Six analysis tools are used to determine which industries should be chosen for targeting in The Springfield Region. The first two tools, Specialization Ratios (SR) and the Regional Shift (RS) component of Shift-Share Analysis (SSA), help to determine which industries might have a competitive advantage in a region. The third and most important tool, the Economic Impact (EI) analysis, helps to identify which industries will benefit the region most should they expand. The Skills-Mismatch Index (SMI) determines whether the skills of the available workforce in a region match the needed skills for a particular industry. The Industrial Mix (IM) component of SSA helps to identify emerging industries. Finally, the Current Employment (CE) level of a regional industry helps to determine whether needed infrastructure is in place to attract particular industries and is an important factor when considering SRs.
Industries are awarded points on a scale of 0 to 100 based on whether they meet necessary criteria in these six categories. Those industries that score the highest are recommended for targeting. The table on the following page displays the categories and the point value an industry receives if it performs well in a specific category. If an industry does not meet the condition for that category, no points are awarded. An industry that scores well in each of the categories receives a score of 100 points, while those industries that perform poorly receive 0 points. Industries that score 50 or more points are those recommended for targeting.
| Category | Point Value |
|---|---|
| Condition 1: High Economic Impact | 40 |
| Condition 2: High Specialization Ratio | 20 |
| Condition 3: Strong Regional Shift | 20 |
| Condition 4: Low Skills-Mismatch | 10 |
| Condition 5: Positive Industrial Mix & Regional Shift | 5 |
| Condition 6: High Current Employment | 5 |
| Total Points: | 100 |
The tables that follow present those industries with scores of 50 or higher on the target scale for the Springfield Region. Surprisingly, no industries scored a perfect 100 points. However, 13 industries scored 90 or 95 points, including Communications (SIC 48), five manufacturing industries considered to be "High Tech", and several Food Processing industries. Twelve other industries scored at least 75 points. Taken together, these 25 industries can be considered as existing drivers of the Springfield Region economy. Of the 95 industries identified as possible targets in the Springfield Region, 45 scored the minimum 50 points.
Additional analysis reveals the potential for the economic success of certain modern industries in the Springfield Region. Life Sciences industries such as Industrial Chemicals (281, 286) and Drugs (SIC 283) scored 75 points on the Target Scale. This indicates the Springfield Region is ripe with potential for development of these industries, as well as other industries scoring between 50 and 75 points on the scale.
Further, the Springfield Region is famous for its tourist attractions, especially in and around the Branson area. While being an important driver of the economy in this region, tourism-related industries have relatively low economic impacts when compared to other industries. This explains why industries such as Hotels (70), Entertainment (79), and Retail Trade (58), score low or do not appear on the target industry list.
TM2 has provided a list of 95 industries that have the best potential for economic development in the Springfield Region. The original Target Missouri provided a list of only 29 target industries for the much larger southwest Region. Of these, only 21 appear on both lists, so in this case, the two studies have obtained somewhat different results. The expanded list generated by TM2 provides a list of industries that better fits the specifics of the Springfield Region, as well as providing rankings that shed some light on the relative importance of certain industries.
