There is a real threat to many businesses in the United States and our area is certainly not immune.
According to Forbes, between 80 – 90 percent of U.S. businesses are family owned or family controlled. Statistics tell us less than one third of those will survive into the second generation and roughly only 10 percent will make it to the third and beyond.
Partnerships are so important in the success of the local economy. For two decades we have enjoyed a key successful partnership resulting in great results.
Old Town Cape was established in 1999 and the Cape Chamber was part of the organizing effort. OTC is an accredited Main Street Program for downtown revitalization based on the four point approach of promotion, design, economic vitality, and organization. The organization has thrived under the leadership of Director Marla Mills. Recently, she announced she will be stepping down after serving OTC for 13 years.
One local economic indicator record was broken and another was a very close second.
We receive monthly reports from the City of Cape Girardeau revealing sales tax numbers. They are always a month or two behind actual receipts and provide an excellent year over year comparison a month at a time. So the April report received in May likely covered the month of March activities.
Workforce competency and availability continues to be an important issue in the Cape/Jackson metro as well as most of the United States.
Many independent research reports tell us at least 50%, and as many as 65% of new jobs over the next five years will require something less than a four year degree. The strongest job growth is projected in the healthcare, construction, and personal care fields. These are generally well-paid, benefit rich employment opportunities.
Site selection professionals are important players in the economic development world.
Many business expansion and relocation projects are led by individuals and teams from the site selection profession. They are charged with finding the best location for a project based on a detailed set of criteria provided by their client. That process includes analyzing data and demographics, determining unique characteristics of a given area, evaluating incentives, and onsite visits.