In early 2009, the City launched an effort to develop an Economic Strategy. The objective of the strategic planning process was to help the citizens of Cambridge position the city for growth. The resulting Economic Strategy will guide the City's activities over the next five years and generate positive economic outcomes.
This initiative was led by a Steering Committee of community volunteers and staff that produced nine distinct recommendations. An Action Plan for implementation is included with a suggested timeline that provides specific direction to the City's economic development community.
A community assessment of Cambridge that includes: analysis of the strengths and weaknesses of its socioeconomic factors; Cambridge's standing within the region as both a competitor and a model; Cambridge's comparability with cities of similar size;
Cambridge's potential and unique opportunities;
An industry sector analysis that identifies favorable growth industries that meet the needs of Cambridge residents, and recommended methods to stimulate such growth such as business recruitment strategies;
Content for a five year Economic Development Strategic Plan that includes an identification of priority projects and a one year Action Plan that outlines responsibilities for Economic Development staff;
Identify new and existing marketing methods to promote new development; and
An impact analysis of the factors that influence the City's ability to attract both business and people.
In June 2010 the Mayor and Council accepted the Strategic Plan in its entirety, and the Strategic Plan Update was approved in December 2016.
In today's economic development context, there is a growing confluence between quality of life and economic progress. Cambridge strives to offer the highest quality of life to attract the best, brightest and most innovative.