City Visioning for Economic Development Planning

media release: The city of Madison’s Economic Development Division is working on an update to the Economic Development Plan and wants to hear from you as it works to refresh the nearly decade-old outline for economic growth.

The team working on the new Economic Development Plan is holding the first virtual workshop at 5:00pm on Tuesday, April 29,(link is external) to inform residents about the planning process and to gather ideas and feedback.  

The City’s current Economic Development Plan, “Connect Madison”, was approved by the Common Council in March 2017. While some elements of that plan are still relevant today, a lot has changed in Madison’s economy since that time. For example, the COVID-19 pandemic has changed many things about our local economy, including how and where many of us work. Similarly, the national and international economic environment is changing rapidly, affecting prices and supply chains.  

An updated Economic Development Plan is a chance to adjust our focus. Despite high rates of employment in Madison, too many families are struggling to make ends meet and find stable, affordable housing, and disparities continue between the historically advantaged and disadvantaged. Throughout the process of putting together the 2024-2026 City of Madison Economic Development Plan, all of these factors – and more – will be considered with the ultimate goal of identifying what the City should be doing in the next five years to support the economic well-being of our residents.

It’s important for us to shift our thinking and practices about economic development by prioritizing the needs of the people who live and work in Madison. Our goal should be to create a more inclusive vision that allows for more economic mobility and opportunities for everyone. Mayor Satya Rhodes-Conway

The updated Economic Development Plan will work to assess the current economic landscape and create actionable strategies that will align initiatives with the City’s Comprehensive Plan and inform budget decisions for the Economic Development Division. 

Working with EQT By Design and Fourth Economy, the Economic Development Plan team will explore some specific points of interest when it comes to Madison’s economic picture, including:

• Supporting the creation of more family wealth in Madison and identifying improvement opportunities
• Attracting more external dollars to Madison
• Identifying improvement strategies for neighborhood business districts
• Supporting more entrepreneurship and small business development, including BIPOC community needs
• Analyzing Madison’s economic base and evaluating City initiatives

People interested in attending the virtual workshop will need to register ahead of time(link is external) in order to receive a link to the meeting. The workshop registration includes a survey of some demographic information so the Economic Development Plan team can learn more about who they are hearing from.