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Cape Area Magnet Announces Reorganization

This local economic development organization has reorganized and is focused on maximizing future opportunities.

The Cape Girardeau Area MAGNET recently announced it has not only expanded its investors and board of directors, but there is much more on the horizon. As a reminder, MAGNET is a regional organization charged with several aspects of economic development. To accelerate economic momentum and devise a plan for a unified vision in the future, MAGNET will create strategic plan with the help of Ernst & Young Economic Development Advisory Services. This is in preparation for the transition to new leadership with my upcoming departure.

The planning process promises several steps including a competitive assessment of the area and an analysis of strengths, weaknesses, opportunities, and threats. A diverse group of stakeholders will comprise a Steering Committee to provide input through surveys, interviews, and focus groups. The strategy will include recommendations for talent recruitment and retention, image and marketing, business climate, and more. The final product will incorporate performance metrics.

For area businesses and residents alike, this is a critical time moving forward in a post-pandemic economy. Business leaders will be asked to engage in one or more ways with the process. The timeline shows anticipated completion in December 2021.

Area governmental entities and private investors are showing their commitment to the future of economic development. That is good news.