Business attraction and retention is essential to Kansas City’s economic prosperity. Through its land use policies and best practices for physical development, the city can attract and keep businesses large and small.
The aim of this objective is two-fold: to support existing local businesses and convince prospective employers and employees to move here. To do that, the city needs flexible strategies that respond to innovation and rapid technological change that creates new opportunities in regional, national, and global markets. A comprehensive attraction and retention strategy is essential to prepare residents for new opportunities, facilitate investment in communities, and position Kansas City as an attractive place to start and grow a business.
Kansas City is part of the interdependent global economy, which means the city’s local economy must be healthy and balanced between small and big businesses and different types of industries. Globalization of economies across the world has lowered prices for goods and services, but often at an expense – increased vulnerability to economic shocks caused by volatility in international politics and supply chains. Kansas City historically has had some protection against those shocks, because of its robust blend of industries and central location in the United States. Facilitating economic stability is key to a successful economic development strategy.
This objective focuses on:
Building on Kansas City’s strengths to promote economic resiliency
Prepare residents for future careers
Facilitate equitable access to economic prosperity
Encouraging local businesses to grow
INDICATORS OF SUCCESS
Successful implementation of this objective will build on Kansas City’s strengths and lead to an increased concentration of logistics firms, industries, and an increased diversity of Kansas City businesses. Kansas Citians will be prepared for future careers and will have access to training, educational opportunities, broadband internet, affordable childcare, reliable transportation and public transit options, and affordable housing.
BENEFITS
Strengthening Kansas City’s position as the economic hub of the region
Providing a unified, comprehensive strategy of economic development priorities
Increasing economic mobility and equitable access to job markets
Increasing variety and quality of available employment options
Creating systems that support and encourage entrepreneurship and job creation
CONTEXT
Kansas City’s Business Attraction and Retention efforts focus on key specialty sectors of the regional economy, taking advantage of the friendly business climate and small-business led growth in the area. Increasing workforce participation and access to employment opportunities are key not only for economic growth, but to create a more equitable city.
Small, minority and women-owned businesses (increase)
Jobs in traded sectors (increase)
KEY CONCEPTS
Build upon the strengths of Kansas City to promote economic resiliency
For strong economic growth, the city needs to emphasize its competitive advantages – its central location, low tax burdens, and growing diversity of residents.
Facilitate equitable access to economic prosperity
To best prepare for new development, Kansas City must create development strategies for underused parts of the city, especially the Blue River Ecodustrial Corridor and the 18th and Vine entertainment district. The city should also implement recommendations from small area studies, like the ProspectUs Corridor Revitalization, the Clay County 587 Plan, and other areas identified in area plans. The city must also consider redeveloping surplus and abandoned commercial and religious spaces.
Encourage growth of local businesses
Developing a holistic approach to support new and growing local businesses will strengthen Kansas City by increasing jobs and the tax base while allowing residents to invest directly into their community by supporting local industry.
COMMUNITY SUPPORTED ACTIONS (CSAs)
Build upon the strengths of Kansas City to promote economic resiliency
BA-1
Invest in infrastructure to improve highway and public transit accessibility to betterencourage the multimodal movement of goods across the region and country.
BA-2
Work with partner organizations to market our diversity as an asset to attract desirable firms and seek ongoing feedback as to what attracts firms to Kansas City.
BA-3
Continue to market Kansas City as a destination for firms in the health sciences, engineering and design, and information technology realms by highlighting the competitive advantages of Kansas City.
Facilitate equitable access to economic prosperity
BA-4
In order to best prepare Kansas City for new development, we must create development strategies for underutilized portions of the city. Particular focus should be given to areas identified in area plans or other planning initiatives, or where significant public investments are occurring (transportation improvements, flood control improvements, brownfield remediation, etc.)
Encourage growth of local businesses
BA-5
Work with the KCMO Land Bank and Homesteading Authority to review and update current processes and eligibility criteria to remove barriers for small scale incremental development.
BA-6
Establish a holistic policy vision to support entrepreneurs through considerations of capital access, affordable commercial spaces, and employee attraction and retention efforts.
BA-7
Continue promoting and funding KC BizCare, particularly the “City of Entrepreneurs” initiative which is designed to remove barriers to entrepreneurship for communities of color.
