It is becoming increasingly apparent that regional economic prosperity is linked to an area’s ability to prevent, withstand, and quickly recover from major disruptions (i.e., "shocks") to its economic base. Many definitions of economic resilience limit its focus on the ability to quickly recover from a disruption. However, in the context of economic development, economic resilience becomes inclusive of three primary attributes: the ability to recover quickly from a shock, the ability to withstand a shock, and the ability to avoid the shock altogether. Establishing economic resilience in a local or regional economy requires the ability to anticipate risk, evaluate how that risk can impact key economic assets, and build a responsive capacity. Building economic resilience is highlighted in this guide from the U.S. Economic Development Administration. The guide is primarily intended to assist in efforts to develop the content of a CEDS document, suggesting how to develop the document’s format and substance to make the strongest, most useful, and most effective CEDS possible.
