Angelou Economics was contracted by the City of Parsons to complete a Strategic Plan for future Economic Development planning. A variety of factors were examined to assess which industries should be critical targets for Parsons' future economic development planning efforts. Parsons' current industry mix, emerging and growing industries locally, nationally and globally, the city's current key assets were all reviewed. The assessment revealed a diverse but interrelated mix of five industries that Parsons should focus future business attraction and retention efforts upon:
- Advanced Manufacturing, Logistics & Distribution
- Health Care Services
- Regional Goods and Services (Retail, Hospitality & Leisure)
- Agriculture Services & Life Sciences
- Business & Professional Services
Focusing on these five industries plays to the strengths of Parsons, not just from a traditional economic standpoint, but also from the perspective of moving from what is achievable in each industry today to what can be achieved in five to ten years. Each of these industries has very specific industry requirements, including workforce needs, infrastructure demands, business climate preferences and other critical criteria that factor in to how companies in these industries choose where to locate.
The assessment of Parsons shows that the city is positioned to begin to capitalize on these industries, and can effectively attract and grow these industries to build sustainable high-impact clusters and a dynamic pool of home-grown talent.
