Economy & Innovation

News about the economy, business, and innovation happening in the St. Louis region.

Arcade Apartments, Arcade Building
(courtesy of Missouri History Museum, St. Louis)

Updated Friday, Dec. 11, 5 p.m. Developers say that construction is complete on the Arcade Apartments. Construction crews wrapped up their work last week and the first residents have moved in.

Jeff Huggett, a developer at Dominuim, says more than 100 of the apartments have been reserved. In a statement, he says the Arcade Building project is the largest apartment renovation in St. Louis in decades.

Our original story:

The Arcade Building in downtown St. Louis is set to reopen in December for the first time since it closed in 1978.

(Maria Altman, St. Louis Public Radio)

They weren’t fastballs, but there was a lot of pitching at Busch Stadium on Thursday.

The founders of four sports startups threw their best stuff at investors gathered inside the ballpark. It was Stadia Ventures first demo day.

The St. Louis-based accelerator offers 10-week mentorship for sports entrepreneurs and investments of up to $100,000. Co-founder Art Chou said it’s the right city for the sports innovation hub.

(Maria Altman | St. Louis Public Radio)

Developer Paul McKee owns the lion’s share of the land within the proposed north St. Louis site for the National Geospatial-Intelligence Agency.

Kelly Moffitt | St. Louis Public Radio

This past June, 33 Veterans Court Technology Clinic students and supporters watched as seven of their colleagues took part in the clinic’s first formal graduation ceremony. The clinic is part of a special drug court in St. Louis that provides an alternative to incarceration for veterans. It provides job skills for participants in the program.

Security guards at the Callaway nuclear power plant near Fulton warn they could go on strike if they don’t reach a contract agreement with Ameren Missouri.

The United Government Security Officers of America Local 11 represents 91 security officers at Missouri’s only nuclear power plant. They’ve been on a month-to-month contract since rejecting an agreement with Ameren Missouri in July.

Rep. Lacy Clay
St. Louis Public Radio

A formal rollout of a federal initiative that could help revitalize some of the poorest sections of north St. Louis County and city is expected next month.

America's Central Port

The forecast for 2016 in Madison County and the St. Louis region’s newly-created freight district includes 9,600 feet of rail track, 1 million cubic yards of dirt and 8,000 cubic yards of concrete — and the sound of barge horns. The South Harbor at America’s Central Port was recently christened and is set to open in 2016 — with an expected increase in commodities flow by 25 percent.

(Maria Altman, St. Louis Public Radio)

Cyber security has become a major initiative of the Pentagon.

As part of that initiative, Scott Air Force Base has a new cyberspace operations group that will eventually include 300 new jobs. The 688th Cyberspace Wing activated the group on Tuesday.

Colonel Roger Vrooman also became the new commander of the group during Tuesday's activation ceremony. He later told members of the media that he worries about cyber attacks that aren’t detected.

Monsanto
St. Louis Public Radio

Monsanto, a global agricultural company headquartered in St. Louis, says it is taking a leadership role as the sector deals with climate change.

Monsanto plans to make all operations carbon neutral by 2021.

Chief Executive Officer Hugh Grant says essentially the company wants all of its systems to store, offset or sequester as much carbon as they release.

“When the beginning and the end match up and you are at net-neutrality, that’s the definition of a good day, I think.”

(St. Louis Public Radio)

The coal industry continues to adjust to economic realities. Peabody Energy has announced a deal to sell assets in Colorado and New Mexico, while Arch Coal is suggesting that a bankruptcy filing may be in order.  Tracking the sector can be a challenge, so we have put together a snapshot of some major players and their ties to the St. Louis region.

Courtesy of the Illinois Farm Bureau

Hopefully you got your fill of pumpkin pie on Thanksgiving. It may be your last until next fall.

Canned pumpkin supplies are expected to run out after the holiday. This year’s yield was down by about half in Illinois, where 90 percent of the crop for canned pumpkin is produced.

Provided | Arch Grants

The St. Louis business incubator founded to attract and keep entrepreneurs in the region seems to be delivering on its premise.

The majority of Arch Grant recipients are staying in St. Louis after the year-long requirement that is a condition of the $50,000 grant.

Granite City Steel Mill
Davd Schaper|NPR

Updated at 1 p.m., November 24, 2015, to include comments from a union representative:

Dave Dowling, the sub district director for the United Steelworkers union, says he doesn't expect to know the date of the plant's idling for about two weeks.

(Maria Altman, St. Louis Public Radio)

An 86-mile stretch of levees along the Mississippi River was a source of hand-wringing from Alton to Columbia, Illinois, back in 2007.

Now local officials speak with pride about the work to improve the levee system.

The teen area of the newly renovated Indian Trails library branch, which is reopening on Monday, Nov. 23, 2015.
Provided | St. Louis County Library

Some St. Louis County library patrons may soon have to temporarily switch branches. The library system is in the process of opening or re-opening six locations while closing another five for renovations.

East St. Louis officials gather for a press conference in the mayor's office Nov. 20, 2015.
Camille Phillips | St. Louis Public Radio

East St. Louis officials are looking to the state and the banks to avoid having to ask city employees to work without pay in January.

At a news conference convened by the mayor Friday evening, City Manager Alvin Parks said “there is a distinct possibility” of payless paydays after Dec. 30.

(Maria Altman|St. Louis Public Radio)

When the Starbucks in Ferguson opens in the spring, it will be more than a new coffee place.

