About Us
Our Mission
Our mission is to strengthen the regional economy of Southern Puerto Rico by attracting and training a workforce ready to lead economic revitalization and 21st Century innovation in order to retain existing businesses, encourage entrepreneurs to build new businesses and entice industries to make subsidy-free long-term investments. Some of this work is completed by public and private enterprises located within our region and a significant amount of this work is completed through partnerships with regional, territory and federal partnerships.
What is an Economic Development District?
An Economic Development District (EDD), or District Organization, is a federally designated regional (multiple contiguous municipalities and/or jurisdictions) organization given the responsibility to maintain and implement a Comprehensive Economic Development Strategy (CEDS) plan. The CEDS provides the capacity-building foundation by which the public sector, working in conjunction with other economic actors (individuals, firms, industries), creates the environment for regional economic prosperity. As of March 2023, Puerto Rico did not have a single EDD. Puerto Rico has a CEDS managed by the Puerto Rico Planning Board and covers all 78 Municipalities. SPREDD’s regional EDD designation for a select geographical area of 6 municipalities, has the ability to conduct a more granular and targeted CEDS in addition to the Puerto Rico Planning Board’s broader CEDS.
The Story behind our SPREDD
The Southern Puerto Rico Economic Development District (SPREDD) is the first regional economic development district designated by the Federal Economic Development Agency (EDA) in Puerto Rico.
We are a non-profit and non-partisan organization working to strengthen the regional economy of southern Puerto Rico, with an emphasis on four key sectors: health, agriculture, tourism, and the blue economy. In each of these areas, we focus on addressing challenges related to infrastructure, financial capital, and human capital.
Why would Puerto Rico want to have an Economic Development District?
A federal Comprehensive Economic Development Strategy (CEDS) is designed to bring together the public and private sectors in the creation of a plan to strengthen and diversify a regional economy.
It has been demonstrated that regional governmental and non-governmental entities are often more effective at leveraging their assets by working with others in an economic region. It is worth noting that Economic Development Districts traditionally do not market the region or recruit new industries. Their primary mission is to build capacity for expansion of existing firms, recruitment of new firms, and creation of new firms through entrepreneurship. Building capacity is accomplished through improvements in and expansion of infrastructure, initiating programs such as innovation hubs and business incubators, developing and managing workforce skill development programs, and other initiatives such as broadband access and industrial/business parks, often with “shell” buildings that can be quickly customized and completed for either new or existing business use.
Requirements to achieve/maintain federal designation as EDD
- Assign an Economic Development Assessment Team (EDAT) / CEDS – Strategic Committee
- Maintain conversations with stakeholders to familiarize with the region and its economic situation.
- Determine the geographic boundaries of the economic district in compliance with EDA criteria.
- Conduct a SWOT analysis; identify strengths, opportunities, weaknesses, and threats.
- Carry out a planning process – goals, action strategies, metrics, responsible resources.
- Prepare and maintain the CEDS up-to-date.
Coordinate and implement strategic initiatives. - Measure and report results.
Board of Directors
SOUTHERN PUERTO RICO ECONOMIC DEVELOPMENT DISTRICT, INC.
OUR GOALS
- Develop the capacity for economic growth within the region.
- Provide focused support to sectors with potential for economic growth.
- Maximize the potential and benefits of the Port of Ponce.
- Address the region’s problems and challenges to develop additional economic development capacity.
- Support the creation of sustainable regional initiatives that focus on green and blue infrastructure.