Sustaining economic growth takes teamwork, time

Due to our solid employment base and diversified economy, people in Springfield are still spending, businesses are making capital investments, and we are seeing industrial development in a time when other communities are experiencing a downturn.

Collectively, more than $1 billion in capital projects have been recently finished, are currently under way, or are on the horizon in the Springfield area in 2008.

Some of the most visible signs of economic growth in 2008 will occur downtown. The redevelopment of the Heer’s building, a new John Q. Hammons hotel and a new office building for BKD LLP will be part of the next phase in the renaissance of the heart of our city. The new arena on the Missouri State campus will draw national concerts and events and continue to build the image of downtown as an entertainment destination for Springfield-area residents.

The construction of the new terminal at Springfield-Branson National Airport and City Utilities’ new power plant are key infrastructure improvements that will help fuel business expansions.

While all of this construction and growth bodes well for our area’s economic health, it has also raised awareness of a tight labor market. Unemployment in the Springfield area has hovered under 5 percent for more than a decade, and the flip side of a low unemployment rate is the challenge that businesses face in trying to hire and retain quality workers.

It’s a problem the entire nation is facing. In the course of the next five years, one-quarter of America’s work force will retire. Springfield must be proactive to ensure there are enough qualified workers to fill the jobs that our growth creates.

The chamber is leading the charge on this issue.

In 2008, our strategic priorities place an emphasis on the need to take a leadership role in developing, retaining and attracting a quality talent pool for area businesses. We’re doing that through the continued development of The Network for Springfield’s Young Professionals, a dynamic new organization that is engaging young professionals in our community and helping develop them into our region’s future business and civic leaders. We’ll also be providing leadership in addressing work force availability issues, with a focus on legal immigration and vocational preparedness.

We cannot stick our heads in the sand; we must take action before the issue of work force availability becomes even more critical.

We also need to recognize that now, more than ever, people are considering quality of life as a top priority when choosing where to work and live. The natural beauty of the Ozarks certainly places our community at an advantage compared to others, but maintaining the delicate balance between growth and protection of our area’s unique strengths will continue to challenge us. Though growth is important to maintain our economic strength, it cannot come at the cost of sacrificing what makes our community so special and such a desirable place to live. At the chamber, we recognize that as a priority, and in 2008, we will be taking a leadership role on sustainability issues.

For small-business owners, it is easy to get bogged down in the day-to-day demands of running the business. Though economic growth, work force development and sustainability are all “big picture” concepts, they do have an impact on everyone’s bottom lines.

More than 90 percent of our area’s employers are small businesses. A strong economy means better business for all of us, but it takes all of us to make it happen.

Doug Pitt is the 2008 chairman of the Springfield Area Chamber of Commerce, and owner of Service World Computer Center Inc. in Springfield. He may be reached at dpitt@serviceworld.com.