Ingram's August 2022

DESTINATION MISSOURI BUSINESS CULTURE

Business Climate and Economic Conditions

IN A TIME OF NATIONAL ECONOMIC PERIL, MISSOURI IS POISED TO PUSH FORWARD.

As 2022 passes the halfway mark, an gry clouds gather over America’s econ omy. Most everywhere one looks are met rics that say the storm is coming. The Dow Jones Industrial Average? Down 10 per- cent since Jan. 1. Interest rates? Jacked three-quarters of a point by the Fed in its most recent meeting, with more increas es to come. Gasoline prices? Who really wants to talk about a 100 percent-plus surge since early 2021? The federal deficit? There is plenty more where that came from if you’re the type to punish yourself with pessimism. But one of the great things about America and our system of government is that we’re not a monolith; we’re a republic. Different states elect different types of politicians with different priorities. That’s how you get 50 separate eco nomies that make up one big economy. And within that group, one that stands out. It’s Missouri, where we have a $295.7 billion slice of the national GDP pie— about 1.5 percent of the nation’s $20.9 trillion total. The math purist might argue that Missouri’s share is below the 2 percent one might expect, based on the law of averages for 50 states. The law in this case, though, is misapplied. To appropriate some boxing termi nology, it is not the size of the fist that

Roots and STEM | Biosciences play an increasingly important role in the Missouri economy, and a leading edge of that is the Danforth Plant Science Center in St. Louis.

counts; what matters is the force of the punch. That is where the Show-Me State shines. Want to talk fiscal health? Missouri is one of just 13 states with the highest bond rates assigned by S&P Global (AAA), Moody’s (AAA), and Fitch (AAA). Want to talk unemployment rates? At just 3.1 percent in May 2022, we were closer to full employment than 30 other states. Crosstab those results, and you find that only five of those 12 other states with spotless bond rankings had better jobless numbers than Missouri. The point is, Missouri i s in better

shape than others to weather a down turn, and if historical data can be a guide, we’ll be among the last of the 10 Fed districts to fall into recession territory and among the first to pull out. Why do you suppose that is? A lot of it can be explained by the same factors that inspire nearly 6.2 million people to call this state home: plenty of career path ways through a highly diverse business ecosystem; excellent earnings potential, stellar quality of life, off-the-charts afford ability, outstanding colleges and school systems, and a nearly limitless appeal for those who want to get outdoors.

MISSOURI’S SEVEN THRIVING DISTRICTS

DISTRICT 1: NORTHWEST MISSOURI

DISTRICT 2: NORTHEAST MISSOURI

DISTRICT 3: KANSAS CITY AREA

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Counties: Andrew, Atchison, Caldwell, Carroll, Clinton, Daviess, DeKalb, Gentry, Grundy, Harrison, Holt, Livingston, Mercer, Nodaway, Worth District Population: 153,891 Biggest City (population): Maryville (11,997) Other Population Centers: Chillicothe, Cameron, Bethany, Savannah Major Employers: Kawasaki Motors, Northwest Missouri State University, Mosaic Life Care

Counties: Adair, Audrain, Chariton, Clark, Knox, Lewis, Linn, Macon, Marion, Monroe, Pike, Putnam, Ralls, Randolph, Schuyler, Scotland, Shelby, Sullivan District Population: 268,120 Biggest City (population): Kirksville (17,503) Other Population Centers: Hannibal, Moberly, Mexico, Macon Major Employers: Truman State Uni versity, KraftHeinz, A.T. Still University, Northeast Regional Medical Center

Counties: Buchanan, Cass, Clay, Jackson,Johnson, Lafayette, Pettis, Platte, Ray, Saline District Population: 1,407,308 Biggest City (population): Kansas City (486,404) Other Population Centers: Indepen dence, Lee’s Summit, St. Joseph, Blue Springs, Liberty Major Employers: Oracle Cerner, Saint Luke’s Health System, HCA Midwest Health, Ford Motor Co., Hallmark

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