Stamford’s Economic Development Plan [PDF]
On Friday, February 26, the Business Council of Fairfield County presented the future of Stamford’s economic development. This presentation focused on several features of the city of Stamford.
The council analyzed the workforce demographic of the city, and found that on average, the average Stamford resident is younger than the average Connecticut resident, as well as a rising rate of diversity and local access to education and resources.
The state of Stamford’s businesses was also analyzed, and it was found that Stamford’s rate of unemployment is lower than the national average, and its spread of businesses by industry was as diverse as the rest of the nation. The metropolitan area’s GDP has also risen by 3% every year, at a rate that excels that of Connecticut’s as a whole. It was decided that the city of Stamford should focus on attracting global powerhouse companies, by fostering the ecosystem needed for businesses to succeed, such as highly educated residents and a low rate of unemployment.
Next, the council analyzed Stamford’s infrastructure, especially its trend of quickly building new housing, and increasing worker wages faster than rent prices. Sustainability was discussed with the Stamford 2030 District concept, which plans for new and existing buildings to reduce energy, water, and transportation use by 50%. There are also plans to create small power grids to alleviate utility costs through solar panels and biofuel converters. A greenway on the Noroton River was also proposed. Healthcare was also discussed, with the Vita Health Sciences Institute expected to open late 2016, strengthening the community and leading to positive change.
Finally, the council analyzed Stamford’s arts and tourism, which already includes annual events such as the Stamford Symphony and KIC IT Triathlon. A campaign named the “CT Visit” campaign has already been implemented in the years of ’14 to ’15, which increased hotel occupancy, trip lengths, and the rate at which people visited CT when they saw advertisements. The strategy for the future is the continue to effectively use annual events and attractions to make Stamford a tourist destination for visitors, which in turn will create new jobs for Stamford.
In summary, Stamford’s economic development plan going forward is to capitalize on education to develop a highly skilled workforce to attract powerhouse businesses. Meanwhile, infrastructure will be updated and built upon to make Stamford a higher quality and cheaper place to live. Finally, Stamford will continue to develop its arts and tourist attractions in order to further bolster the economy and workforce.