Economy & Innovation

Drought
6:00 am
Mon January 14, 2013

Low Water, High Anxiety On The River

Dave Heyel, chief financial officer of JB Marine Service in south St. Louis County, stands in front of the company's floating office that now sits completely out of the water.
Tim Lloyd St. Louis Public Radio

It seems like we’re constantly hearing about how the worst drought in decades is threatening barge shipping on the Mississippi River. 

One day we’re facing a shutdown, the next day they say commerce will keep rolling on the river.  

Here’s the latest: The Army Corp of Engineers says it’s done enough work to keep the waterway open until the end of this month.   

After that, though, no one is making any promises, and that uncertainty is giving the shipping industry a lingering headache and could end up with local companies cutting jobs.   

Read more
Commentary
5:33 am
Mon January 14, 2013

TIF Financing Hurts Communities By Forsaking Crucial Property Taxes For Sales Taxes

David Stokes / Policy Analyst, Show-Me Institute
Show-Me Institute

Shrewsbury is the latest city within Saint Louis County to consider Tax Increment Financing (known as TIFs) to subsidize a new Walmart. TIFs have been ravaging our region for twenty years, despite strong evidence they don’t help the economy. A study of TIF use in Chicago suburbs found that cities that did not use TIF grew faster than those that did, while a study of TIF in Iowa found no evidence of economy-wide benefits from its use.

Read more
Business
5:26 pm
Fri January 11, 2013

'Arch Tax' Approved By St. Louis Board Of Aldermen

Credit AP

A tax to generate funds to improve the Gateway Arch, as well regional parks and trails took a step forward in the St. Louis Board of Aldermen on Friday.

The so-called “Arch Tax” creates a 3/16th cent sales tax.  If approved by voters in St. Louis City and County the tax would raise $120 million for the Arch grounds.

It would also raise about $600 million for city and county parks as well as the Great Rivers Greenway park and trail district.

The bill passed overwhelmingly with 24 in favor, 3 against and 1 “present” vote.

Read more
St. Louis County
9:47 am
Fri January 11, 2013

Shrewsbury Commission Opposes Subsidies For Walmart

(via Flickr/Walmart Corporate)

The Tax Increment Financing Commission of a St. Louis County town is opposing $15 million in subsidies for  a planned Walmart Super Center, but the project might still get the go-ahead.

The St. Louis Post-Dispatch reports the issue is generating strong feelings in Shrewsbury, where more than 200 people attended a commission meeting Wednesday night. Though the commission denied a recommendation for the subsidies, the Board of Aldermen will ultimately have final say, and many expect the board to override the commission.

Read more
Business
1:07 pm
Wed January 9, 2013

Work In St. Louis? List Says You Should Be Happy About It

(via Flickr/Jessica.Tam)

Forbes has posted a list of the "Happiest And Unhappiest Cities To Work In Right Now" - with St. Louis in the mix.

Our Gateway City sits at number 9 on the positive side, between Trenton, N.J. and Salt Lake City.

Forbes reports that CareerBliss.com put the list together and that over 36,000 independent employee reviews were analyzed for the rankings.

Here's more about the methodology from Forbes:

Read more
Business
7:55 am
Tue January 8, 2013

Monsanto Income Triples Due To Biotech Corn Expansion

Credit (St. Louis Public Radio)

Monsanto says its net income nearly tripled in the agricultural products company's first quarter as sales of its biotech corn seeds expanded in Latin American countries.

The company, which is based in St. Louis, is also raising its profit guidance for the year, and shares are up 4 percent in premarket trading. Monsanto said Tuesday that it earned $339 million, or 63 cents per share, in the three months ended November 30, from $126 million, or 23 cents per share, in last year's quarter.

Read more
Missouri revenues
5:38 pm
Fri January 4, 2013

Missouri Revenues Grow During First Half Of FY2013

flickr/yomanimus

While 2013 began just a few days ago, Missouri's Fiscal Year is now half-over, and so far officials say it's been a good one.


The latest numbers from Governor Jay Nixon's Budget Office show a 7.9 percent increase in revenue collections from July to December, as compared to the same 6-month period a year ago. 


At that time, the Show-Me State had collected around $3.49 billion in revenues.  A year later, collections stand at $3.77 billion.  Budget Director Linda Luebbering credits an improved economy.
Read more
Drought
12:38 pm
Fri January 4, 2013

Army Corps Tamps Down Barge Worries On Mississippi

The USS Inaugural minesweeper, lays on its side exposed on a sand bar on the Mississippi River south of St. Louis on December 7, 2012.
Credit UPI/Bill Greenblatt

Updated at 2:20 pm with comments from Gov. Jay Nixon.

Federal officials say they're confident that they'll be able to keep a crucial stretch of the drought-starved Mississippi River open to barge traffic and avoid a shipping shutdown that the industry fears is imminent.

Read more
Business
8:27 am
Fri January 4, 2013

Clayco To Move Headquarters to Chicago

Credit Clayco

Update 1:00 with comments from St. Louis Mayor Francis Slay.

A design, engineering, architecture and construction firm is moving its corporate headquarters from St. Louis to Chicago.

Chicago Mayor Rahm Emanuel's office says Clayco's decision to relocate its headquarters will create about 300 new jobs in Chicago in the next few years. Clayco already has 280 employees in the Chicago area. The company plans to keep its office in St. Louis and no layoffs are planned.

Read more
Economy
8:15 am
Thu January 3, 2013

Drought Concerns Remain For Barge Industry

Credit (via Flickr/The Confluence)

The barge industry again raised concerns Wednesday about the impact low water levels on the Mississippi River will have on shipping.

According to a new report from American Waterways Operators, low water could affect more than 8,000 jobs along the river. The group's spokeswoman, Ann McCulloch, says the situation isn't expected to improve any time soon.

"We're definitely worried about the immediate impact if commerce is severely impaired," said McCulloch.  "We're at that stage already and at this point it can only get worse."

Read more

Pages