St. Louis, MO: A Glimpse into its Economy
St. Louis in Missouri is located in junction of the Missouri and the Mississippi rivers, making it an ideal port for goods coming in and going out of the country. Examples of goods and commodities shipped through the city’s ports include grain, coal, salt, chemicals and petroleum products. The city also has the third largest railroad hub that moves goods such as fertilizers, gravel, crushed stone, fats, oils, nonmetallic mineral products, grain, alcohol, tobacco products, and motorized vehicles & parts.
It mostly known as a biotech and business center, although a diverse range of sectors also contribute to its economic status, such as: manufacturing, healthcare, social service, professional and technical services, and retail trade.
Employment & Income
As of recent, the city has an unemployment rate of 5.3%, slightly lower from that recorded in 2014. This is due to the increase of jobs that were made available sometime in May of that same year. One of the most notable is the expansion of IKEA in the area, building a complex on a 21-acre lot. This produced 300 jobs for people in St. Louis. There is a projected 1.7% increase in job growth and availability annually in the coming years. The median household income is at $55,598 and it is projected to grow at about 1.1% annually.
Because of its location, several companies have chosen to establish a branch in St. Louis, thus, also contributing to its economy. Some of the most renowned Fortune 500 companies that have made this city their home are:
- Express Scripts
- Emerson Electric
- Reinsurance Group of America
- Peabody Energy
- Graybar Electric
- Edward Jones Investments
- Arch Coal
- Nestlé Purina PetCare
St. Louis was ranked at the number 84 spot by Forbes for being one of the best places for building business and pursuing a career. They ranked #60 for education, having almost 40 universities, colleges, and technical schools, such as Washington University and University of Missouri in St. Louis.