Council Recap: Economic Development Strategic Plan adopted

Published on August 12, 2026

At their Tuesday, Aug. 11 meeting, the Lakewood City Council adopted a new Economic Development Strategic Plan to guide the city’s efforts to strengthen the local economy through 2030.

Developed following analysis and outreach with businesses, property owners, developers, residents, educational institutions and regional economic development partners, the plan focuses on five major areas: real estate investment; business attraction and retention; workforce development; targeted industry growth; and quality-of-life improvements.

The plan provides a coordinated framework for pursuing economic development opportunities. Potential strategies include addressing challenges facing existing businesses, improving efforts to attract new businesses, streamlining permitting processes where possible and reinvesting in commercial properties and corridors.

It also calls for strengthening partnerships with Long Beach City College, Cal State Long Beach and workforce agencies, such as SELACO - Southeast Los Angeles County Workforce Development Board, to better connect training programs with industries and employment opportunities.

City officials emphasized that adoption of the plan does not automatically authorize every project or commit funding to all of its recommendations. Some strategies may be easier to implement, while others will require further analysis of feasibility, cost and funding and could return to the City Council for separate consideration.

One potential funding tool is Lakewood’s existing Enhanced Infrastructure Financing District, or EIFD, which allows a portion of future growth in property tax revenue within the district to be reinvested in infrastructure and economic development projects without creating a new tax.

City Manager Thaddeus McCormack shares, “The overall goal is to keep Lakewood economically strong and competitive while ensuring future investment continues to support the quality of life residents expect.”

The plan also recommends creating an Economic Development Task Force Working Group to provide to help facilitate and implement the Economic Development Strategic Plan and discuss strategies for business attraction/retention, among other things.