Regional Investment Initiative
Charting California’s Economic Future in Partnership with Communities
The Regional Investment Initiative is a new approach to economic development that seeks to center disadvantaged communities as part of California’s transition to a clean energy, carbon neutral economy, creating good-paying jobs and prosperous communities for all.
Over the last few decades, economic wealth generated in California has not been shared equally, with many communities and families feeling the squeeze of low-paying jobs and rising costs. At the same time, California is on an accelerated path to transition to a clean energy economy, with the goal of reaching carbon neutrality by 2045. The goal of the Regional Investment Initiative is to ensure that as California’s economy grows and adapts to climate change and other challenges, that good-paying jobs and prosperous communities are created for the benefit of all Californians. Key to the program is empowering the state’s diverse regions and residents to meaningfully participate as leaders in this process.
Phases & Objectives
Planning Phase
ALLOCATION: $65 million
OBJECTIVE:
Invest $5 million into each of the 13 regions to (i) establish regional inclusive economic planning entities, (ii) lead research and development activities to inform economic development strategy and (iii) define the regional economic plans.
TIMELINE:
- RFP: May 2022
- Award: Oct. 2022
- Period of Performance: Mar. 2023-Sept. 2024
RELATED MATERIALS:
- LMID Regions
- SFP materials: NOTICE OF AVAILABILITY OF FUNDS – Community Economic Resilience Fund Program Program Year 2022-24
- List of Regional Collaboratives
- Press release: State Announces Funding to Support Sustainable and Resilient Regional Economies Across California
- Publication of Regional Plans: coming September 2024
Pilot Projects
ALLOCATION: $39 million
OBJECTIVE:
Invest in ready-to-launch projects that align with Regional Investment Initiative objectives to serve as demonstration projects for Implementation Phase.
TIMELINE:
- SFP: January 2023
- Award: May 2023
- Period of Performance: September 2023 – September 2025
RELATED MATERIALS:
- SFP materials: NOTICE OF AVAILABILITY OF FUNDS, Economic Development Pilot Program Year 2022-23, SOLICITATION FOR PROPOSALS
- Press release: State Announces $50 Million in Funding to Advance Economic Development Pilot Projects
- Press release: California Awards Nearly $40 Million for Communities to Build Industries of the Future
Catalyst Predevelopment Phase
ALLOCATION: $182 million
OBJECTIVE:
Invest up to $14 million into each of the 13 regions to (i) strengthen sustainability of regional inclusive economic planning entities and (ii) build a pipeline of viable projects that align with Regional Investment Initiative objectives.
TIMELINE:
- SFP: January 2023
- Award: May 2023
- Period of Performance: September 2023 – September 2026
RELATED MATERIALS:
- SFP materials: CERF Catalyst Program – Final Framework
- Press release: California Jobs First: State Launches First-of-its-Kind Council to Create Thousands of More Jobs Across All Regions
- Publication of Project Pipelines by Region: coming September 2026
Tribal Investment Initiative
ALLOCATION: TBD
OBJECTIVE:
Invest in economic planning, pre-development, and implementation projects in partnership with California Native American tribes.
TIMELINE:
- SFP: TBD
- Period of Performance: TBD
Implementation Phase
ALLOCATION: TBD
OBJECTIVE:
Invest in ready-to-go projects that align with regional Jobs First Strategies.
TIMELINE:
- SFP: First round in September 2024
- Award: First round in Winter 2024
- Period of Performance: TBD
RELATED MATERIALS:
- SFP for public comment
Program Outcomes
Establish & maintain 13 regional governance bodies, called ‘Jobs First Collaboratives’ responsible for bringing together diverse partners and organizations and delivering the work products across the Planning Phase, Catalyst Fund, and Implementation Phase.
Develop regional economic plans that chart the economic development strategies for each of California’s 13 economic regions, including priority industries, projects, and other investments.
Evaluate and examine the quality of the Regional Investment Initiative outputs and outcomes via an independent evaluation. Here are some resources: CERF Program Evaluation SFP PY 22-23, CERF Program Evaluation Award PY 22-23.
Create a portfolio of ready-to-go programs and projects that accelerate California’s progress to a carbon neutral economy while creating good-paying jobs and prosperous communities for all Californians.
Bring to life projects and programs identified throughout the Regional Investment Initiative process that create good-paying jobs, address economic disparities, and support California’s transition to a clean energy economy.