New Strategy Hopes to Rearrange Regional Pieces Into a Vibrant Whole

A tectonic shift is underway in how the St. Louis region pursues economic development--a strategy that may be a real "game changer" in how region partners work together to build economic vitality.

Steve Johnson, Senior Vice President for the St. Louis Regional Chamber & Growth Association previewed an ongoing revision of RCGA's Economic Development Strategic Plan today for members of the Greater St. Louis Economic Development Network.  The Network affiliates more than 100 economic development agencies at the state, county and city levels in both Missouri and Illinois--including the City of Columbia.

Johnson began by itemizing the lessons that RCGA has learned while pursuing previous strategic plans over the past decade:

• The region needs to continue to overcome "knockout factors" like a slow growth rate and relatively low levels of educational attainment;
• When regional partners come together as they are designed to do, the region wins deals;
• The region struggles to compete for general manufacturing jobs, so efforts should focus on attracting those manufacturers that already have direct ties;
• Neither Missouri nor Illinois is competitive with other, neighboring states;
• Lack of access to capital remains a major impediment to business growth and--since neither state is likely to address this challenge--it must become a regional initiative;
• The region needs to address its need for talent as an economic driver;
• The region must work together as a region.

How can Greater St. Louis build upon this environment to be consistently ranked among the top ten of the twenty largest metro areas in terms of economic vitality?  The conversation is still continuing, but Johnson suggested four principles and five priorities that may shape the next strategic plan for the region.

Four Principles:

1. Balance recruitment, retention/expansion, and innovation;
2. Recapture the region's relevance as a center for commerce, transportation and distribution;
3. Achieve a purposeful alignment of supply and demand for talent;
4. Be regional in scope and highly collaborative.

Five Priorities:

1. Support growth in key industry sectors (e.g., financial & information services, medical science & services, advance manufacturing for aerospace & defense);
2. Target marketing & recruitment efforts;
3. Increase the rate of start-up ventures;
4. Better leverage all transportation assets;
5. Address talent as a strategic imperative.