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Regional Unemployment Has Fallen during the Last Year;
Net Job Growth Nears 100,000 Goal
The
unemployment rate for the St. Louis Metropolitan Statistical Area
(MSA) has fallen to 2.8% as of April 2000. This in comparison
to a 3.8% unemployment rate in April 1999. Over this same
period, total employment has increased by more than 14,000
workers. Indeed, the local labor market is extremely ‘tight,’
meaning that there is a strong match between worker skills and
employer needs. Furthermore, the local unemployment rate of
2.8% for April 2000 is significantly lower than the national
unemployment rate for April 2000 of 3.9%.
The RCGA is close
to officially announcing the achievement of the Campaign for Greater
St. Louis’ five-year goal of creating 100,000 net new jobs.
Though the April employment numbers are preliminary, April 2000
total employment is estimated at 1,336,900 workers, which
tentatively pushes us above the campaign goal by 417 jobs. An
official announcement will be forthcoming as preliminary numbers are
confirmed by the Bureau of Labor Statistics.
Each
sector of the economy (with the exception of finance, insurance, and
real estate) has displayed improved performance regarding employment
during the last three months (February 2000 to April 2000) as
compared to the three months prior (November 1999 to January
2000). Construction, manufacturing, transportation, trade, and
services have each realized growth in employment over the most
recent three months, whereas each realized declining employment in
the three months prior to February 2000. Over the last six
months, total employment increased by 1,100 workers, with services
realizing the biggest gain (7,100).
According to the Missouri Division of Workforce
Development, the slight increase in manufacturing employment over
the last three months was due to gains in fabricated metal products,
primary metal industries, printing, and chemicals. Jobs in
recreational services increased in the last few months as amusement
parks and other warm-weather industries opened for the 2000
season. Highway construction and special trades produced most
of the job increases in construction.
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Home
Price Comparisons
Greater
St. Louis offers a wide variety of housing to choose from at
affordable prices. The median home price is $111,000. A
typical management transferee home—a 2,200-square-foot home with
four bedrooms, 2.5 baths, a family room, and two-car garage—can be
purchased at an average price of $142,833.
How st. louis ranks
According to a study recently
completed by Development Strategies, a consulting firm in St.
Louis, St. Louis received favorable rankings in many
categories. Some examples:
• Places Rated Almanac puts St.
Louis 56th of 351 regions, with our highest rankings being in
transportation (13th), the arts (18th), recreation (25th), and job
growth (57th);
• The Cleveland Federal Reserve
Bank rated St. Louis as the 2nd best location for hub airport
operation (behind Chicago);
• St. Louis has had the fifth
slowest rise in consumer prices of major metro areas in the U.S.
over the last 15 years;
• Sprint Communications ranked
St. Louis as the 34th most economically productive area of 313 metro
areas.
According to a study recently
completed by the Cincinnati Chamber of Commerce, St. Louis
ranked as follows in these categories among 20 U.S. cities:
• 10th in the number of life
science companies within the region;
• 11th in the overall rank of
critical success factors;
• 11th in effectiveness of
technology transfer;
• 6th in access to
transportation;
• 10th in industry
infrastructure;
• 8th in quality of
life;
• 5th
in commercial potential;
• 10th in access to capital
The cities in the comparison
included Atlanta, Baltimore, Birmingham, Charlotte, Cincinnati,
Cleveland, Columbus, Dayton, Houston, Indianapolis, Lexington,
Louisville, Milwaukee, Minneapolis, Nashville, Pittsburgh, Raleigh,
Salt Lake City, San Diego, Seattle and Toledo.
St. Louis Ranks 4th Lowest in Cost of
Living
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