By Bob Reynolds and Danny LudemanMay 04, 2010
Can St. Louis compete? The Post-Dispatch asked that question as the theme ofits recent special series. At the Regional Commerce and Growth Association,we're pleased to be a part of the conversation because it's a central questionthat we ask ourselves every day.
As the bi-state region's chamber of commerce and economic developmentorganization, it's what we do and it's why we're here. Currently, our regionhas more than 50 live economic development prospects - competitive deals inwhich the St. Louis region is on the short list for expanding and relocatingcompanies - representing thousands of prospective new jobs and billions in newcapital investment, which the RCGA with our state and local economicdevelopment partners are pursuing aggressively.
How can we compete and land our share of those deals? Knowing our region'sstrengths, we must capitalize on them. The bi-state region has distinctivestrengths in health care and plant and medical sciences (research universitiesand companies), in transportation and distribution (our central location), inits national concentration of information technology-intensive financialservices firms and in its rapidly emerging green economy.
It's critical that we raise region-wide educational attainment levels to meetthe talent needs of these growing industry sectors and companies. One regionaltarget of both need and opportunity is the 444,000 adults over 25 who startedcollege but never finished. Assisting these individuals in completing collegewould catapult the economic development competitiveness of the entire region -something we can do if we get the whole region behind this goal.
To enhance our region's competitiveness, the RCGA Board spent some 18 months indeveloping four recently adopted Strategic Regional Initiatives, and on whichwe are focusing our organization's energies:
- Sharpening the region's economic development products, specifically plant andmedical sciences, high-performance manufacturing, distribution, informationtechnology and financial services. Some 400 plant and medical sciencesenterprises already call St. Louis home (16,000 primary workers, supported byanother 185,000 employees in the professional and business services sector,with annual economic impact calculated at $10.5 billion). More financialbrokers call St. Louis home than anywhere in the nation outside Wall Street.Danny Ludeman of Wells Fargo Advisors is spearheading this overall initiative.
- Leveraging the region's location advantages. There are several elements inthis initiative, such as taking full advantage of the "Big Idea" China Projectto establish the bi-state St. Louis region as China's cargo and commercial hubfor the central United States. Other elements include establishing a St.Louis-Chicago high-speed passenger rail link and enhancing the region's freightassets. Schnucks CEO and former RCGA Chairman Scott Schnuck chairs the PrivateSector Infrastructure Council, and RCGA President and CEO Dick Fleming leadsRCGA's efforts with the Midwest-China Hub Commission.
- Pursuing regional sustainability as good economics through the ClimateProsperity Project. Led by RCGA Board Chairwoman for Energy and EnvironmentTracy Hart, president of Tarlton Corp., this focuses on growing a work forcefor green-economy jobs (a recent analysis showed 9,000 jobs, one of thefastest-growing sectors in the region), encouraging companies to capitalize on"green savings," and generating "green opportunities" by creating sustainableindustries. As part of the St. Louis Climate Prosperity Project, the RCGA andthe Missouri Botanical Garden launched the St. Louis Green Business Challengeearlier this year to measure savings and sustainability achievements at companyheadquarters in six areas: energy, waste, indoor environment, water,transportation and outreach. St. Louis is paired with Silicon Valley, Portland,Ore., and Denver in the national Climate Prosperity Project.
- Attracting, developing and retaining top talent in the region. Led by RCGABoard member and Brown Shoe Senior Vice President and Chief Technology OfficerDoug Koch, who chairs the RCGA Talent Council, a top-rate team of business andeducational leaders guides this ambitious effort. In addition to promoting workforce resilience and retention, the council is striving to attract and retain astrong talent pool that is diverse across dimensions of race, ethnicity,gender, ability, background, age and culture to build a coordinated andsustainable regional talent pool that is business-led and data- anddemand-driven. Today's extremely challenging national and regional economy hasintensified the already-fierce competition between states for job growth. St.Louis has many of the essential tools to succeed. We know where our strengthslie and where we need to improve.
Can St. Louis compete? Yes, and these four strategic regional initiatives thatthe RCGA is driving will help the region not only compete, but excel.
(Bob Reynolds is chairman, president and CEO of Graybar Electric and chairman ofthe Regional Commerce and Growth Association. Danny Ludeman is president andCEO of Wells Fargo Advisors and RCGA board chairman for economic development.) |
