"The goal of this project was to pinpoint and leverage the City's attributes including geographic location, infrastructure, workforce and industries, and align these existing characteristics, assets and conditions with pillars of realistic current and prospective market opportunities," said Jeff Fialky, an attorney with Bacon Wilson and c0-chair of the FutureCity initiative. "The objective was to develop an approach based upon realistic market opportunities that is obtainable rather than merely aspirational."
The FutureCity strategy was prepared by the nationally recognized real estate and economic development consulting firm, Newmark Grubb Knight Frank guided by a steering committee representing a broad spectrum of businesses and organizations over the course of a nine-month period. The consultants were charged with an ambitious scope of work which took place over nine months to include the following: assess existing conditions, analyze target industries, assess logistics and supply chain capabilities, assess talent development strategies, develop a list of recruitment opportunities for target industries, identify strategic initiative and an implementation plan with measurable deliverables.
Newmark conducted over 100 interviews which included City and state leaders, economic development agencies, large employers, young professionals, elected officials, nonprofits, workforce development organizations, real estate and creative economy experts, and more; in addition to deep dives into relevant data, peer city comparisons and several site visits to Springfield.
Major themes emerging from the study include: site and space readiness, centralization of small business resources, development of a multigenerational workforce plan, development of a unified marketing and messaging plan, fostering collaboration and connectivity, strategically unify economic development efforts, collaboration, and a focus on Springfield's unique strengths.
"The FutureCity Economic Development Strategy is designed to be a guide to action, not simply a plan to sit on a shelf" said Jay Minkarah, DevelopSpringfield President & CEO and co-chair of the FutureCity initiative. "The plan includes over 170 specific recommendations along with metrics for measuring success, estimated costs, potential impact, priorities, and identifies the parties responsible for implementation."
Funding was provided by the Irene E. and George A. Davis Foundation, the Community Foundation of Western Massachusetts, the U.S. Economic Development Agency, the Springfield Regional Chamber, Smith and Wesson and DevelopSpringfield.
Click here for a link to the executive summary presented in May. In a few weeks, a more detailed report will be made available through DevelopSpringfield, the Springfield Regional Chamber and the City of Springfield's Office of Planning and Economic Development.
