City of Georgetown, TX – Economic Development Strategic Plan

Challenge

Georgetown, Texas, has been one of the nation’s fastest-growing communities in recent years. Notably, Georgetown experienced more than 100 years of prosperity which was largely independent of the Austin metropolitan area’s expansion. Assets like Southwestern University, one of the state’s oldest higher education institutions, and a nationally recognized Beaux-Arts courthouse contributed to the city’s historic economic success and distinct sense of place. Georgetown’s proximity to Austin drives today’s growth, as it draws on the advantages of regional economic successes, major transportation corridors, and a skilled labor force. Continuing to leverage these current competitive advantages while maintaining and enhancing its quality of place will be key to Georgetown’s future.

Response

With these objectives in mind, the City of Georgetown worked with TIP Strategies to prepare a five-year economic development strategic plan. In addition to a quantitative analysis of the City’s competitive position (delivered as an interactive data visualization) and a review of regional peers, TIP engaged local thought leaders from industry, government, education, workforce, and economic development through a series of focus groups on targeted topics. Findings from the data analysis and stakeholder outreach efforts informed a strengths, opportunities, aspiration, and results (SOAR) analysis and shaped the plan’s three goals. The business development goal aims to further diversify Georgetown’s tax base, offsetting the cost of serving a growing population and further reducing the City’s reliance on residential development. Recommendations under this goal include maximizing regional advantages in target sectors (advanced manufacturing, professional services, and healthcare and life sciences); extending the City’s international network; and positioning Georgetown with later-stage startups seeking expansion in the greater Austin area. The talent development and placemaking goals focus on engaging existing education and workforce collaborations and reinforcing the quality of place assets that attract and retain residents, workers, employers, and visitors. The plan also identified areas where additional capacity will be required for implementation, including modernizing the City’s economic development website, building and maintaining relationships with the development community, and compiling and managing information needed for outreach and decision-making