An Economic Development Plan for Tacoma

The Economic Development Committee will meet today, with Marty Campbell and David Boe as the new chair and vice-chair, respectively. One main item is on the agenda: a framework for Tacoma’s economic development.

A seven-page framework lays out a five-year Economic Development Strategic Framework and a two-year Economic Development Action Plan to be carried out over the next 18 months, and to inform the creation of the next biennium budget.

The Strategic Framework takes the long view, outlining objectives on a number of fronts to guide City economic development activity.

The Action Plan is more focused, addressing specifics of implementing the Framework. It is intended to be updated at least every two years based on market conditions, available real estate, council priorities, financing, and and evaluation of recent programs and projects undertaken within the past two years.

Key Components of the Strategic Framework & Action Plan
The Strategic Framework outlines how CED, other City departments, economic development partners and the private business community will collaborate to foster economic development activities throughout Tacoma over the next five years. The Action Plan focuses on the implementation of five key components ofthe Strategic Framework over the next eighteen-month period:

1. Business Attraction & Retention
   

2. Small Business Development and Entrepreneurship Development
   

3. International Development & Relationships
   

4. Downtown Development & Revitalization
   

5. Neighborhood Revitalization

   Economic development for a city is no small challenge, and there are a lot of moving pieces to consider here, but stepping back, there are a couple basic questions at the heart of this conversation. What will really drive economic development in Tacoma? And what practical steps can the City take to foster that?

   Download the seven-page Economic Development Framework and Action Plan here (pdf).