McKinney Economic Development Corporation, Texas
Economic Development Strategic Plan
The Challenge
The City of McKinney was founded in 1848 as the seat of Collin County. This historic continuity has resulted in a rich tradition that includes an impressive – and authentic – downtown. McKinney is clearly distinct from other Metroplex communities. These assets coupled with proximity to downtown Dallas, high quality housing options, and a strong school district make McKinney an attractive community. As a result, McKinney has experienced intense growth over the past two decades. Since 1990, McKinney has grown from just over 21,000 residents to over 100,000 residents. The annual growth rate increased from 2.7 percent in the 1980s to 9.8 percent in the 1990s. From 2000 – 2005, the annual growth rate increased to 12.2 percent. This extraordinary influx of people resulted in a boom in residential construction that has significantly changed the landscape of the city. In addition, competition among the Metroplex suburbs to attract businesses and retail is fierce. This competition requires McKinney’s economic development stakeholders to craft a response that considers the city’s position among regional market forces. To better compete, McKinney must seek to differentiate itself from neighboring communities.
The Approach
Recognizing the economic opportunities available to McKinney, the MEDC hired TIP Strategies to assist in crafting an economic development strategic plan. To do this, TIP conducted an economic assessment and benchmarking analysis. Supplementing these analyses with qualitative information obtained in stakeholder interviews. MEDC board workshops, and tours of the city, TIP developed a strengths, weaknesses, opportunities, and threats matrix (SWOT) to determine McKinney’s best opportunities for economic development. In addition, TIP identified target industry niches that best complement the community’s assets.
The Outcome
The findings and recommendations outlined in the economic development strategic plan will serve as a framework for guiding future economic development efforts in McKinney. The primary goals for the plan were to:
- advance high-impact opportunities that promote economic growth;
- cultivate local enterprise and a business-friendly climate; and
- enhance McKinney’s quality of place and talent pool.
To achieve these goals, TIP identified specific strategies and actions as well as priority projects. The vision, goals, strategies, and actions outlined in the plan, if implemented, will empower the MEDC to best exercise its role as McKinney’s economic development leader.
David Pitstick President & CEO McKinney Economic Development Corporation 321 N. Central Expressway, Suite 200, McKinney, TX 75070 972.562.5430 pitstick@mckinneytxedc.com
