When jobs are scarce, it’s time to create some new ones. An economic development expert has told state lawmakers Missouri needs to be more aggressive in the job-creation marketplace.
Executive Director Christopher Chung with the Missouri Partnership economic development organization says most economists believe 80 percent of job growth comes from existing businesses. But the greatest impact on a state’s business image comes from recruiting new companies that generate 20 percent of the new jobs.
He tells state senators Missouri must put more resources into becoming more visible in the business recruitment market.
"Missouri is a state that doesn’t so much suffer from a negative perception as it suffers from a lack of a perception and that’s especially true in business investment," he tells a group of state senators who will consider economic development legislation this year.
Chung cites a survey of one-thousand company executives on the factors that influence their decisions to make new business investment: highway accessibility is at the top. Costs, quality, and skills of labor, energy costs and availability all rank ahead of tax rates and incentives. Environmental regulation, proximity of customers, and availability of real estate round out the top ten.
He says Missouri needs a consistent, compelling, frequent marketing message on why Missouri is a good place to do business.