Pillar 2: Thriving Economy

Pillar 2: Thriving Economy – Grow a dynamic economy of the future that spans local to international.

Keene has historically enjoyed favorable economic conditions that support local businesses as well as larger corporations and ventures.

However, the ongoing consolidations of businesses in the country means that some of these corporations are no longer local or have moved away. Keene has the opportunity to re-invigorate its economy by focusing on its iconic downtown and main street businesses, and positioning itself as part of the important economic sectors of technology, manufacturing, healthcare and biosciences. Part of Keene’s value proposition is that it is uniquely positioned as a small regional center that has high levels of innovations and strong cultural and social capital.

Below is what we know so far from the community visioning phase of the comprehensive master planning process).

History

Keene Economic Development Plan
Code + Keene Development Regulation Assessment
The Local Crowd Monadnock is a community-based crowdfunding platform that supports entrepreneurs in rural communities. It is a collaboration of regional economic development organizations working together to increase access to capital to both the for-profit and not-for-profit sectors and was formed following the closure of the Vermont Yankee Nuclear Power Plant.
Are we missing anything? Let us know in the comments below!

Related Macro Trends

During the pandemic, communities that offered a more balanced mix of commercial and residential uses fared better in terms of economic resilience than areas that were solely offices or residential neighborhoods. This helped continue a shift in community desirability that offers living, working, and playing opportunities. (“Why Mixed Use Districts Are on the Rise” and “How Principles of Mixed Use Design Will Restore Communities”)
The rise of remote work, a trend exaggerated by the pandemic, creates new opportunities for cities further away from major metropolitan areas. Similarly, exorbitant housing prices in major cities add another factor to population shifts from major cities to smaller and more rural communities. Keene’s regional location near the larger cities of Manchester and Boston and its high levels of livability may offer a strong value proposition for new remote workers. (“Record Wave of Americans Fled Big Cities for Small Ones in 2023“)
AI is expected to play a significant role in the future of the economy. Businesses and industries may grapple with the continued shift towards automation and usage of AI, and there continues to be a huge opportunity for innovation in both today’s and tomorrow’s economies. (“How AI Could Explode the Economy“)
The outdoor recreation economy is becoming increasingly significant in regional areas across the United States, and Keene is well positioned to leverage this trend. The network of trails is significant and could be more activated to help in the overall value proposition of the community and add layers to the arts and culture economic drivers.

What is Currently Happening in Keene:

Downtown Keene plays an important role in the city’s economy and is undergoing investment in the planned streetscaping project.
Local manufacturers partner with Keene State College to develop workforce, for example Lehnen Industrial Services Lab (“Lehnen Lab”).
Hannah Grimes Center for Entrepreneurship: Incubator program, 1:1 business coaching, marketplace to support local businesses, etc.
Radically Rural – Annual summit, Radically Rural Biotech (national rural biotech network).
Greater Monadnock Collaborative – regional branding, network and resource hub, and advocate for the region’s business community.
Are we missing anything? Let us know in the comments below!

What the Community Survey Results Show:

Under the Economic and Built Environment topics in the Community Survey, 84% of respondents identified encouraging and attracting desirable businesses and 81% identified developing more local employment opportunities as important to shaping the future of Keene.
Keene’s beautiful environment and outdoor recreation opportunities are a significant draw for visitors and residents alike. Under the Environmental and Landscape topics in the Community Survey, 82% identified preserving lands for habitat and recreation and 79% identified creating and protecting open and green space as important to shaping the future of Keene.
A thriving economy is dependent on basic amenities in a community. Under the Community and Social Fabric topics in the Community Survey, 85% identified continued support for quality schools and 83% identified ensuring community safety and security as important to shaping the future of Keene.

What the Community Snapshot Highlights:

Approximately 1,370 businesses call Keene home, and more than 17,000 people work in the city. Keene sits as the densest employment cluster in Cheshire County, accounting for more than half of the jobs in the county overall.
The top industries in Keene include retail; service-oriented businesses; healthcare and social assistance; and professional, scientific, and technical services. These four sectors make up almost half of the businesses in the city.
Keene’s households are earning more on average than in 2010 even when adjusted for inflation. Educational attainment rates for bachelor’s and advanced degrees have also increased substantially over the years. Approximately 44% of the population over 25 have a bachelor’s or advanced degree, trending higher than Cheshire County and the state.

Consultant's Insights and Potential Trade-Offs:

Healthy economies are often balanced economies, offering a diversity of industries, businesses, and employment opportunities. When planning for Keene’s future economy, it will be essential to balance both focus on the city’s large institutions and enterprises as well as the small businesses that offer both the loved charm of Keene and entrepreneurial opportunities.
Keene currently has an above-average rate of residents who live and work in the city, compared to many communities that rely on outside workers coming into the city for jobs or cities where residents flock elsewhere for employment opportunities. This high share of people who live and work in Keene helps create the strong sense of community that’s present throughout the city. (“The Power of Proximity: Making the Case for Living Where You Work“)
When preparing for the future of Keene’s economy, it will be critical to consider whether Keene’s current industries and businesses are “future-ready” or if bringing new industries into the city will be important. There may be trade-offs when thinking about business attraction strategies versus retention strategies.
The downtown and main street businesses in Keene offer a great variety of locally owned enterprises. These bring a rich set of experiences to these important business nodes. As part of the Comprehensive Master Planning work, it will be essential to explore how and where these local business areas can expand.
The larger employers in Keene provide an important backbone and stability to the local economy. These existing businesses need to be supported, and larger ventures encouraged to come and grow in Keene. The community value proposition must reflect its appeal to important economic sectors, as well as the quality of life for residents.

Keene is a community that is attractive to many people. Knowing that there are a range of views on this topic, we are keen to hear your comments about the future trajectory of the city.

What do you think would be the ideal economic development strategies that could create the best overall outcome for Keene?

We would love to hear your thoughts!

2 Comments

I know that many of the economic issues Keene faces are echelons above the city scope, but we can do our part, and I think that the most important and, indeed, the most sustainable first step is to prioritize the incubation and long-term success of small, local businesses. Unlike larger retailers, these small businesses keep Keene’s money in Keene, which allows our community to thrive and also insulates us, if not entirely, at least significantly, from the pitfalls of the larger market.

I agree with Sparky and attraction of younger folks with entrepreneurial mindsets can help drive a small business economy!

MORE INFORMATION

For more information about the Keene Comprehensive Master Plan Project, please contact:

Mari Brunner, Senior Planner
City of Keene
3 Washington Street
Keene, NH 03431
(603)352-5440
mbrunner@keenenh.gov

David Beurle
Chief Executive Officer
Future iQ
(612)757-9190
david@future-iq.com

Learn more about Future iQ

Future iQ® provides customized research and planning services to governments, communities, corporations and industry groups. Please contact us to discuss our services.

Pillar 2: Thriving Economy