Richardson Chamber of Commerce staff gave the annual report on the Richardson Economic Development Partnership (REDP) at Monday’s City Council work session. REDP is a longtime partnership between the City and Chamber in attracting and supporting business in Richardson.
- Richardson’s business sector as a whole has weathered the pandemic fairly well thanks in part to the decision by REDP in 2005 to push toward diversifying the City’s economy after large job losses were experienced in the telecommunications sector
- Richardson’s office vacancy rate is currently only 1 percent higher than it was in late 2019, 8 percent lower than the DFW-area average
- Though the volume of relocations and expansions in Richardson decreased in 2020 by almost 40 percent from the past five-year average, there were still 17 relocation and expansion projects in Richardson, allowing for 2,765 new and retained jobs
This past year, the REDP has continued, often remotely, its ongoing activities of business recruitment and support, international business development, workforce development, and support of redevelopment projects such as the IQ®. Planned initiatives for the future include refreshed marketing and communications efforts and a pilot program for façade/signage improvements in the downtown and IQ® areas.
For more of the REDP report, view the presentation here.