring the performance and progress of the strategic plan.