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Key Points
- STL 2030 Jobs Plan identifies advanced manufacturing as an industry sector critical to growth.
- National report projects advanced manufacturing megaprojects will grow from $50 billion in 2019 to over $350 billion by end of this decade.
- Megaproject = $1 billion in new capital investment and 500 jobs.
- Missouri is not keeping pace with surrounding states on attracting manufacturing megaprojects.
- Greater St. Louis, Inc. researched and developed the Advanced Manufacturing Recruitment Act to help land more megaprojects in Missouri; testified today before Mo. House Economic Development Cmte.
- AMRA introduced in the Mo. House by Rep. Brad Christ & Sen. Mary Elizabeth Coleman in Mo. Senate.
ST. LOUIS – Advanced manufacturing is an industry critical to the growth of the St. Louis metro’s economy, and a national report indicates the potential for huge growth in jobs and investment in the sector, particularly through “megaprojects” — new investments of $1 billion or more that bring at least 500 new jobs.
But while the St. Louis metro is experiencing some positive momentum in the sector — Boeing’s recent announcement of a $2 billion investment in a new advanced manufacturing facility adjacent to St. Louis Lambert International Airport is an example — the state of Missouri is not keeping pace with surrounding and nearby states in landing advanced manufacturing megaprojects. States like Kansas, Kentucky, and Ohio are providing incentives specifically focused on attracting manufacturing megaprojects.
“Advanced manufacturing is a critical industry for growth in the St. Louis metro and the entire state of Missouri,” said Adam Kazda, Vice President of Government Relations for Greater St. Louis, Inc. “While Missouri has made strides in advanced manufacturing in recent years, it is not keeping pace with surrounding states. We are losing, or not even being considered for, advanced manufacturing megaproject expansion deals. If Missouri does not create an incentive targeted at advanced manufacturing megaprojects, it will fall further behind and give up many longtime held advantages in the global manufacturing economy.”
To help Missouri win more advanced manufacturing megaprojects and drive new investment and job growth in the St. Louis metro, Greater St. Louis, Inc. researched and developed the Advanced Manufacturing Recruitment Act and testified today in support of its passage before the Missouri House Economic Development Committee.
The Legislation — HB 1480 and SB 1060, introduced by Missouri Representative Brad Christ and Senator Mary Elizabeth Coleman, respectively — makes available a 20% credit for qualifying advanced manufacturing megaprojects if a company invests a minimum of $1 billion in new capital and adds 500 jobs. The program includes a $200 million annual cap.
“The Advanced Manufacturing Recruitment Act will bring more jobs and more investment to Missouri,” said Christ. “This bill is paramount to the growth of Missouri’s economy.”
Greater St. Louis, Inc. — which frequently collaborates with the State of Missouri and the Department of Economic Development on business attraction efforts — believes this legislation will strengthen efforts to grow the metro’s advanced manufacturing sector, identified by the STL 2030 Jobs Plan as critical to growth.
In addition to researching and developing the Advanced Manufacturing Recruitment Act, Greater St. Louis, Inc. is leading a statewide coalition to pass the legislation this year in the Missouri General Assembly. Members of the statewide coalition testifying in support of the legislation included:
Advanced Manufacturing Innovation Center St. Louis, Ameren, Civic Council of Kansas City, General Motors, Greater Kansas City Chamber of Commerce, Hunt Midwest, Mallinckrodt, Missouri Chamber of Commerce & Industry, Missouri Community College Association, Missouri Economic Development Council, Springfield Chamber of Commerce, University of Missouri-St. Louis, and the St. Louis Economic Development Partnership.
Background on Manufacturing
Manufacturing has long been a significant driver of Missouri’s economy. Missouri grew rapidly during its early history, in part, because of its development as a major manufacturing center, as well as its geography and access to the global economy.
Today, Manufacturing makes up 12.4 percent ($48 billion) of Missouri’s GDP, employing over 282,000 people and accounting for over $19 billion in payroll.
Resources
- Greater St. Louis, Inc. has developed this one pager on the Advanced Manufacturing Recruitment Act.
- Download the Greater St. Louis, Inc. 2024 Public Policy Agenda for Growth
- Please email adam@greaterstlinc.com if you would like to be engaged in future advocacy.