Getting a Starbucks is a big deal for the small city that saw several businesses go up in flames in the aftermath of Michael Brown’s death in 2014.

"There’s probably that belief in some people’s minds that people would be hesitant to make an investment along West Florissant or an investment in north county," said Ferguson Mayor James Knowles. "The fact that Starbucks has stepped up to do that, we’re very excited and very appreciative."

Wayne Pratt|St. Louis Public Radio

Updated 1:45 p.m., Nov. 16 with revised Illinois proposal - Metro East officials are sweetening their offer to attract a federal spy agency and its roughly 3,000 workers. St. Clair County officials said Monday that they are adding 200 acres to its proposal for the National Geospatial-Intelligence Agency.

Athrasher | Flickr

St. Louis area banks are becoming more accessible to low-income and minority neighborhoods. That’s according to a new report released by the St. Louis Equal Housing and Community Reinvestment Alliance.

In a survey of 23 banks, the alliance found that St. Louis banks have added at least seven branches in low-income or minority neighborhoods in the past three years. The banks have also made at least $2.4 billion in development loans and investments since 2012, earmarked for people and communities that don’t have much money.

Arch Grants Blue logo
Provided | Arch Grants

Eleven more startups are receiving Arch Grants Thursday. In exchange for locating in St. Louis, the businesses will receive $50,000 and a year of support in areas ranging from accounting to marketing.

Some companies receiving the grants are already located in St. Louis, such as the recent Washington University and Saint Louis University graduates behind Chrona Sleep. Other companies are relocating, including two international companies.

Kelly Moffitt | St. Louis Public Radio

“How do you define development?” questioned Richard Baron, the Chairman and CEO of St. Louis-based for-profit community developer McCormack Baron Salazar, on Wednesday’s “St. Louis on the Air.”

Bevo fox on one of the old Anheuser-Busch buildings
Tom Nagel | St. Louis Beacon file photo

Updated 9:33 a.m. , Nov. 11 with announcement of formal offer -

Anheuser-Busch InBev has put forth a formal offer to takeover rival brewer SABMiller. The announcement follows word last month that the companies had an agreement in principle on a deal worth more than $100 billion.

In an effort to clear regulatory hurdles in the U.S., Molson Coors will buy out SABMiller's interest in a joint venture. That means A-B InBev, which brews Budweiser, will not own SABMiller's U.S. business or the global rights to the Miller brand.

Crews at the River City Business Park
Wayne Pratt | St. Louis Public Radio

Officials broke ground Tuesday for a project that could spark an economic revitalization in the Carondolet area of south St. Louis. River City Business Park, just north of River City Casino is a 54-acre property on the site of the former Carondolet Coke plant.

St. Louis Public Radio

St. Louis-based Peabody Energy is revising how it anticipates efforts to address climate change could affect the company's bottom line.

Boeing FA-18 Super Hornet
Mass Communication Specialist Seaman Stephen G. Hale II | U.S. Navy

Updated 1:33 p.m., Feb. 16 with rejection of protest -  Boeing is considering its options following the denial of a protest over the military's decision to award a lucrative contract to a rival contractor. The U.S. Government Accountability Office says it has found no issues with the Air Force’s move to award the contract for the Long Range Strike Bomber to Northrop Grumman. Boeing's St. Louis-based Defense, Space & Security division still claims the Air Force's evaluation of the competing proposal was "fundamentally and irreparably flawed."

The engineering, manufacturing and development phase of the deal is estimated to be worth more than $20 billion

 

John Gaal, director of training for the Carpenter's Regional Council, gives Charles McElroy a certificate for completing the BUD pre-apprenticeship program on Wed. Nov. 4, 2015.
Camille Phillips | St. Louis Public Radio

In October 2014, Corey Harris was unemployed and looking for work. Now he makes $33 an hour as an ironworker apprentice in St. Louis. He made the transition from out-of-work retail manager to a career in construction through a pre-apprenticeship program called Building Union Diversity, or BUD.

Harris graduated from the pilot session of BUD just before Thanksgiving 2014. He was indentured as an ironworker apprentice in December and started getting steady work in March 2015.

ConAgra Foods Logo
ConAgra Foods

ConAgra Foods is giving up on its St. Louis-based private brands unit after about three years. The Nebraska-based company is selling most of what it acquired in the 2013 Ralcorp deal to TreeHouse Foods in a $2.7 billion transaction.

(Illustration by Susannah Lohr, St. Louis Public Radio)

In May of last year, BioGenerator officials crunched the numbers and realized about a  dozen companies in their portfolio would need to raise $60 to $90 million in order to keep growing.

BioGenerator, which formed in 2003, is a sort of incubator for biotech companies in St. Louis, providing early stage funding and support for 65 companies to date.

Scarefest Haunted Houses

The National Retail Federation recently found that 157 million Americans will celebrate Halloween this year. Not impressed? That equates to over $6.9 billion in spending—on costumes, parties, candy and…wait for it…boo! Haunted houses. Nearly 20 percent of those 157 million will step foot in a haunted house this season alone.

(Maria Altman, St. Louis Public Radio)

A non-profit aimed at developing more programmers in St. Louis is launching a new center on the north side.

The LaunchCode Mentor Center will open its doors Thursday evening at 4811 Delmar Boulevard, in a former state unemployment office.

Center director Chris Bay said they hope to engage the surrounding Fountain Park neighborhood with the kickoff event.

"We want people to not just come and celebrate and see a ribbon being cut. We want people to interact," he said.

Pages