McKinney (TX) Economic Development Corporation – Economic Development Strategic Plan
ChallengeFounded in 1848, the City of McKinney, Texas, has rich history and a number of unique assets, including its impressive – and authentic – downtown. The city’s proximity to downtown Dallas, coupled with high quality housing options and a strong school district, make McKinney an attractive community and help to give it a distinct identity. As a result, the city has experienced intense growth over the past two decades, rising from just over 21,000 residents in 1990 to more than 100,000 residents today. This extraordinary influx of people resulted in a boom in residential construction that has significantly changed the landscape of the city. Despite the city’s success, 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 continue to differentiate itself from neighboring communities.
ApproachRecognizing the economic opportunities available to McKinney, the MEDC hired TIP Strategies to assist in crafting an economic development strategic plan. As part of this work, TIP conducted an economic assessment and benchmarking analysis. Supplementing these analyses with qualitative information obtained in stakeholder interviews, MEDC board workshops, a review of available sites, and an understanding of relevant industry trends, 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.
OutcomeThe resulting provides a framework for guiding future economic development efforts in McKinney. The primary goals for the plan were to: 1) advance high-impact opportunities that promote economic growth; 2) cultivate local enterprise and a business-friendly climate; and 3) enhance McKinney’s quality of place and talent pool.
Work Sample An electronic copy of the final deliverable is available at the following site.