City of Fort Worth, TX – Economic Development Strategic Plan Update
Challenge
In December 2017, the City of Fort Worth and TIP Strategies completed an economic development strategic plan (EDSP) built around themes of competitiveness, creativity, and community vitality. The EDSP tied these priorities to four tangible and measurable outcomes over a five-year horizon: high-wage job growth, a more sustainable tax base, an economy that capitalizes on high-growth businesses and creative individuals, and a commitment to quality of place. While progress had been undeniable, the convergence of three factors—economic disruption due to the COVID-19 pandemic and national trends, continued growth in a highly dynamic and competitive region, and ongoing workforce challenges—necessitated a revisiting of the 2017 plan.
Response
In response to the turbulent economic landscape, the City engaged TIP in 2021 to update the 2017 plan and position Fort Worth for new opportunities over the next five years. An extensive quantitative analysis of current conditions, including national real estate trends in the industrial and office markets, supplemented by a targeted engagement process. In addition to interviews with City leadership, TIP facilitated a series of roundtables with economic development and tourism partners, workforce development staff, higher education representatives, community revitalization organizations, innovation and technology leaders, major employers, and real estate developers. Participants weighed in on which areas of the city represented the greatest economic potential, those with the greatest economic need, and potential metrics for gauging success. With these priorities in mind, three bold initiatives were identified: adopting a clear and transparent investment framework, driving equitable real estate development projects, and making talent-focused investments to build a broad base of creative talent. The strategic plan update also included a target sector refresh that narrowed the original eight sectors to five: mobility, aerospace and defense, energy, culture, and anchors and innovators. These sectors were selected due to their strong local presence; demonstrated growth potential; and ability to build on Fort Worth’s successful companies, creative people, and quality places.