| Springfield Region Target Industries | ||
|---|---|---|
| SIC | Industry | Total Score |
| 351 | Engines and turbines | 95 |
| 356 | General industrial machinery and equipment | 95 |
| 365 | Household audio and video equipment | 95 |
| 367 | Electronic components and accessories | 95 |
| 201 | Meat products | 95 |
| 202 | Dairy products | 95 |
| 48 | Communications | 90 |
| 289 | Miscellaneous chemical products | 90 |
| 203 | Preserved fruits and vegetables | 90 |
| 204,207 | Grain mill products and fats and oils | 90 |
| 205 | Bakery products | 90 |
| 295,299 | Miscellaneous petroleum and coal products | 90 |
| 801-804 | Offices of health practitioners | 90 |
| 473,474,478 | Miscellaneous transportation services | 85 |
| 60 | Depository institutions | 85 |
| 64 | Insurance agents, brokers, and services | 85 |
| 50,51 | Wholesale trade | 85 |
| 371 | Motor vehicles and equipment | 80 |
| 252,253,259 | Office and misc. furniture and fixtures | 75 |
| 327 | Concrete, gypsum, & plaster products | 75 |
| 355 | Special industry machinery | 75 |
| 359 | Industrial machinery, nec | 75 |
| 272 | Periodicals | 75 |
| 45 | Air Transportation | 75 |
| 752-754 | Automobile parking, repair, and services | 75 |
| 281,286 | Industrial chemicals | 70 |
| 283 | Drugs | 70 |
| 352 | Farm and garden machinery and equipment | 70 |
| 208 | Beverages | 70 |
| 274 | Miscellaneous publishing | 70 |
| 308 | Miscellaneous plastics products, nec | 70 |
| 40 | Railroad | 70 |
| 735 | Miscellaneous equipment rental and leasing | 70 |
| 494-497,%493 | Water and sanitation | 65 |
| 63 | Insurance carriers | 65 |
| 344 | Fabricated structural metal products | 60 |
| 491,%493 | Electric utilities | 60 |
| 722,729 | Personal services, nec | 60 |
| 353 | Construction and related machinery | 55 |
| 362 | Electrical industrial apparatus | 55 |
| 366 | Communications equipment | 55 |
| 346 | Metal forgings and stampings | 55 |
| 358 | Refrigeration and service industry machinery | 55 |
| 231-238 | Apparel | 55 |
| 42 | Trucking | 55 |
| 70 | Hotels and other lodging places | 55 |
| 721,725 | Laundry, cleaning, and shoe repair | 55 |
| 723,724 | Beauty and barber shops | 55 |
| 726 | Funeral service and crematories | 55 |
| 769 | Miscellaneous repair services | 55 |
| 384 | Medical equipment, instruments and supplies | 50 |
| 287 | Agricultural chemicals | 50 |
| 372,376 | Aerospace | 50 |
| 373 | Ship and boat building and repairing | 50 |
| 374 | Railroad equipment | 50 |
| 375,379 | Miscellaneous transportation equipment | 50 |
| 348 | Ordnance and ammunition | 50 |
| 357 | Computer and office equipment | 50 |
| 381 | Search and navigation equipment | 50 |
| 382 | Measuring and controlling devices | 50 |
| 386 | Photographic equipment and supplies | 50 |
| 282 | Plastics materials and synthetics | 50 |
| 284 | Soap, cleaners, and toilet goods | 50 |
| 285 | Paints and allied products | 50 |
| 291 | Petroleum refining | 50 |
| 241 | Logging | 50 |
| 321-323 | Glass and glass products | 50 |
| 324 | Hydraulic cement | 50 |
| 331 | Blast furnaces and basic steel products | 50 |
| 332 | Iron and steel foundries | 50 |
| 333 | Primary nonferrous smelting & refining | 50 |
| 334,339 | All other primary metals | 50 |
| 335 | Nonferrous rolling and drawing | 50 |
| 341 | Metal cans and shipping containers | 50 |
| 342 | Cutlery, hand tools, and hardware | 50 |
| 343 | Plumbing and nonelectric heating equipment | 50 |
| 349 | Miscellaneous fabricated metal products | 50 |
| 363 | Household appliances | 50 |
| 364 | Electric lighting and wiring equipment | 50 |
| 369 | Miscellaneous electrical equipment | 50 |
| 387 | Watches, clocks, and parts | 50 |
| 206 | Sugar and confectionery products | 50 |
| 209 | Miscellaneous food and kindred products | 50 |
| 261-263 | Pulp, paper, and paperboard mills | 50 |
| 267 | Converted paper products except containers | 50 |
| 273 | Books | 50 |
| 301 | Tires and inner tubes | 50 |
| 302,305,306 | Rubber products and plastic hose and footwear | 50 |
| 10 | Metal mining | 50 |
| 12 | Coal mining | 50 |
| 58 | Eating & Drinking | 50 |
| 52-57,59 | Rest of Retail | 50 |
| 762 | Electrical repair shops | 50 |
| 805 | Nursing and personal care facilities | 50 |
| 801-809 | Health services, nec | 50 |
| Life Science Industries |
| Information and Communications Technologies |
| Transportation Manufacturing |
| Other High Tech Manufacturing |
