|
 |
|
|
 
In the economy of the 21st century, economic growth will increasingly
be based on new ideas and intellectual properties, rather than on
more tangible physical assets. So a nation, state or metropolitan
area will need to produce new ideas and commercialize them in order
to grow economically.
Innovation isn’t always cheap. Frequently, both private firms and
public institutions can be skeptical about investments in research
and development, especially when there isn’t a clear payoff in the
short term. Although R & D investments can be expensive, they can
also be essential to the long-term growth of both firms and metropolitan
areas.
Fortunately, greater St. Louis has a variety of public and private
mechanisms for research and development investments. The region
is home to universities, business incubators and private companies
that have a big stake in research and development.
The regions’ four major research universities (the University of
Missouri–St. Louis, Southern Illinois University–Edwardsville, Saint
Louis University, and Washington University) are all involved in
a variety of medical and scientific research. These four universities
have made the region a magnet for federal research dollars, especially
relative to other Mid-western metropolitan areas.
What’s even more impressive is that the amount of money that local
universities have spent on science and engineering research has
increased by 67 percent between 1995 and 2000. And the amount that
the four universities spend on life science research increased by
nearly 75 percent — a testimony to the strength of the region’s
BioBelt. A recent report by the Brookings Institution identified
St. Louis as one of only 13 US metropolitan areas with a significant
research concentration in biotechnology.
The region has other idea-producing institutions besides universities,
though. The Donald Danforth Plant Science Center is a unique facility,
and the premier plant research institute in the world. Other organizations,
like the Center for Emerging Technology and the Nidus Center, help
small firms to both develop ideas and to commercialize them. And
the region’s larger firms, such as the region’s largest manufacturing
employer, Boeing, or Monsanto are companies whose future depends
on their ability to generate new ideas and turn them into innovative
products.
The presence of these institutions speaks volumes about St. Louis’
potential in the 21st century economy. Given the high concentration
of research and development assets, St. Louis’ long-term future
looks bright.
Back on track — Slowly.
As bright as our long-term future looks, our short-term job growth
is still a little sluggish. The nation and region are most likely
out of recession, but through the spring, job growth has been tepid.
Locally, according to the U.S. Bureau of Labor Statistics, employment
rose slightly during February, March, April, and May. But we didn’t
see the rate of growth we’d like to see, and we’re still slightly
below year-ago levels. It’s important to remember that as we emerge
from a recession, firms will typically wait until they’re sure of
recovery before adding workers. Unfortunately, the current economic
climate makes it difficult to be sure about anything. Once firms
see some profit recovery, they’ll need to hire workers, but uncertainty
in financial and consumer markets will make firms reluctant to make
both labor and capital investments until they know for sure that
they need it.
|
|
|
|
|
-
- - - - - - - - - - -
- - - - - -
-
- - - - - - - - - - -
- - - - - -
-
- - - - - - - - - - -
- - - - - -
-
- - - - - - - - - - -
- - - - - -
|
