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RELEASE: FACT SHEET: Five years since the Strategic Initiative for Economic Growth, transforming Missouriกฏs economy for the 21st century

Today (April 11) marks the 5th anniversary of Gov. Jay Nixonกฏs Strategic Initiative for Economic Growth, the five-year economic blueprint developed with input from leaders in business, education, labor and economic development around the state.  The final report issued on April 11, 2011, made a number of recommendations for maximizing Missouriกฏs economic competitiveness in the 21st century global economy.

Since then, Gov. Nixon and his administration have worked successfully to implement that blueprint, creating thousands of jobs, recruit billions of dollars in investment, and grow Missouriกฏs economy.

CREATING JOBS: Missouriกฏs unemployment rate has dropped to just 4.2 percent, its lowest point since 2000

The Strategic Initiative identified seven specific industry sectors with the greatest potential for growth: Advanced Manufacturing, Bioscience, Health Sciences and Services, Transportation and Logistics, Information Technology, Financial and Professional Services, and Energy Solutions.

จน  Advanced manufacturing: Historic investments by automotive plants, including Ford and GM, and automotive suppliers across the state.

จน  Bioscience: Missouri has announced expansions by 44 biotech companies, including Monsanto, the Donald Danforth Plant Science Center, and Boehringer Ingelheim VetMedica.

จน  Health Services: Health IT giant Cernerกฏs $4.4 billion expansion is the largest economic development project in state history.

จน  Financial and Professional Services: Since 2011, this industry has gained more than 13,000 jobs.

จน  Transportation and Logistics: Freightquote moved its headquarters to Missouri along with 1,225 jobs through a $44 million investment. Since 2011, XPO Logistics and Total Quality Logistics also announced expansions to Missouri for the first time, creating a combined 220 new jobs.

จน  Information Technology: World Wide Technology recently broke ground on a new headquarters campus in St. Louisกชa $95 million project that is expected to create 500 new jobs.

 

MISSOURI WORKS: Helping hundreds of businesses expand and create jobs

As recommended by the Strategic Initiative, Gov. Nixon proposed and implemented a new more competitive state incentive program, which was passed with bipartisan support in 2013. Missouri Works streamlines and improves the stateกฏs business development incentives, converting four existing business development incentives into a single business friendly program.

Since the program went to effect, more than 346 businesses, both large and small, have used it to grow their businesses and create jobs. These firms are projected to create 21,233 new jobs, retain 15,250 jobs, and invest nearly $30,968,674,694 in their local communities.

MISSOURI WORKS TRAININGImproving the skills of more than 57,000 workers 

The Governorกฏs administration also implemented a streamlined workforce training incentive for expansion and relocation prospects coordinated through Missouriกฏs community college network. Since its 2013 enactment, Missouri Works Training has provided assistance for 617 projects with Missouri businesses, training more than 57,000 workers in either new or retrained jobs. In 2015, Missouri was ranked 7th in Workforce Training by Business Facilities.

EXPANDING EXPORTS, RECRUITING INVESTMENTRecruiting $1 billion in foreign investment

The Strategic Initiative recommended developing a กฐBest in Classกฑ foreign trade initiative. Gov. Nixon has since made creating opportunities for Missouri businesses to sell their products around the globe and recruiting new foreign investment a top priority for his administration.

In 2013, Export Missouri was launched to get more Missouri products out into the global market. Through the initiative, the state now has 15 International Trade & Investment Offices throughout the world, and the 3rd largest network of foreign offices of any state.

Since 2011, 65 foreign companies have embarked on expansions in Missouri, investing more than $1 billion and creating a projected 4,311 new jobs in a number of industries including bioscience, IT, financial & professional services, and manufacturing.

BOOSTING ENTREPRENEURSHIP: #1 in the nation in new business creation

The Strategic Initiative included a plan for the state to invest in technology and innovation by developing a Science and Technology/Innovation Fund in Missouri to facilitate the creation of bestฉ\practice capitalฉ\provision, support and infrastructureฉ\development programs and projects.

Under the Governorกฏs leadership, funding for the Missouri Technology Corporation has increased from $2.1 million in FY2011 to over $18 million in FY2016 and the Governorกฏs proposed FY2017 budget includes an additional $10 million in funding for MTC programs.

With increased funding, MTC was able to launch the Missouri IDEA Funds program which has provided over $28 million in capital investment to 85 Missouri startup companies since 2011.  These companies have in turn been able to raise over $300 million in additional capital to grow their businesses and create jobs.

These investments have also provided funding to support entrepreneurs through local and regional initiatives funded by the Missouri Building Entrepreneurial Capacity (MOBEC) grant program to launch or expand programs like Arch Grants, Digital Sandbox KC, the eFactory in Springfield, OPO Startups in St. Charles and the IT Entrepreneurs Network (ITEN).  In addition, this administration and the department have helped grow success of the CORTEX Innovation Community by investing over $50 million in land acquisition, infrastructure, incubator, building renovation, and startup company investments.

Today, according to recent Census data, Missouri leads the nation in new business creation.