Just a quick research session into the economic situation in the city of Springfield
proper will yield some grim results. The city itself, once prosperous, has seen
a steady decline over the past half dozen decades as manufacturing has moved
out. City planners did little to expand the industry sectors that made up the
economy of Springfield, thus there has been little opportunity for any sector
to fill the void. The downtown core of the city in particular is suffering;
rows of houses and developments stand empty, a marked contrast to the Markham
real estate picture slightly to the north over Lake Ontario.
Despite the grim present, however, the fortunes of the city of Springfield
could yet turnaround. While retail and manufacturing sectors are continuing
to shrink, there are other sectors represented within the town. In fact, a few
of these businesses are major players in their respective industries. Let's
take a look at these building block companies that may prove to be the foundation
on which a brighter future is created in Springfield.
Massachusetts Mutual Life Insurance Company is not just a Fortune 500 company;
it is the largest F 500 company in the state. Good growth prospects, a need
for qualified employees and outside money all help make this business a shining
light.
Plotkin and Associates is the largest commercial mortgage and real estate firm
in the valley, and is headquartered right in downtown Springfield. That kind
of presence bodes well indeed for the fortunes of Springfield's downtown.
It's a company that is known to be on the cutting edge, using everything
from the latest real estate websites to other Internet tactics in order to sell
real estate in the area.
The American Hockey League is also headquartered in Springfield. This league
will be familiar to most owners of London ON real estate, as it is the main
farm league for most of the 30 National Hockey League franchises. It's
where prospects are sent to develop, and is a lucrative business unto itself.
While it is common knowledge in Canada that a Canadian invented basketball,
you won't find the rights to the game registered with a Canada trademark
office. The game was developed by an expat who lived in Springfield. Today,
the city's contribution to the game is marked by the presence of the Basketball
Hall of Fame, one of the major tourist attractions of the city.
Smith and Wesson, one of the most famous gun manufacturing companies in the
world, also has its headquarters based in Springfield, as does Indian manufacturing
company, who built America's first motorbikes.
Finally, Springfield itself is partnered with Hartford Connecticut to form
the Knowledge Corridor, one of the most important areas for upper education
in all of New England. Combined with the presence of the aforementioned companies
and others besides, it could well be that the recruitment potential of the area
and the established economic interests will help turn the fortunes of this city
around.
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