Why plan local economic development?

Planning local economic development is crucial because it allows communities to proactively create a strategy to improve their economic future by generating jobs, attracting investments, and enhancing the quality of life for residents. It unites a coordinated effort between the public sector, private sector and community stakeholders while ultimately leading to a more prosperous and sustainable local economy. Some key reasons to plan local economic development are: Business growth: encourage existing businesses to expand and attract new businesses to the area, diversifying the local economy.

Community development: improve infrastructure, public services, and amenities to enhance the overall quality of life for residents.

Strategic resource allocation: identify areas of strength and weakness in the local economy to efficiently allocate resources towards targeted initiatives.

Community engagement: foster collaboration between local government, private businesses, and citizens to develop a shared vision for economic growth.

Addressing local challenges: identify and address specific economic issues like declining industries, skill gaps, or lack of access to capital.

Attracting investment: create a favorable environment for businesses to invest in the community, including incentives and streamlined processes.

Sustainability: promote long-term economic stability by diversifying industries and fostering resilience to market fluctuations.

In 2024, the New Boston Special Economic Development Corporation worked with the Boyette Group to generate the first economic development plan for New Boston. The plan is titled Forward New Boston. The development of Forward New Boston, a five-year Economic Development Strategy to guide the efforts of the New Boston Special Industrial Development Corporation (SIDC) and the New Boston Community Development Corporation (CDC) into the future, was led by the designated Core Team: David Daniels, SIDC Board President Chad Duffer, SIDC Board Vice President Kelley Branson, SIDC Board Member Mayor Ronald Humphrey, City of New Boston Bryan Bobbitt, New Boston School Superintendent Lynn Davis, SIDC Board Member Jane Hanna, SIDC Administrative Director Ronny Looney, SIDC Board Member James Howell, Private Sector Scott Norton, TexAmericas Center Rob Sitterley, AR-TX REDI The process involved many hours of stakeholder engagement with the entities/ organizations listed above from both the public and private sectors. The process also involved the launching of an online survey, resulting in over four hundred responses, targeting area residents with special focus on Millennial/ Gen-Z audiences.

In addition to exploration of various data to frame the New Boston economy and develop strategic goals for the Forward New Boston plan, research included analytics to inform identification of four target sectors.

These sectors are growing both nationally and regionally, pay good wages, have workforce requirements that the New Boston labor market has a talent pipeline to support, and fit within New Boston’s overall community values. Most importantly, the sectors were chosen to support New Boston’s competitiveness and success.

Boyette took a comprehensive approach to considering the sectors for which New Boston is likely to be in a strong competitive position to recruit. This includes looking at the current situation from multiple perspectives, including current employers, current regional sectors, employment by sector, and available sites or buildings appropriate for the chosen sectors.

Target Sectors 1. Data Centers 2. Retail 3. Manufacturing 4. Distribution/Warehousing Strategic Goals Overview The findings of the qualitative and quantitative research and analytics have led to development of strategic initiatives in five categories, all designed to maximize New Boston’s economic development opportunities. These focus areas will strengthen the city’s economic base and focus resources in areas that will help improve economic competitiveness. While the recommendations are unique to New Boston, they reflect the importance of supporting a strong economic development structure, offering important and realistic amenities; enhancing community livability; revitalizing Downtown; and building a creative brand. In addition to the strategic goals, this plan also includes multiple strategies and action items.

This article provides summaries of why you should plan your local economy and how New Boston has planned its economic development.

If you would like to review the plan in its entirety, please go to: https://www.newbostonsidc.com/Forward- New-Boston.html Have a wonderful week in New Boston, and remember, SHOP NEW BOSTON 1ST!