Springfield, Missouri

Economic Development Strategy

In 2009, the Springfield Business Development Corporation (SBDC) contracted with Market Street Services to conduct a Competitive Assessment for the Springfield metropolitan area. The Assessment provided a qualitative and quantitative analysis of Springfield’s competitiveness as a place to live for current and relocating residents, and as a place to conduct business for existing, expanding, and prospective businesses. Throughout the report, the Springfield metro area was benchmarked against three similar regions, the state, and the nation. Stakeholder input gathered from focus groups, interviews, and an online survey supplemented the quantitative analysis to provide a more holistic and comprehensive view of Springfield’s competitive realities.

The findings from the qualitative and quantitative research in the Competitive Assessment showed a Springfield region that had indeed experienced strong population and job growth, but was nevertheless facing challenges related to increasing poverty, lower per capita incomes and wages, and somewhat declining public school performance in the City of Springfield schools.

SBDC has again partnered with Market Street Services to continue the momentum of the Competitive Assessment into a complete economic development strategy process. Key components of this process are as follows.

• Target Cluster Review: Market Street will assess Metro Springfield’s existing targets based on available quantitative and qualitative information in order to confirm the continued viability of these targets. Market Street will base target business confirmations, revisions, and recommendations on national economic trends, regional assets, and competitive advantages attractive to businesses within the targets.

• Strategic Action Plan: The Strategic Action Plan represents the culmination of all research to date through the development of action items geared towards addressing challenges and capitalizing on opportunities for visionary growth. This task will identify the most current strategies and best practices to address tomorrow’s challenges and maximize opportunities facing Metro Springfield. The Strategy will serve as a tool unifying the Springfield Business Development Corporation, the Springfield Area Chamber of Commerce and their partners behind a consensus blueprint for economic development. It will prioritize development and provide goals and action steps needed to optimize local competitiveness and conditions to achieve success.

The final Plan will be presented at Springfield’s Economic Outlook Conference on October 28, 2010.