April 11, 2023
By Megan Fink, Director of Global Marketing and Communications
Like most annual reports, CRDA’s Work Plan gives stakeholders a breakdown of the organization’s activities, including financial and operational data. Unlike an annual report, the Work Plan is more a look ahead than a glance in the rearview mirror. For the FY 2022-2023 edition, the takeaway message is that business is stable and primed for strategic growth.
With an annual budget of $3.77M, CRDA will use 55% of that allocation to global business development and marketing programming. Other resource allocations include 24% for engaged leadership, 13% for research and business intelligence, and 8% for operations. The majority of FY22-23 funding comes from the private sector at 54%, including funds received through the Catalyst Foundation, with 29% invested by our public sector partners. Special grants and program revenue constitute 18% of FY funding.
CRDA’s work attracting the world’s best companies, talent and entrepreneurs is made possible by the engagement and support of regional leaders. The Work Plan highlights these leaders, from our Executive Committee and Board of Directors to our Economic Leadership Council and county economic development partners. All investors are recognized and categorized by sector showing the diversity of thought CRDA can tap into when courting prospects and making decisions on behalf of the Charleston region.
Program priorities for this year are marketing high-impact clusters to a global audience, attracting talent, fostering innovation and collaborating on the topic of sustainability and resiliency to preserve the quality-of-life residents enjoy. CRDA continues to increase regional economic growth through tax base, private-sector wages and gross regional product; all areas with double digit progress. Received regional, and state, accolades keep the Charleston region on the international stage and recognized as a great place to live and work.
The year to come will be an exciting one with new infrastructure coming online, educational offerings expanding to align with market needs, and strengthening of the business climate.