Springfield, Missouri, has emerged as a dynamic center for business and economic development, characterized by a diversified economy and a supportive environment for entrepreneurs.
Economic Growth and Diversification
As the third-largest city in Missouri, Springfield boasts a $29.3 billion GDP as of 2024, reflecting a 73% increase over the past decade. This growth is underpinned by key industries such as healthcare, manufacturing, education, logistics, professional services, retail, and tourism. Notably, the manufacturing sector employs over 19,000 residents and contributes $2.7 billion to the regional economy.
Entrepreneurial Support and Resources
The city offers a wealth of resources for entrepreneurs. The efactory, a tech-focused business incubator at Missouri State University, provides office space, business mentoring, and technology support to startups and small businesses. Additionally, the Show-Me Network connects Missouri entrepreneurs with no-cost business support and growth opportunities, addressing common barriers such as funding and access to professional advice.
Recognition in Food Manufacturing
Springfield has been recognized as one of the nation’s top hubs for food manufacturing, earning a spot in the Top 25 nationally and Top 5 in the West North Central region in the Global Location Strategies (GLS 2025) Best Places for Food Manufacturing Report. This ranking reflects the region’s strong momentum and growing role in the U.S. food production supply chain.
Business Assistance and Incentives
The Springfield Area Chamber of Commerce offers a Business Retention & Expansion (BRE) program, providing confidential meetings with business leaders to understand and address their needs. This program connects businesses with resources to overcome challenges, improve productivity, and expand operations.
Demographic Trends and Workforce
The Springfield Metropolitan Statistical Area (MSA) has a population of 475,220 and is growing. The cost of living is 11.8% below the national average, making it an attractive location for businesses and residents alike. The region’s youthful and active population, with a median age of 37.1, contributes to a vibrant workforce.
Springfield’s commitment to fostering a diverse and resilient economy, coupled with robust support for entrepreneurs and businesses, positions the city as a thriving hub for growth and innovation.