Report Finds Cortex Is Stoking St. Louis Regional Economy
Date Posted: February 14, 2020
Posted In: Ideas, Organizations,
From St. Louis Public Radio: In nearly two decades, the Cortex Innovation Community transformed a once-blighted, industrial part of St. Louis’ Central West End neighborhood into a bustling tech haven.
A study of the district released Thursday found Cortex is bringing more money, jobs and development to St. Louis.
Cortex commissioned Ohio-based economic development research firm TEConomy Partners last year to conduct the study, which looked at the tech district’s first 16 years.
The report found that the innovation district has evolved from its early days as a biosciences-focused research campus into a successful innovation district.
It got off the ground in 2002 with an initial $29 million investment from its founders: Washington University, St. Louis University, the University of Missouri-St. Louis, the Missouri Botanical Garden and BJC Healthcare.
Today, BJC Healthcare is the largest single employer at Cortex, with more than 1,000 workers.
The district houses more than 400 companies, including corporations like Microsoft and Boeing, as well as research institutions and startups. Together, they employ nearly 6,000 people.
The report found Cortex is also boosting the regional economy.
Cortex-based economic activity and regional operations generate another roughly 7,300 jobs in the St. Louis region. In 2018, the district spurred more than $2 billion in regional business activity, according to the report.
Otis Williams, head of the St. Louis Development Corporation, said Cortex is a success story that shows how early public funding can pay off in the long run.
“People are coming to St. Louis because of the district, but they’re locating all over the region,” he said. “We see the energy even transferring to downtown, and hopefully we can get some of that energy transferred north and south.”