list of lowest corporate income tax rates in the U.S. and
ninth among states with the lowest unemployment insurance taxes.
September 2011
Moderate prices in many other areas also make Missouri
an up-and-comer. In June, CNBC placed Missouri at
number eight for low cost of living, up from nine in 2010.
Even more significantly, Missouri ranked number three in
the network’s list of states with the lowest business costs,
up from five in 2010.
An Industry Week Special Section
One of several factors behind that ranking was the state’s
economical energy supply. According to the U.S. Energy
Information Administration, Missouri’s average industrial
electricity costs in 2010 were tenth lowest in the nation.
And the Small Business and Entrepreneurship Council
ranked Missouri number three among states for low overall business energy costs, including electricity and fuel.
State tax exemptions also keep expenses low for Missouri’s
manufacturers. Available incentives include: an exemption on sales and use tax for machinery and equipment
used to establish a new facility or expand an existing one; a
property tax exemption for inventories; and an exemption
on state sales tax and local use tax for energy purchases.
Along with competitive costs, Missouri boasts a large and
well-educated workforce endowed with a strong work
ethic and a long manufacturing heritage. Missouri’s three
million workers make it the only state in the Midwest with
a workforce to match those found in states on the U.S.
coasts. ;at labor pool and the state’s low business costs
make for a powerful one-two punch.
;e number of skilled employees in Missouri is greater
than the entire populations of 19 states, including surrounding Kansas, Arkansas and Nebraska. Approximately
247,700 Missouri residents— 9. 5 percent of the state’s total
work force—work in manufacturing for more than 7,000
companies. Of those manufacturing workers, 21 percent— 54,600 in all—work in advanced manufacturing.
Many of Missouri’s employees bulk up their manufacturing skills in the 13 colleges throughout the state that
offer courses and associate degrees in precision production trades. In addition, the state’s colleges and universities grant more than 3,300 BS degrees in engineering or
engineering technology each year. Extensive educational
resources, paired with wages below the national average,
ensure that Missouri’s employers get excellent value for
their money.
Besides grooming workers for industry careers, and helping current workers upgrade their skills, Missouri’s institutions of higher learning are helping to advance the state
of manufacturing. Businesses benefit from programs at
knowledge centers such as:
University of Missouri
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Missouri University of Science and Technology
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Ameren Missouri, Missouri’s largest electric utility, provides electric service to 1. 2 million customers across central and eastern Missouri, including the St. Louis metropolitan area. ;e company’s electric rates are among the lowest in the nation. Ameren Missouri is also the state’s third largest distributor of natural gas, serving 126,000 customers in more than 90 communities. With a service area of 24,500 square miles, Ameren Missouri has invested more than $1 billion in recent years in improving reliability and installing sophisticated air emission controls to protect the environment we all share. ;at commitment to providing re- liable, safe, clean energy is part of Ameren’s Focused Energy. For Life promise to our custom- ers, communities and investors. ;e men and women of Ameren—over 9,000 strong—are focused on making sure that the energy our customers and communities need to live, work and grow is there—for today, for tomorrow, for life.
Missouri Partnership is a public-private, non-profit corporation with two principal missions:
to promote the state’s business advantages nationally and internationally and to assist new
employers exploring relocation options. Whether your company is looking to expand to support continued growth or relocating for a competitive edge, the Partnership’s team of seasoned economic development professionals is standing by to help.