Rebound seen in construction, exports, startups
Date Posted: July 28, 2015
Posted In: News,
From the St. Louis American: The St. Louis Economic Development Partnership’s annual report outlines major developments and trends that significantly impacted the regional economy since its 2013 inception.
St. Louis celebrated big wins in 2014 and the progress of many projects – Boeing’s 2,000 jobs announcement, Monsanto’s $450 million investment, a new developer for the former Chrysler site, and more than $45 million in grants via St. Louis County Port Authority’s Community Reinvestment Fund.
Here’s a look at some of the data detailed in the 2013-14 report.
Real estate investment has most notably impacted the St. Louis region. In 2013-2014, more than four million square feet of announced construction had an economic impact of $2.7 billion. Additionally, more than four million square feet of industrial real estate was absorbed in the first three quarters of 2014, which equates to the lowest vacancy rate since 2005.
“This is what we like to see in a rebound; the economy is growing in all sectors,” said Denny Coleman, CEO, St. Louis Economic Development Partnership. “Local trades are seeing work increase significantly with more than four million square feet of new development under construction, and another four million in the pipeline.”