Springfield, Illinois

Economic Development Strategy

Greater Springfield has made progress in becoming more of a destination of choice for firms and individuals. The region has experienced healthy population growth and its residents enjoy a high standard of living at a low cost. Educational attainment levels and metro per capita income exceed national figures and have shown continued improvement in recent years. Additionally, the attention gained from the community’s appearance on various rankings, including the Natural Resource Defense Council’s Smarter Cities Project for alternative energy and energy conservation, provides valuable marketing opportunities for Greater Springfield’s leaders to leverage.

While the region’s unemployment rate has remained below those for Illinois and the nation, the number of total jobs in the region has remained stagnant since before the onset of the last recession. Currently approaching the final year of implementation, the Quantum Growth Partnership (Q5) has been successful in recruiting new firms to the region and stemming job losses from existing employers. Through the Q5 initiative, the Springfield community has demonstrated its commitment to taking a proactive approach to its future.

As the current implementation cycle of Q5 approaches completion, the Greater Springfield Chamber of Commerce (GSCC) and leaders throughout central Illinois must think anew about the region’s competitive advantages, its role, purpose, structure, and its future. To maintain the momentum necessary to pursue effective economic development, GSCC has initiated a new five-year strategic planning effort in partnership with Market Street Services, a national community, economic, and workforce development consulting firm based in Atlanta, Georgia. This strategic planning process includes the following components:

1. Stakeholder Input
A series of focus groups and interviews will be conducted throughout the region, accompanied by an online survey allowing the region’s residents and businesses to comment on the Greater Springfield’s key strengths, weaknesses, opportunities, and challenges.

2. Competitive Assessment
The Competitive Assessment will analyze key the region’s competitive position relative to communities that Greater Springfield competes with for residents and jobs. The Assessment will examine a variety of trends within the context of the “three Ps” that influence a region’s competitive position: its People, their Prosperity, and its quality of Place. Greater Springfield’s performance will be compared to that of three identified competing regions (Bloomington-Normal, IL; Rochester, MN; and Topeka, KS) as well as the state of Illinois and the nation.

3. Economic Development Strategy
The Economic Development Strategy will represent the culmination of all quantitative and qualitative research and will present action items geared toward addressing challenges and capitalizing on opportunities for growth. This Strategy will serve as a tool to unify the region’s leadership behind a clear vision for the community’s future.

4. Implementation Plan
The Economic Development Strategy will determine “what” Greater Springfield needs to do in order to obtain its goals, while the Implementation Plan will help determine “how” the region will achieve its goals. The Implementation Plan will include detailed action timelines, organizational capacity assessments, communications assistance, and benchmarks and performance measures to track progress in implementation efforts.