Good news appears on Missouri?s economic front

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Most news about the economy in recent months has been somewhat sour. We have seen layoffs and weakness, especially in the manufacturing and retail sectors. |ret||ret||tab|

But amid the gloomy forecasts, there was some good news last month. In case you missed it, the Missouri Department of Economic Development released a study that showed Missouri's per-person income grew nearly 50 percent over the past decade.|ret||ret||tab|

The statistic is an important indicator of long-term economic strength, and I think it reminds us how far we came during the 1990s. In data collected by the department's Research and Planning unit, Missourians earned $8,000 more per person in 1999 than in 1990. Per capita income rose nearly 4 percent between 1998 and 1999, from $25,444 to $26,404, in the latest year for which data is available. |ret||ret||tab|

The data is encouraging. It shows that Missourians prospered during the last decade, and I believe it shows that our state's economic development strategies are working to promote Missouri as the best place to live, work, vacation and conduct business. But believe me, we don't plan to rest on our laurels. We will continue to work closely with our community and business partners to improve the state's economy and the quality of life for all Missourians.|ret||ret||tab|

Every county in Missouri enjoyed a personal income increase of greater than 25 percent in the 1990s, with St. Louis County achieving the highest per-capita income in 1999 at $38,886. Meanwhile, eight counties and the city of St. Louis had per-capita incomes of $26,000 or more, reflecting their high levels of economic growth during the decade: Platte, Clay, Jackson, Cole, St. Charles, Boone and Greene. Cape Girardeau County rounded out the list of the top 10 at $24,886.|ret||ret||tab|

Likewise, six Missouri counties experienced per-capita increases of 60 percent or more during the 1990s: Butler, Douglas, Greene, Osage, Pulaski and Sullivan, which topped the list with an increase of $8,397, or 72.8 percent. From 1998 to 1999, 10 Missouri counties experienced an increase of 5 percent or more: Pulaski , which led the pack with a 12 percent increase; Stoddard; New Madrid; Pemiscot; Wayne; Johnson; Lincoln; Buchanan; Jackson and Pettis.|ret||ret||tab|

The study used data from the U.S. Bureau of Economic Analysis. The data are not adjusted for inflation, so the numbers do not directly reflect a worker's buying power. However, inflation has not been very high during the 1990s, so our department experts do not believe inflation would drastically change the conclusions. |ret||ret||tab|

The simple fact remains that our economy is in relatively good shape. Its foundation is sound, at least for the long-term horizon. Yes, in the short-term, we have encountered a sluggish stretch of road with some definite speed bumps. Our economy is retooling itself, adjusting to the demands of the 21st Century's New Economy, which is fueled by creative ideas and technological innovation. |ret||ret||tab|

Good news is always appreciated. I will end with an old Irish blessing, "May the face of every good news and the back of every bad news be toward us."|ret||ret||tab|

(Joseph L. Driskill is the director of the Missouri Department of Economic Development.) [[In-content Ad]]