Cape Magnet gearing up to get word out about its strategic plan

Cape Girardeau Area Magnet, the not-for-profit established 30 years ago aimed at fostering strong economic development in the region, announced it will begin sharing a three-to-five-year strategic plan late next month with various "stakeholders" to seek their input and support.

Ernst & Young, a multinational professional services company, is collaborating with Magnet leaders on the plan, which originally was to be publicly rolled out last month.

"We've been looking at best implementation practices and we've set up four subcommittees among our board members," said John M. Thompson, interim Magnet executive director.

"One of those subcommittees, 'ally engagement,' will be aimed at going directly to large employers, chambers of commerce leaders and municipal officials to begin outlining the plan in those settings."

Thompson said the Magnet board will have at least one more meeting with Ernst & Young.

In explaining the delay in unveiling the plan, Thompson said, "we want a laser-focused strategy to create a better foundation and understanding among our stakeholders."

Assessment

A preparatory document, "Cape Girardeau Regional Competitive Assessment," was delivered by Ernst & Young to Magnet in November.

In the report, the local region was benchmarked against eight communities in five Midwestern states similar to Cape Girardeau economically and demographically.

The assessment's seven key findings were outlined:

• Sluggish economic growth, though optimism prevails.
• Cape Girardeau County is an outlier in a region experiencing widespread population losses.
• A locally oriented economy is fueled by a handful of industries.
• Talent is a competitive advantage and driver of economic activity.
• An aging community.
• A hunger for greater economic opportunity.
• A cherished quality of life.

Thompson told the Southeast Missourian last week Magnet should not be "trophy hunting," a reference to single-minded pursuits of very large employers, such as Mondi and Procter & Gamble, which have settled in Cape Girardeau County in more recent years.

Magnet's interim leader pointed to a recent collaboration between Jackson's Midwest Sterilization and Signature Packaging on a special corrugated box order as an example of positive economic cooperation in the region.

Thompson also highlighted a newer firm, Select Plastics of Scott City, operated by brothers Tim and Gary Simmers, for its sheet plastic extrusion business.

Specific regional strengths outlined in E&Y's assessment were the area's college and university system, K-12 education, quality of life and the multiplicity of retail and dining options.

Magnet officials said its stated mission is to retain, expand, create and attract jobs and new investment in the Cape Girardeau region.