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Talk about
a bonus: 1998 saw the successful conclusion of nearly two years
of negotiations to keep MasterCard’s Global Technology and Operations
center in the St. Louis region. At the time, representatives from
the state, the Economic Development Center of St. Charles County,
the city of O’Fallon, McEagle Development and the RCGA thought we
were working to retain 1,000 well paying jobs, with the possibility
of adding 500 more.
Steve Taylor, the RCGA’s chief economist at the time, calculated
that the total economic impact on the region would total $306 million
in annual business revenue, based on 1,000 jobs.
In this month’s cover story, reporter Kevin Kipp notes that employment
at the GTO center at WingHaven in O’Fallon now stands at 1,700—almost
double the jobs we thought we had saved for the region. Given that
higher level of employment, Taylor’s successor, Bryan Bezold, estimates
the total economic impact of MasterCard is closer to $741 million.
The 1,700 jobs at MasterCard indirectly support another 2,500 jobs
throughout the region. Bezold further estimates that the presence
of MasterCard increases personal income in the region by $200 million
and state and local tax revenue by $19 million annually; the average
salary at MasterCard is $68,000.
Results like these illustrate how intra-regional cooperation brings
home the winners. No entity is an island, and the so-far-so-good
news at the Ford plant in Hazelwood reinforces how success is achieved
when local, county, state, and business organizations like the RCGA,
line up on the same side of the ball.
You will also read how the MasterCard facility in O’Fallon is responsible
for generating two-thirds of the company’s revenue.
Profiling regional high-tech star Brenda Newberry this month, writer
Pam Droog continues the MasterCard theme, where Newberry advanced
to corporate vice president before starting her own firm, the Newberry
Group in 1996. She is also a veteran of the United States Air Force,
an alumna of McDonnell Douglas and holds an advanced degree from
our own Webster University.
The company she started with $1,000 now employs more than 100, with
six offices throughout the world. For its performance, The Newberry
Group earned recognition as the second fastest growing tech company
in the 2003 St. Louis Regional Technology Top 50 awards.
In financial news, Kipp also explores and compares how Enterprise
Bank, Missouri State Bank and Wells Fargo Bank have responded to
interest rates’ historic lows of the past few years.
Rounding out this issue, Peter Downs visits the virtues of the St.
Louis loft district and William Poe plates up a three-course story
on new restaurants in town.
As always, we welcome your feedback on this issue of St. Louis
Commerce Magazine and invite your suggestions for future story
ideas.
RICHARD C.D. FLEMING
President and Chief Executive Officer
St. Louis Regional Chamber and Growth Association
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