The Village of Hoffman Estates Board of Trustees unanimously approved the Village’s new Economic Development Strategic Plan on November 21, 2022. The plan was developed over the course of 15 months in collaboration with community, industry, and government stakeholders, and will be used by the Economic Development Division of the Development Services Department to guide development efforts over the next five years.
After receiving Board approval in 2021 to update the Economic Development Strategic Plan, staff worked in collaboration with an outside consultant to obtain third party stakeholder feedback from public data sources and through a public survey. The plan had been last updated in 2005.
The feedback and data were used to formulate the strategic plan, which includes nine strategies developed to create an environment for the business community to succeed and prosper. The overall goal of these strategies is to improve the quality of life and the identity of the community while growing the Village’s tax base to ensure long-term financial sustainability. The economic development plan strategies include:
- Attraction & Recruitment
- Business Retention & Expansion
- Foreign Direct Investment & Targeted Industry Clusters
- Housing
- Marketing & Communications
- Quality of Life & Placemaking
- Small Business Development
- Tourism
- Workforce Development
The plan includes an executive summary, a full existing conditions report, new incentive guidelines, and an improvement actions checklist.
“We are excited about the updated Economic Development Strategic Plan and look forward to seeing the positive effects that these initiatives will create in Hoffman Estates,” said Mayor Bill McLeod. “We remain focused on making sound decisions in an ever-changing economy, and I think this plan reflects just that.”
Working with the Economic Development Commission of Hoffman Estates, the Village’s Economic Development Division will prioritize the improvement actions and collaborate with key external partners to execute the plan.
“We are thrilled to have this roadmap for our work and service to the community over the next five years,” said Economic Development Director Kevin Kramer. We appreciate the Board’s trust in allowing us to craft this plan and their guidance in working toward a more prosperous Hoffman Estates.”
“We are grateful to all those who took the time to give their feedback on our Village through interviews, surveys and focus groups,” said Gary Pilafas, Chairman of the Economic Development Commission. “We appreciate the hard work that has gone into this plan and are proud to begin this work for the Village.”
Read the Village of Hoffman Estates Economic Development Strategic Plan. Read the Economic Development Strategic Plan Executive Summary. See the Strategic Plan’s Improvement Actions Checklist. Read the Incentive Guidelines for Economic Development.
For questions or comments regarding the plan, contact Kevin Kramer, Director of Economic Development, at 847-781-2662 or Kevin.Kramer@HoffmanEstates.org.
Media contacts:
Kevin Kramer, Director of Economic Development
847-781-2662
Kevin.Kramer@HoffmanEstates.org
Melissa Brito, Communications Manager
847-781-2614
Missy.Brito@HoffmanEstates.org