Business attraction and retention is essential to Kansas City’s economic prosperity. Through its land use policies and best practices for physical development, the city can attract and keep businesses large and small.
The aim of this objective is two-fold: to support existing local businesses and convince prospective employers and employees to move here. To do that, the city needs flexible strategies that respond to innovation and rapid technological change that creates new opportunities in regional, national, and global markets. A comprehensive attraction and retention strategy is essential to prepare residents for new opportunities, facilitate investment in communities, and position Kansas City as an attractive place to start and grow a business.
Kansas City is part of the interdependent global economy, which means the city’s local economy must be healthy and balanced between small and big businesses and different types of industries. Globalization of economies across the world has lowered prices for goods and services, but often at an expense – increased vulnerability to economic shocks caused by volatility in international politics and supply chains. Kansas City historically has had some protection against those shocks, because of its robust blend of industries and central location in the United States. Facilitating economic stability is key to a successful economic development strategy.
This objective focuses on:
Building on Kansas City’s strengths to promote economic resiliency
Prepare residents for future careers
Facilitate equitable access to economic prosperity
Encouraging local businesses to grow
INDICATORS OF SUCCESS
Successful implementation of this objective will build on Kansas City’s strengths and lead to an increased concentration of logistics firms, industries, and an increased diversity of Kansas City businesses. Kansas Citians will be prepared for future careers and will have access to training, educational opportunities, broadband internet, affordable childcare, reliable transportation and public transit options, and affordable housing.
BENEFITS
Strengthening Kansas City’s position as the economic hub of the region
Providing a unified, comprehensive strategy of economic development priorities
Increasing economic mobility and equitable access to job markets
Increasing variety and quality of available employment options
Creating systems that support and encourage entrepreneurship and job creation
CONTEXT
Kansas City’s Business Attraction and Retention efforts focus on key specialty sectors of the regional economy, taking advantage of the friendly business climate and small-business led growth in the area. Increasing workforce participation and access to employment opportunities are key not only for economic growth, but to create a more equitable city.
Small, minority and women-owned businesses (increase)
Jobs in traded sectors (increase)
KEY CONCEPTS
Build upon the strengths of Kansas City to promote economic resiliency
For strong economic growth, the city needs to emphasize its competitive advantages – its central location, low tax burdens, and growing diversity of residents.
Facilitate equitable access to economic prosperity
To best prepare for new development, Kansas City must create development strategies for underused parts of the city, especially the Blue River Ecodustrial Corridor and the 18th and Vine entertainment district. The city should also implement recommendations from small area studies, like the ProspectUs Corridor Revitalization, the Clay County 587 Plan, and other areas identified in area plans. The city must also consider redeveloping surplus and abandoned commercial and religious spaces.
Encourage growth of local businesses
Developing a holistic approach to support new and growing local businesses will strengthen Kansas City by increasing jobs and the tax base while allowing residents to invest directly into their community by supporting local industry.
COMMUNITY SUPPORTED ACTIONS (CSAs)
Build upon the strengths of Kansas City to promote economic resiliency
BA-1
Invest in infrastructure to improve highway and public transit accessibility to betterencourage the multimodal movement of goods across the region and country.
BA-2
Work with partner organizations to market our diversity as an asset to attract desirable firms and seek ongoing feedback as to what attracts firms to Kansas City.
BA-3
Continue to market Kansas City as a destination for firms in the health sciences, engineering and design, and information technology realms by highlighting the competitive advantages of Kansas City.
Facilitate equitable access to economic prosperity
BA-4
In order to best prepare Kansas City for new development, we must create development strategies for underutilized portions of the city. Particular focus should be given to areas identified in area plans or other planning initiatives, or where significant public investments are occurring (transportation improvements, flood control improvements, brownfield remediation, etc.)
Encourage growth of local businesses
BA-5
Work with the KCMO Land Bank and Homesteading Authority to review and update current processes and eligibility criteria to remove barriers for small scale incremental development.
BA-6
Establish a holistic policy vision to support entrepreneurs through considerations of capital access, affordable commercial spaces, and employee attraction and retention efforts.
BA-7
Continue promoting and funding KC BizCare, particularly the “City of Entrepreneurs” initiative which is designed to remove barriers to entrepreneurship for communities of color.
