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Quarterly Economic Report—September 1999
by George Rafael, chief economist
REGIONAL JOB GROWTH NEARS CAMPAIGN GOAL
Total net job growth in the St. Louis region since January 1995 has reached 83,200. This puts the Campaign For A Greater St. Louis’ goal of 100,000 net new jobs by the end of the year 2000 ahead of target by 9,000 jobs or 12 percent.
The numbers represent an increase of 7,800 jobs to date in 1999.
In recent years, the St. Louis region has seen employment grow at a much faster rate than in the first half of the decade. From 1989 to 1994, annual employment growth averaged just under 1.0 percent. Since 1995, that rate has increased to over 1.6 percent.
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NATIONAL PUBLICATIONS RECOGNIZE ST. LOUIS AS A HOT SPOT FOR HIGH-TECH AND ENTREPRENEURIAL DEVELOPMENT
Two national publications spotlighted the entrepreneurial prowess of the St. Louis region in recent articles.
The July 5 edition of Forbes magazine carried a feature article on the growth of the St. Louis region’s entrepreneurial economy.
Forbes senior editor Tom Post spent five days in St. Louis recently after being invited in a New York visit by the St. Louis Regional Commerce and Growth Association (RCGA) and the Civic Ventures Investment Fund minority business lending organization to discover the region’s entrepreneurial boom first hand. The six-page feature story, Yes, There Is A Pulse, examines the region’s continuing success to reinvent itself and diversify following decades of out-migration of people and jobs.
The Forbes article spotlights the new entrepreneurial spirit blazing through St. Louis and outlines how these new businesses have impacted the local economy and job growth. According to the Missouri Department of Employment Security, 86% of the jobs generated in the St. Louis region since 1989 have come from small and mid-size businesses.
In another article, the region was featured as a hotbed for telecommunications start-ups. Telephony magazine, a trade publication for the telecommunications industry, showcased St. Louis as a place for the creation and growth of telecom companies. The story was featured in the magazine’s supplement Upstart.
The cover story in Upstart by writer Sarah Schmelling focuses on veteran St. Louis-based telecommunications entrepreneur Bob Brooks, founder of such highly successful companies as CenCom Cable and Brooks Fiber. Schmelling notes, “Believe it or not, St. Louis has fueled the creation of a surprisingly large crop of splashy new telecom carriers with a wide range of services. Wireless Internet. Internet backbone provisioning. High-speed access. Any service that can’t be described as plain and old. Bob Brooks has been a big part of this.” The article also features interviews with key executives of St. Louis-based telecom companies, such as Digital Broadcast Network (DBN), WorkNet, Gabriel Communications, and Savvis. Jim Roberts of DBN notes, “St. Louis is becoming the hub for the digital railroad.”
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ILLINOIS FIRST TO PROVIDE SIGNIFICANT FUNDING FOR THE REGION’S INFRASTRUCTURE
The St. Louis region will see significant public investment through the Illinois FIRST plan recently approved. Illinois FIRST is Governor George Ryan’s five-year, $12 billion, comprehensive infrastructure improvement program. It delivers financing for projects such as roads, bridges, mass transit, and schools among others.
Of the $12 billion, more than $1 billion is anticipated to be invested in the St. Louis region. Projects to receive funding include engineering work on the Mississippi River Bridge; six-lane construction on I-64; the Alton by-pass connection for I-255; East St. Louis Housing Project; MetroLink extension, and I-67 corridor construction.
MCI WORLDCOM CALLS ON THE ST. LOUIS REGION FOR NEW FACILITY
MCI Worldcom has announced plans for a major new investment in the St. Louis region. The company will build a regional hub in Weldon Spring and consolidate its operations there. The new facility will consist of three buildings totalling more than 380,000 square feet.
The project will generate an investment of over $50 million, initially adding 1,400 new workers to MCI’s current employment base in the region, and eventually growing to 4,000 jobs in the years ahead. Not only will the initial 1,400 new MCI WorldCom jobs be a plus, but an analysis indicates that another 2,500 jobs will be created by the MCI WorldCom jobs themselves, bringing to 3,900 the aggregate job impact of the decision.
EAGLE ONE HAS LANDED IN ST. LOUIS
Eagle One Aviation has announced that it will create an aircraft conversion and maintenance facility at the St. Louis Regional Airport in Bethalto, Ill., in Madison County. The facility will employ 300 to 350 individuals with the potential of increasing their work force further in the future.
The company, which will invest $15 million in the operation, selected the St. Louis region for several reasons including the existing airport facilities and the availability of a highly-skilled labor force.
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