STRATEGY

It’s Go Time.

The Greater Peoria Economic Development Council has a 5 year plan to build our regional economy through job creation and talent development. We know having a vision for the future is the key to success, so strategy and metrics are at the forefront of every decision we make.

EDC 2015-2019 Plan

The Greater Peoria Economic Development Council is focused on the following goals and strategies, to be achieved by 2019. Our current Comprehensive Economic Development Strategy (CEDS) is called Focus Forward, and the following initiatives are a subset of the strategy.

BUSINESS DEVELOPMENT

HELP EXISTING BUSINESSES TO GROW

25 interstate firm expansions by 2019, as measured by our clients
1,000 new high quality jobs created by 2019, as measured by our clients

  • Meet with 100 interstate businesses in our region each year to determine and address barriers to growth. Implement solutions for a minimum of 20 businesses each year. Generate an annual report to share with the public sector that outlines shared concerns and needed strategies to support existing businesses in our region.
  • Identify 5 Stage 2 companies each year for targeted assistance through the Edward Lowe Economic Gardening program.
  • Leverage regional resources to help 10 businesses in the region launch or accelerate international trade programs and 1 new business utilize the Foreign Trade Zone each year.
  • Identify technology transfer opportunities within the public and private sectors that can be leveraged for growth by 2 local businesses each year.
  • Develop and share best practice examples for “one-stop 24/7” government service systems with the public sector. Assist 4 communities each year to implement best practices.
  • Share information on regional, state, and federal financial tools for business development on the EDC website.

GROW NEW BUSINESSES

30 new companies created by 2019, as measured by StartUp Peoria clients.
150 new high quality jobs created by 2019, as measured by StartUp Peoria clients.

  • Assist StartUp Peoria with securing funding for the implementation of an Accelerator Program to be launched in 2016.
  • Assist StartUp Peoria with securing funding for the implementation of a makers space. Space to open by 2018.

ATTRACT NEW BUSINESSES

10 new interstate firm locations by 2019, as measured by our clients.
750 new high quality jobs created by 2019, as measured by our clients.

  • Identify and pursue 5 companies each year that would fill gaps in our supply chain.
  • Identify and pursue 5 OEMS each year that could utilize our current supply chain.
  • Identify and pursue 2 companies each year that could benefit from our international trading resources.
  • Identify and pursue 2 companies each year that could benefit from our water resources.
  • Meet with at least 10 site selectors who work with our targeted industries each year to share location opportunities in our region.
  • Work with our Local Economic Development Organizations to maintain the Location One Information System regional buildings, sites, and community data and other data sets helpful to businesses seeking new locations.

WORKFORCE DEVELOPMENT

TRAIN OUR WORKFORCE

50% increase in capture rate in targeted jobs by 2019, as measured by our clients.
50 apprentices transitioned to full time employment in our region, as measured by our clients.

  • Facilitate a Workforce Alliance where workforce and education practitioners can share ideas, make connections, and hear updates on key programs from one another.
  • Continue actively supporting the development of learning exchanges for manufacturing, healthcare, and STEM, reaching at least 2,000 students and 200 educators through expos and educator days each year.
  • Develop a program that allows 200 high school students who have interest in manufacturing, healthcare, and STEM careers to advance into job shadowing or internship roles each year beginning in the summer of 2016.
  • Identify the most critical job needs in the region and appropriate learning pathways for those jobs. Communicate those opportunities with students, parents, and educators through the learning exchange programs and a targeted careers marketing campaign.
  • Develop and implement a marketing campaign that promotes targeted manufacturing, healthcare, and STEM careers to students, parents, teachers, and counselors.
  • Explore the implementation of a nationally recognized workforce credentialing program that would help employers easily identify individuals who have strong soft skills.

RETAIN OUR WORKFORCE

Improved employee retention rate by 20% by 2019, as measured by our clients.

  • Develop a Welcome to Greater Peoria orientation session that brings newcomers together and helps them get connected in the region. Offer the program monthly with a goal of reaching 480 newcomers each year.
  • Develop a Best Workplace Recognition Program based on best practices for retaining employees in partnership with the Employers Association. Recognize businesses who meet the criteria.

ATTRACT NEW TALENT

30% increase in new hire capture rate, as measured by our clients.

  • Develop a marketing campaign and toolkit that allows regional employers to “sell” the Greater Peoria Area while recruiting talent.
  • Develop a central job bank where all job opportunities from the region are posted. Market the job bank to 1,000 alumni who have left the area.

REGIONAL PROMOTION

GOING PLACES

    • Implement the internal and external components of the Going Places regional marketing campaign to support all business and workforce development efforts.

RECOGNITION

  • Recognize employers, communities, and partners from throughout the region who are strengthening the economy through their activities.

A STRONG ORGANIZATION

RAISE FUNDS

  • Raise 6 M in investment to support the implementation of the Focus Forward Central Illinois Strategy.
  • Increase the number of investors from 20 to 100.

COMMUNICATE PROGRESS

  • Provide quarterly progress reports to investors, partners, stakeholders, and citizens.
  • Publish monthly e-newsletters and other publications that inform EDC investors, partners, and stakeholders on the activities and progress of regional economic development efforts.
  • Host an annual event to share progress and celebrate success with investors, partners, and stakeholders.

MAINTAIN A SMART STRATEGY

  • Implement the Comprehensive Economic Development Strategy (CEDS) Prioritization Process and update the CEDS document as directed by the Economic Development Administration (EDA).
  • Establish a data center that can support the needs of the EDC staff members, clients, and partners by providing data for decision making.
  • Utilize regional data to identify trends, adjust strategy, and learn from other regions.

SUPPORT OUR PARTNERS

  • Facilitate a Technical Working Group where economic development practitioners can share ideas, make connections, and receive updates on local and regional economic development initiatives.
  • Identify and support the needs of our Local Economic Developers relentlessly.
  • Establish a regional economic development education program that builds the capacity of regional leaders to guide, manage, and lead the regional economy.