Spencer is a village that is located in Spencer Township with a population of approximately 2,419.
The Village of Spencer and Spencer Township have a Cooperative Economic Development Agreement (CEDA) which is 68 acres that is now the village's light industrial zoned industrial park. A Lorain-Medina Rural Development Company project, the annexed land will benefit from the village's water and sewer services.
The community has an active Economic Development Committee working on developing new businesses and encouraging the growth and redevelopment of its quaint downtown.