
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.
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.


