Magnet strategic planning process underway

The Cape Girardeau Area Magnet organization is continuing to work this fall on a new economic development strategic plan for Cape Girardeau County.

Together with the consulting firm Ernst & Young LLP, the Magnet group recently completed the "competitive assessment" phase of the strategic planning process, which included invitations to more than 100 people representing a broad base of stakeholders to participate in one-on-one interviews and focus groups.

Magnet has also established an online survey anyone can complete and provide their opinions about the area's current economic environment and where it's heading in the foreseeable future.

The 23-question survey may be found at surveymonkey.com/r/DFX8YWY. It will remain open until Sept. 24. Those who take the survey will be eligible to win one of 10 $25 gift cards.

The primary purpose of the interviews, focus groups and survey is to gain insights about the perceptions of Magnet's current economic development efforts, the state of the local economy and what stakeholders would like to see accomplished in the future through a renewed focus on economic development, according to Cape Girardeau City Councilman and Mayor Pro Tem Robbie Guard, who serves as 2021 chairman of the Magnet Board of Directors.

According to a recent Magnet news release, the discussions with stakeholders to date, coupled with a review of Cape Girardeau County's demographic and economic data from 2015-2020 have revealed some concerning trends, including:

• Population growth has been modest and limited to retired or other nonworking age groups with the population of those in the 25 to 44 age range declining nearly 6% and the populations of many counties surrounding Cape Girardeau continuing to decline rapidly.
• The size of the area's labor force has been reduced by about 4% in recent years.
• Annual wages for Missourians, and specifically for those in Southeast Missouri benchmark counties, are lower than national averages.
• Nearly half of the county's residents who complete a college education migrate elsewhere.

However, the initial data discovery also revealed some positive findings, such as:

• Cape Girardeau County ranked second in education among those analyzed by Ernst & Young with more than 34% of the population having at least an undergraduate college degree.
• Of the counties in Ernst & Young's review, Cape Girardeau County had the highest median household income, which included the combined income from wages and other sources of income for all household members older than 15.

"While other nearby areas have experienced tremendous decline, we have remained economically stable," Guard said. "But it's our responsibility to look closely at the economic data and realize that, really, in the last couple decades, our growth in a few areas has slowed or become stagnant. We want to provide the best opportunities we can for individuals and families who live in our communities, so we are anxious to get feedback from all members of our community to learn more about what is important to them as we work on a plan to guide economic development in the next decade."

Magnet's work with Ernst & Young began in June and is scheduled for completion in December. At that time, the Magnet board will focus on hiring a new leadership team to work with the board in the execution of the strategic plan.

Established nearly 30 years ago, Magnet's mission is to foster a strong economic environment for the retention, expansion, creation and attraction of jobs and investments to the area. The organization receives it's leadership and financial support from several area government entities, including Cape Girardeau County and the cities of Cape Girardeau, Jackson and Scott City, as well as several regional employers who have representation on Magnet's 13-member board.

More information about Magnet and its current strategic planning process is available by contacting Guard at rguard@mrvbanks.com or (573) 450-3396 or Janice Voss at jvoss@capeareamagnet.com or (573) 334-5400.

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