Naugatuck Valley Corridor Economic Development District
NVCOG provides technical assistance to local economic development organizations and sits on the advisory committee of the Naugatuck Valley Corridor Economic Development District. The 19 NVCOG member communities and the Town of Newtown comprise the Naugatuck Valley Corridor Economic Development District. Required by the US Department of Commerce Economic Development Administration (EDA), the district’s Comprehensive Economic Development Strategy (CEDS) allows the region to qualify for EDA assistance. It is a strategy-driven plan for regional economic development that contributes to effective economic development in America’s communities and regions through a locally-based, regionally-driven economic development planning process.
NVCOG is the regional economic development data clearinghouse and annually updates labor force, employment, and demographic data from the U.S. Census Bureau, Connecticut Department of Labor, and Bureau of Labor Statistics. NVCOG compiles economic data into annual reports and has funded Economic Strategic Plans. For the latest demographic data see our Regional Profile.
Economic development planning – as implemented through the CEDS – is not only a cornerstone of the U.S. Economic Development Administration’s (EDA) programs, but successfully serves as a means to engage community leaders, leverage the involvement of the private sector, and establish a strategic blueprint for regional collaboration. 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.
NVCOG also serves as a contact for the Connecticut Enterprise Corridor Zone Program, which is administered by the state Department of Economic and Community Development. Benefits for businesses located in such zones in an eligible municipality (Ansonia, Beacon Falls, Derby, Naugatuck, Seymour, Torrington, Winchester) include a local property tax abatement on eligible real and personal property and credit on the state corporate business tax of the eligible business.
In addition, some larger NVCOG municipalities maybe eligible for business tax incentives offered through the state’s Enterprise Zone Program for developing properties in distressed areas. There are 10 types of zone designations.
Interested businesses are welcome to begin the Enterprise Zone application process by downloading the forms below.
Finally, the NVCOG communities of Ansonia, Bristol, Naugatuck and Waterbury contain Opportunity Zones with incentive opportunities.