Economic Development Strategic Plan
The Springfield Business Development Corporation (SBDC), the Chamber’s economic development arm, began working with nationally-known consulting firm Market Street Services in 2009 to evaluate and enhance Springfield’s economic development strategy.
Over the course of two years, this highly interactive process involved months of research and stakeholder input, resulting in a Strategic Action Plan (see below) that will truly be a product of the community, representing the creative thought and vision of local residents, businesses, and civic leaders. The goal is to provide a guiding “blueprint” for economic development that will strengthen Springfield’s competitiveness and livability for businesses and individuals.
The Competitive Assessment, conducted in mid-2009 and released at the Sixth Annual Economic Outlook Conference, compared Springfield to three peer communities, highlighting the areas in which Springfield has competitive strengths, while also identifying roadblocks that need to be addressed.
The Target Cluster Analysis, conducted in mid-2010 and aimed at economic development practitioners, assessed metro Springfield’s existing business attraction/retention industry targets and identified industries that might be a good fit in the future.
Download the Target Cluster Analysis executive summary (33 pages)
The final phase is a Strategic Action Plan, a culmination of all research to date organized into specific action items geared towards addressing challenges and capitalizing on opportunities for visionary growth. The final plan, released at the Seventh Annual Economic Outlook Conference, identifies the most current strategies and best practices to help Springfield take advantage of business retention and attraction opportunities as the global economy begins to recover. The Strategic Action Plan is not intended as a plan for one organization to implement; rather, it is meant as a tool to unify the SBDC, Springfield Area Chamber of Commerce, public-private partners, and community institutions behind a consensus blueprint for economic development going forward.