Katy Area (TX) Economic Development Council – Strategic Plan & Target Market Study
ChallengeLocated 30 miles west of downtown Houston, Katy and the surrounding area were historically known as a rural rice farming community. Today, thanks largely to its proximity to Houston and the Energy Corridor, the Katy Area has rapidly developed into one the region’s premier suburbs—home to award winning-master planned communities and an excellent school district. This growth, however, has not come without challenges. Providing the necessary services and infrastructure to support new high-quality development has begun to present fiscal challenges for local service providers. Another major challenge for the Katy Area has been the lack of a cohesive internal vision to guide growth, due to a recent influx of new residents spread across several local taxing entities.
ApproachRecognizing these challenges, the Katy Area Economic Development Council, hired TIP Strategies for assistance in crafting a Strategic Plan and Target Market Study as a guide for diversifying its tax base. A project steering committee, representing a broad base of community and business organizations, was formed to guide a six-month planning process. To complete this work, TIP assessed the Katy Area’s challenges and opportunities by reviewing regional employment and demographic trends, touring sites to understand Katy’s economic development product from a real estate standpoint, and conducting one-on-one interviews with major employers from the Energy Corridor as well as other community leaders.
OutcomeWorking closely with the client, TIP developed a strategy for establishing a balanced and diversified tax base with a strong focus on managing growth to maximize development opportunities on remaining sites along major transportation corridors. This was based on the recognition that the Katy Area, due to its strategic location and close proximity to the Energy Corridor, has the potential to serve as the premier business destination for the western side of Greater Houston. TIP selected key target industries and developed a marketing plan to support the Katy Area’s business attraction efforts. This plan also offered recommendations for developing a coordinated approach for economic development to ensure that multiple taxing jurisdictions and other allies serving the area could operate under a single vision.
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