Following a steep decline in economic activity caused by the continued downturn in international tourism; EDA funded a revitalization strategy in 2010 for the Territory of Guam. This led to the development of the Guam Comprehensive Economic Development Strategy (CEDS) which was published in 2011 as a collaborative effort between the Guam Economic Development Authority, the Bureau of Statistics and Plans, and the University of Guam Center for Economic Initiatives. The CEDS process engaged private sector stakeholders to address the need to diversify the economy and meet the challenges posed to island infrastructure and the business community by the proposed military build-up on the island as a result of the relocation of Marines from Japan to Guam. When fully implemented, the CEDS will help the Territory become more resilient to natural and economic disasters.
The White House and the Office of Insular Affairs at the Department of Interior, through the Interagency Group an Insular Affairs, are utilizing the CEDS process and its resulting strategies as a valuable tool in facilitating coordinated federal support for Guam and the other small U.S. Territories. CEDS provide an economic development framework, process, and strategy that supports private capital investment and job creation statewide. The CEDS process will bring together the public and private sectors in the creation of an economic development roadmap to diversify and strengthen the regional economy.