From the Governor
“Foreign businesses with direct investment in Missouri have the same skilled workforce and accessible infrastructure needs as our Missouri business owners. This year’s legislative achievements related to these issues will help companies, Missouri or foreign owned, continue to expand and invest in our state.” —Gov. Mike Parson
Moving Up in the Midwest
Manufacturing and agriculture are driving the economy of the Show Me State with notable expansions and groundbreakings in the past year. Amazon is currently constructing a fulfillment center and 1,500 new jobs in the city of St. Peters, and Quaker Window Products announced in October 2018 a $65 million investment over the next 10 years to expand their operations in Eldon. Square, Ford Motor Company, Bunge, Bayer, and Briggs & Stratton have also announced recent investments.
Dept. of Economic Development
Missouri Works: Offers access to capital through withholdings or tax credits to embark on facility expansions and create jobs.
Missouri One Start: A new tool to help businesses recruit, onboard, and train large numbers of job applicants during major expansions through customized training solutions.
Missouri Works: Automotive: Helps retain automotive jobs by granting up to $5 million in annual tax credits to automotive manufacturers that invest $500 million or more in plant upgrades.
BUILD Program: Offers financial incentives, including low interest loans, for the location or expansion of large business projects through the issuance of tax-exempt revenue bonds.
Missouri Works: Deal Closing Fund: A negotiating tool to close deals by granting tax credits up front during a business expansion, rather than over a multi-year period.
Missouri Department of Economic Development: ded.mo.gov
Missouri Partnership: missouripartnership.com
Economic Development Corporation of Kansas City: edckc.com
St. Louis Economic Development Partnership: stlpartnership.com
Highlighted Program or Initiative
Senate Bill 68, which was signed into law in July 2019, includes four key pieces of workforce and economic development legislation designed to meet employer needs.
- Amazon announced in March 2018 that it will build a $240 million fulfillment center and hire 1,500 workers in St. Peters.
- Square Inc. announced in March 2018 it will double its footprint in St. Louis and create an additional 300 jobs.
- Ford Motor company announced in November 2018 267 new jobs and a $111 million expansion of its assembly plant in Liberty.
- Bayer’s North American Crop Sciences Division announced in July 2019 it will invest $164 million and locate 500 new jobs paying an average wage of $110,000 per year in Creve Coeur.
- Bunge announced in August 2019 it will relocate its headquarters from New York to St. Louis.
- Briggs & Stratton announced in August 2019, more than 130 new jobs and an expansion of its facility in Poplar Bluff.
10 Fortune 500 companies headquartered in the state:
Reinsurance Group of America
“Square is proud to be from St. Louis and thrilled to expand our presence here, where we’ve exceeded our growth expectations thanks to the wealth of local talent.” –Jim McKelvey, Co-founder, Square
“Missouri is perfectly positioned at the intersection of the east-west and north-south shipping corridors. We can ship products anywhere in the U.S. in a couple of days and eliminate a lot of waste in rent and taxes. This strategic location and cost savings will allow us to innovate, invest in our people and increase our competitiveness in the marketplace.” –Dan Foust, BH North America
“Strategically positioning this micro-mill in Sedalia will give us a sustained cost advantage over other domestic steel producers supplying rebar from outside the region.” –John Ferriola, CEO, Nucor