Temple Economic Development Corporation (TX) – Target Industry Study and Target Marketing Plan
For over a decade, the Temple Economic Development Corporation (TEDC) focused its recruitment efforts on several broad sectors, including advanced manufacturing, distribution and logistics, and health and life sciences. In 2012, TIP Strategies was engaged to identify specific niches within each sector and provide recommendations for focusing TEDC’s targeting efforts. Using this approach, Temple has enjoyed notable success in attracting and growing businesses involved in transportation equipment, back office/data management, and medical devices. To remain competitive in the burgeoning Interstate-35 (I-35) corridor, TEDC’s target industry strategy needed updating.
TIP Strategies was re-engaged in 2018 to take a fresh look at TEDC’s targets, identify new niche opportunities for attraction and development, and provide marketing recommendations for pursuing those industries. Temple’s location in the I-35 corridor between the Dallas/Fort Worth and Austin/San Antonio markets and its low cost of doing business made the city an ideal platform for many industries. Furthermore, its proximity to Fort Hood provided access to experienced workers who could transition from the military into the private sector. In addition to these strategic assets, the analysis considered growth prospects for each target, cross-sector synergies, and the relationship to existing initiatives. The results confirmed existing targets, such as business support services, and highlighted niche markets within each sector, such as focusing on third-party logistics (3PL) providers within the established distribution and logistics target. TIP also recommended that TEDC continue to target health and life sciences jobs because of the strong base of existing employers and the highly educated medical and biotechnology workers from local universities. Lastly, TIP provided marketing and lead generation recommendations in addition to industry-specific marketing recommendations.