Chamber: Partnership for Prosperity gives development 'shot in the arm'

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Sonja Chasteen is business assistance manager for the Springfield Area Chamber of Commerce.|ret||ret||tab|

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Springfield's economic development program is about to get a big shot in the arm. The vehicle for the boost is "Partnership For Prosperity," a five-year campaign to step up funding for the Springfield Business and Development Corporation's economic development activities. |ret||ret||tab|

The SBDC is a subsidiary organization of the Springfield Area Chamber of Commerce. Through it the chamber, city of Springfield and City Utilities have partnered together to drive economic development in our region. The fruits of this partnership have been many. Local and regional business has benefited including businesses tied to the construction industry.|ret||ret||tab|

As our region has grown, so has the need for economic development. Yet, until now, funding to support the work has remained about the same for almost 20 years. The partnership's leaders recognized that if Springfield were to compete effectively in the marketplace for jobs and new investment, funding for economic development had to increase. And based on the response to this initiative, the business community agrees.|ret||ret||tab|

Last June, 34 leaders in the business community volunteered to join the steering committee for Partnership For Prosperity. Their job go out and convince others in the business community to invest in the campaign. And invest they have. To date, 54 businesses have agreed to contribute $1.38 million over the next five years. The goal for the campaign is to raise $1.5 million for economic development and organizers are confident that number will be reached, and exceeded, before the end of the year.|ret||ret||tab|

The focus of the fund is to enhance our economic development program in several key areas that include regional economic development, workforce development, alliances among health care and higher education entities, business retention, expansion and attraction, marketing of the area, and strengthening investor relations. |ret||ret||tab|

The measures of success will be largely quantifiable. If the program is successful over the next five years, 7,500 new jobs will be created in the Springfield metro area and at least 12,500 net new jobs will be created for the Ozarks' 10-county region. |ret||ret||tab|

The metro area's per capita income growth rate will rise to a level rivaling our peer communities and will exceed Missouri's per capita income growth rate. Eight industries are targeted for development, and the work to attract and foster the expansion of these and other industries will result in a minimum of $200 million in new capital investment in the region over the next five years.|ret||ret||tab|

There's an element of competition in economic development that many don't recognize. Yet the fact is that Springfield competes with many other communities that are also looking to attract new jobs and capital investment. Our ability to compete effectively with the likes of Colorado Springs, Knoxville, and Little Rock will be dramatically improved by this added investment in our economic development program. And of course, one end result of these economic development activities will be opportunities for those tied to the construction industry. Additional capital investment in the community equates to new businesses being attracted to the Springfield area and existing businesses expanding. This kind of growth naturally brings with it the need to construct new buildings, roadways and other infrastructure.|ret||ret||tab|

So, now more than ever the Springfield Area Chamber of Commerce is proud to add its support to the Salute to Construction. We hope to help keep all of you very busy in the coming years.|ret||ret||tab|

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