Richardson’s strategies were informed through listening tours and technical analysis, building on the vision, mission and goals and serving as pathways to measurable tactics for success.

MISSION

To grow Richardson’s vibrant economy by providing creative solutions and resources for businesses.

VISION

Richardson will be home to a thriving, diverse, resilient business community, supported by unparalleled access to a talented, well-educated, and engaged workforce; an innovative and entrepreneurial spirit; superior infrastructure and city services and beneficial regional partnerships and resources.

STRATEGIES

GOAL A1: Increase capacity to deliver economic development services within Richardson.

GOAL A2: Increase workforce development capacity to support business growth and expansion.

GOAL A3: Prioritize a marketing program that highlights Richardson’s unique local and regional strengths.

GOAL B1: Develop partnerships which sustain programming supporting innovative startup activity and local entrepreneurs.

GOAL C1: Prioritize public investments in Richardson as part of broader redevelopment efforts.

GOAL C2: Conduct holistic redevelopment plan for redevelopment target areas and partner with private industry to encourage TOD offerings near DART stations.

GOAL D1: Support destination-oriented retail and entertainment, leveraging Richardson’s existing cultural assets to create a strong sense of place.

GOAL D2: Promote Richardson as a destination by continuing to promote the arts, music, festivals and sports and leisure activities.

The recommended target clusters are the results of the industry cluster analysis and qualitative findings related to Richardson’s competitive position.

Advanced & Additive Manufacturing

 

Health, Medical & Life Sciences

Health, medical and life sciences covers all medical and healthcare-related industries, including traditional healthcare services, pharmaceutical manufacturing, medical devices and instruments manufacturing and research and development in biotechnology.

Professional & Financial Services

Professional services include a wide range of office-based employment including insurance services, financing and credit services and engineering and architecture services. In Richardson, this industry is highly concentrated – 2.83 times as concentrated as the nationwide average and more than twice as concentrated as the State of Texas.

Technology & Software

Technology and software is currently one of the most dynamic industries across the world. This industry can thrive with minimum infrastructure – like professional services, the basic infrastructure requirements are office space and high-speed internet. This industry depends on a highly technical workforce and gravitates towards areas that already have strong concentrations of tech workers.

Research & Development

Research and development (R&D) involves targeted efforts to innovate, introduce and improve a product or process. Companies invest in R&D to maintain competitiveness, develop new products or to identify new markets or uses for existing products.

FULL REPORT

Click here to access the full strategic economic development plan.

CONTACT

AskRichardsonEconomicDevelopment@cor.gov or 972-744-4333