2040 Comprehensive Plan: Envision Shakopee

PLAN ELEMENTS INTRODUCTION

A strong economy is the foundation of a thriving city. Access to jobs and commerce ensures the quality of life of residents, while a strong tax base ensures the city’s ability to support the quality of life of the community overall. Therefore, the Economic Environment is the foundational section of Envision Shakopee, with goals and strategies that link to all other goals of the plan. While Shakopee’s economy is diverse, it has largely relied on industry. Today, many factors continue to strengthen Shakopee’s industrial economy. Physical factors include its large industrial supply & redevelopment opportunities. Geographic factors include its relative availability of land and its location at a rare Minnesota River crossing. Further, the diversity of communities in the surrounding area provides a wide labor market for Shakopee’s employers. At the edge of the larger region, Shakopee jobs have attracted residents from around Scott County and neighboring communities. Success in attracting large industrial businesses and supporting the entertainment industry will continue to be a major component of Shakopee’s economic performance. However, a tight regional labor market and limited areas for new industrial development limits the pursuit of a one-sided economic development approach. Ultimately, Shakopee will need to adopt a multi-faceted economic approach, supporting new and existing, small and large businesses in their continued success. Shakopee has a strong mix of assets that with a coordinated strategy and key investments, the city can grow to ensure future competitiveness and vitality. To prepare Shakopee for tomorrow’s economy, the city should adapt to attract higher-paying jobs and seek to align existing jobs with the housing stock to attract current residents to work locally.

EnvisionShakopee laysout avision to foster economic growth in thecityandpositions Shakopee to remaineconomically competitivewithin the region. ThePlansupports thecreation and retentionof quality jobs, with strategies toencouragebusiness development andexpansion inShakopee thatwill advance opportunities for Shakopee residents andemployees, and sustain the fiscal healthandquality of lifewithin thecommunity.

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