Publisher’s Note: Business Strategy and a Check Back on the Economy

As we close out the 2025 Economic Growth Series, it’s worth taking a moment to look back – and look ahead. The data this year painted a nuanced picture of Springfield’s economy: cautious confidence, steady resilience and the sense that strategic patience in 2025 could set the stage for meaningful growth in 2026.

While confidence in the local economy dipped – 32% of respondents said their confidence decreased, up from 16% last year – optimism hasn’t disappeared. In fact, 44% still report confidence in the local economy is as strong as it was in 2024. That balance between realism and resilience has defined this year’s survey responses and the conversations around them.

One of the most closely watched measures – credit access – shows both pressure and potential. More than half of respondents (51.5%) said credit was harder to access this year, up sharply from 23% in 2024. Yet at the same time, the share of leaders who say credit is getting easier rose modestly, from 5% to 9%. That small uptick could prove meaningful as the financial environment begins to shift. The Federal Reserve has already implemented two rate cuts in the second half of 2025, bringing the federal funds rate down to a target range of 3.75%-4%. Another quarter-point cut is widely anticipated in December, and projections point to gradual reductions through 2026 and 2027 as inflation cools and the economy moderates. Locally, that could be the spark that reopens credit pipelines and reenergizes capital investment.

There are also signs that business owners are preparing for that moment. In 2025, 22% of respondents said they plan to raise capital in the near future – only slightly down from 26% in 2024. And they’re increasingly doing so through strategic partnerships (57%, up from 38%) and banks (50%, up from 35%). Those shifts suggest a renewed willingness to take on smart risk and collaborate – leaders aligning with partners and lenders now, so they’re ready when conditions improve. 

Taken together, these findings tell a compelling story: 2025 was a year of recalibration. Many businesses paused expansion, tightened budgets or focused inward – but not to retreat. Rather, it was to strengthen their footing for what could be a strong 2026.