Buda Economic Development Corporation (TX) – Economic Development Strategic Plan

Challenge

Situated in the southern portion of the Austin metropolitan area, Buda has experienced tremendous growth. The city was recently ranked as the fastest growing US city among those with at least 5,000 residents as of 2010. This unparalleled growth brings tremendous opportunities, as well as significant challenges. How can the community create a distinct identity for itself while existing as part of the Austin-San Antonio corridor? How can Buda channel and focus future growth as the city approaches full build-out in the next 10 to 20 years? How can community leaders develop a diverse local economy and a sustainable commercial tax base?

Response

The Buda Economic Development Corporation (EDC) hired TIP Strategies to chart an aggressive 10-year economic development strategic plan for the organization and for the community. TIP worked with the EDC and a designated steering committee of community and business leaders to evaluate quantitative data and qualitative input from local employers and stakeholders. The team also analyzed Buda’s competitive position within the Austin-San Antonio area to build a shared understanding of Buda’s future growth potential. The resulting plan outlined a set of strategic initiatives to expand existing industry and business sectors in Buda (including a new medical district), recruit new businesses to the community, and encourage new commercial investment and development. The desired outcomes of these strategies were measurable and included employment growth, business growth, increased capital investment, construction of new commercial space, and growth of the local tax base. Ultimately, the plan provided a blueprint for the Buda EDC to work with the City, the Chamber, and other local and regional partners to align economic development resources to ensure maximum effectiveness.