Springfield, Missouri, has emerged as a vibrant center for business and economic development, offering a supportive environment for entrepreneurs and established companies alike. The city’s strategic initiatives and diverse industry base have contributed to its economic resilience and growth.
Economic Overview
As the third-largest city in Missouri, Springfield boasts a diversified economy with a Gross Domestic Product (GDP) of $29.3 billion as of 2024, reflecting a 73% increase over the past decade. The metropolitan area has experienced an 11% population growth over the last ten years, officially crossing the 500,000 population milestone in 2025. This growth underscores Springfield’s appeal as a place to live and work.
Key Industries Driving Growth
Several industries play pivotal roles in Springfield’s economic landscape:
Healthcare and Social Assistance
Employing over 48,000 individuals, this sector contributes approximately $4.4 billion to the regional GDP, making it a cornerstone of the local economy.
Manufacturing
With more than 18,000 employees, manufacturing adds $2.7 billion to the economy. Notably, Springfield has been recognized as a top U.S. location for food manufacturing, ranking in the Top 25 nationally and Top 5 in the West North Central region.
Support for Entrepreneurs
Springfield offers a robust support system for entrepreneurs through various programs and organizations:
efactory
Established in 2013, efactory serves as a hub for entrepreneurs and business owners in southwest Missouri. It provides resources such as business consulting, coworking spaces, and accelerator programs designed to help startups launch and grow.
Show-Me Network
Led by efactory and codefi, the Show-Me Network connects Missouri entrepreneurs with no-cost business support, training, and growth opportunities, addressing common barriers like funding and access to professional advice.
ASCEND Grants
The Downtown Springfield Association offers the ASCEND program, providing $5,000 grants to new or existing businesses planning a storefront location in Downtown Springfield. This initiative supports small business growth and revitalizes the downtown area.
Workforce and Employment
Springfield’s unemployment rate stood at 4.0% as of February 2026, with the labor force participation size growing by 9.8% over the past decade. The presence of institutions like Missouri State University and Ozarks Technical Community College ensures a steady pipeline of skilled labor, supporting the city’s diverse industries.
Business Climate and Investment
The city offers a business-friendly environment characterized by competitive costs and a centralized location favorable for distribution and logistics. Ongoing investments in infrastructure, commercial development, and public-private partnerships further enhance Springfield’s appeal to businesses.
Organizations like the Springfield Business Development Corporation (SBDC) play a crucial role in supporting business expansion, attracting new investment, and strengthening the region’s workforce. Their efforts contribute to the city’s reputation as a thriving and energetic metropolitan area, ideal for business growth and innovation.
In summary, Springfield’s dynamic business landscape, coupled with strong support systems and a diverse economy, positions the city as a prime location for entrepreneurs and businesses seeking growth and success.