Business & 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.
Even with our resilient economy, 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.
Today, Springfield’s arts scene is thriving yet at a crossroads. Strong audiences and innovative programs provide momentum, but sustainable growth will depend on increased investment, long-term planning, and embedding arts and culture as a core part of the region’s economic and community development strategy.
ECONOMIC STRENGTH
AND GROWTH
Historically low unemployment rates, coupled with a parallel increase in population, indicate a robust local job market with expanding companies.
With an excess of jobs and a shortage of people, individuals can seek out the best financial and personal fit for themselves, which may lead to increased wages.
Our diverse local economy, not dominated by any single industry or job type, prevents drastic economic fluctuations, and provides a stable environment for residents and businesses.
Welcoming to Small Businesses & Young Professionals
As many communities struggle to facilitate small-business growth and attract and retain younger demographics, Springfield maintains a welcoming environment for entrepreneurs, startups and young professionals.
The U.S. Small Businesses Administration reports that small businesses make up 43.5% of Gross Domestic Product (GDP). Professionals in their early career are vital for long term sustainability, as they bring fresh ideas and plant strong community roots.
STRONG SUPPORT FOR PUBLIC EDUCATIoN
Springfield shows strong support for public education through voter-approved bond issues, funding initiatives, and stable enrollment at colleges and universities.
These efforts enhance educational outcomes and help build a pipeline of well-prepared students for local employers.
skilled labor
shortage
An increasing population does not necessarily mean an increase in available labor, and workforce participation in Springfield is consistently below the state and national average.
continued need to
address wages
Inflated prices across all sectors highlight a continued need to address wages.
The community must attract higher-paying jobs to enhance residents’ economic well-being.
REDEVELOPMENT
CHALLENGES
As Springfield becomes landlocked by the growing surrounding communities and the difficulty of extending infrastructure to available property, our area will likely need to overcome redevelopment challenges to sustain growth and economic stability.
Addressing this challenge requires coordinated partnerships to re-energize downtown Springfield and other vacant areas to attract investment and leverage public-private partnerships to unlock its full potential.