Waco, Texas

Strategic Economic Development Plan

 

In 2005, Market Street worked with the Waco, Texas community to develop and implement “Challenge Greater Waco,” a strategic economic development plan. The plan, which was developed after a five-month process that included a quantitative and qualitative assessment of Greater Waco’s demographics, economy, business climate, and target business sectors, outlined the goals, objectives, and action steps necessary for Greater Waco to more effectively leverage its assets and attain more sustainable economic prosperity.

During “Challenge Greater Waco,” Market Street completed and presented four research documents – an Economic and Demographic Profile, Competitive Assessment, Community Input Summary, and Target Business Analysis – to a group of local leaders coordinating the planning process. Using this research, along with Steering Committee input, Market Street developed a Strategic Economic Development Plan along with an Implementation Plan with the guidelines needed to ensure that recommended strategic actions are effectively realized.

As a result of the process, six business targets were selected for Greater Waco to focus its priority investments on: Aerospace and Defense, Advanced Manufacturing, Health Care, Logistics and Trade, Professional Services, and Tourism and Downtown Development. The comprehensive strategy creation process resulted in five primary goals of the strategy:

Goal 1: Grow Waco
Goal 2: Develop the Workforce
Goal 3: Change Perceptions
Goal 4: Revitalize Strategic Community Areas
Goal 5: Build a Culture of Implementation

Since the beginning of “Challenge Greater Waco,” the Greater Waco Chamber was able to immediately generate strong momentum for its implementation effort, including fundraising for strategy implementation and the building of a new Chamber office. Implementation successes include creating a community brand and marketing campaign, effectively lobbying to keep the local veterans hospital open as well as three medical center expansions, making positive steps forward to further downtown revitalization work and grow target business sectors, nearly 3,500 new jobs, $444 million in capital investment, designation as the first LEED-certified chamber facility in the country, and many other exciting activities.

In 2009, the Greater Waco Chamber, pleased with its success and ready to take efforts “to the next level”, has hired Market Street to assist in the “Challenge Greater Waco II” process, which will lead to the “Take It to the Next Level” Strategy. “Challenge Greater Waco II” will include five components: Competitive Realities, a Target Cluster Review, a Marketing Review, the “Take It to the Next Level” Strategy, and an Implementation Plan. The Strategy will incorporate all research into an actionable plan for short- and long-term growth and development in the region and will be accompanied by an Implementation Plan that will outline the specific activities and partners that will carry out the Strategy.