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Photo Courtesy:  Its All Downtown

BUSINESS AND ECONOMIC DEVELOPMENT

At-A-Glance (2005-2024)​​

​​Springfield’s economy has shown consistent resilience, fueled by a strong spirit of collaboration, low costs, and a diverse industry base. The region has attracted national recognition for its business climate, infrastructure investments, and ability to support both small businesses and large employers.

At the same time, persistent challenges remain. Wage growth has lagged behind economic expansion, and employers continue to face shortages of skilled workers. Population growth has slowed, increasing the urgency of recruiting and retaining diverse talent. Development tensions and community identity questions also complicate long-term growth.

Overall, Springfield has built a reputation for stability, adaptability, and innovation. Future progress will depend on addressing workforce needs, ensuring equitable prosperity, and leveraging strategic investments in infrastructure, education, and community branding.

2024 Blue ribbons & Red flags

Economic Strength and Consistent Growth
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Welcoming to Small Businesses & Young Professionals
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Strong Support for Public Education
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Skilled Labor Shortage
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Low Wages
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Redevelopment Challenges
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FEATURED INDICATORS

Commuting:

Net Exchange

53,643

Change from Previous Year

+4.21%

Peer Community Rank

3rd largest of 20

Peer Community Average

29,824

Commuting:

Inbound Traffic

84,447

Change from Previous Year

+5.30%

Peer Community Rank

5th largest of 20

Peer Community Average​

71,773

Commuting:

Outbound Traffic

30,804

Change from Previous Year

+7.24%

Peer Community Rank

14th largest of 20

Peer Community Average​

41,949

Commuting:

Work From Home

10.0%

Change from Previous Year

-1.30%

Peer Community Rank

14th largest of 20

Peer Community Average

10.56%

Establishments:

Total

11,147

Change from Previous Year

+0.60%

Peer Community Rank

7th largest of 20

Peer Community Average

9,588

Establishments:

New in the last 12 months

1,176

Change from Previous Year

+3.2%

Peer Community Rank

6th largest of 20

Peer Community Average

988

Rate of New Establishments

in the last 12 month

0.20%

Change from Previous Year

-1.30%

Peer Community Rank

7th largest of 20

Peer Community Average

+0.81%

Exports

(millions)

$413.6

Change from Previous Year

-5.50%

Peer Community Rank

10th largest of 20

Peer Community Average

$2,282.4

GDP

(billions)

$28.5

Change from Previous Year

+7.40%

Peer Community Rank

10th largest of 20

Peer Community Average

$32.6

Jobs - Total

(Q4 average)

223,309

Change from Previous Year

+0.50%

Peer Community Rank

8th of 20

Peer Community Average

216,062

Jobs:

Self-Employment Rate

3.8%

Change from Previous Year

-0.30%

Peer Community Rank

14th of 20

Peer Community Average

5.11%

Jobs:

Tech Occupations

3,890

Change from Previous Year

-0.30%

Peer Community Rank

9th of 20

Peer Community Average

5,207

Jobs in Tech

(Percentage of Total)

1.75%

Peer Community Rank

12th of 20

Peer Community Average

2.25%

Labor Force - Employed 

(12-month average)

223,309

Change from Previous Year

+0.50%

Peer Community Rank

9th of 20

Peer Community Average

220,341

Labor Force - Participation 

(Population 16 and older)

63.3%

Change from Previous Year

+2.20%

Peer Community Rank

10th of 20

Peer Community Average

63.61%

Labor Force - Participation 

(Population 20-64 Years Old)

79.3%

Change from Previous Year

+2.0%

Peer Community Rank

9th of 20

Peer Community Average

78.71%

Labor Force - Total 

(12-month average)

248,996

Change from Previous Year

+2.17%

Peer Community Rank

8th of 20

Peer Community Average

238,271

Labor Force - Unemployed 

(12-Month Average)

3.3%

Change from Previous Year

+0.5%

Peer Community Rank

7th of 20

Peer Community Average

3.7%

Wages: Annual Average

per Worker

$54,000

Change from Previous Year

+3.6%

Peer Community Rank

17th of 20

Peer Community Average

$58,292

Our team is always collecting more indicators!

If you know a source of data not listed above, contact us, and we will do our best to make that connection.

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