STRICTLY BUSINESS: OUTLOOK BRIGHT FOR MISSOURI'S 1994 ECONOMY

~Correction: OLD COLUMN, USED BY MISTAKE

-- Missouri's per capita income is on the rise.

-- The state's unemployment is down.

-- In 1993, more than 120 new and expanding manufacturing companies created 7,783 jobs and $697.7 million in new investment in the state.

-- Missouri exports are expected to increase.

-- The cost of living in Missouri is expected to follow a downward trend.

These factors and others translate into a bright outlook for Missouri's economy for 1994, according to a recent report by the Missouri Department of Economic Development.

The report was prepared by B. Kathleen Fannin, manager of Research and Planning for the Department.

Missouri's economy historically has mirrored that of the nation, noted Fannin in the report. Whether one is considering employment, per capita income, gross product, or some other measure, the other has soon followed.

"Sometimes Missouri leads and the nation follows," said Fannin. "Sometimes the nation leads and Missouri follows.

"But both economies are obviously driven by the same economic forces or they would not behave so similarly."

One of Missouri's greatest assets, said Fannin, is its highly diversified economy.

No more than 6.5 percent of persons employed in the state work in any one economic category at the three-digit Standard Industrial Classification (SIC) level. This provides stability to the state's economy during recessionary periods and helps keep the state's unemployment rate low.

Currently, the Missouri unemployment rate is 5.5 percent, which is a notable exception from the national rate of 6 percent. During the past two years, Missouri's unemployment rate has fallen well below that of the United States.

The 5.5 percent mark indicates that an estimated 148,100 workers are unemployed, noted Paul L. Rodgers, director of the Missouri Division of Employment Security. "Statewide, unemployment has remained below the 150,000 level since September of last year," said Rodgers.

Meanwhile, employment is up about 6,300 jobs, Rodgers said, adding, "These figures are for December, and that's the month which usually experiences a small seasonal dip."

Employment sectors showing gains for 1993 were services, 22,900 jobs; government, 11,100 jobs; construction, 8,400; retail trade, 5,000; transportation and utilities, 3,400 jobs; finance, insurance and real estate, 2,000 jobs.

In that December report, the Cape Girardeau unemployment rate was 3.9 percent, fourth best in the state. The Columbia Metropolitan Statistical Area recorded a 2.9 percent unemployment; Barton County was at 2.4 percent; and Cole/Osage Labor Market Areas recorded a 3.8 percent rate.

The service industry is the fast growing segment of Missouri's economy, growing statewide by 22,900 jobs during 1993. The sector experiencing the greatest decline in employment was manufacturing, which fell by more than 5,000 jobs.

Total annual average employment, however, has steadily increased in both Missouri and nationally since 1982. Projections from the Missouri Department of Economic Development are that this trend will continue.

With the total number of jobs increasing, the report finds that the state's per capita income also is on the rise, again outstripping the national average.

If this trend continues, Missouri's per capita income eventually will exceed that of the nation, indicating that Missouri is creating higher-paying jobs than the national average.

Exporting is a factor expected to contribute positively toward Missouri's economic growth. According to the U.S. Department of Commerce, exports support between 75,000 and 100,000 jobs in Missouri. Every billion dollars in exports generates about 22,000 jobs.

Because Canada and Mexico are Missouri's two largest trading partners, the eventual effects of the North American Free Trade Agreement (NAFTA) are expected to be dramatic. The Department of Economic Development projects Missouri exports to show an 8-10 percent increase in exports to these two countries by next year and more in the future.

The report says Missouri's gross state product should reach $124 billion this year, with exports becoming increasingly important in the production of goods and services. The report predicts that growth in exports should create 6,500 to 7,000 jobs this year.

Other large Missouri trading partners include Japan, United Kingdom, Germany, France, South Korea and Taiwan. Exports to these countries generate more than 70 percent of the state's export revenues.

Cooper's Collectibles has expanded.

"We've opened Cooper's Collectibles II," said Wanda Cooper of Cape Girardeau, owner of both operations.

The new business, located at 225 N. Sprigg, will feature furniture, but also will have a variety of antiques ranging from glassware to pottery, primitives to toys and many other items.

Cooper's Collectibles I is located at 320 South Sprigg.

"Both stores will be open from 10 a.m. to 5 p.m. Wednesday through Sunday," said Cooper.

The first store opened in 1989.

UPDATE:

The Drury Suites Hotel, located at the southwest corner of Interstate 55 and Route K in Cape Girardeau, will open in May.

Barry Bobinson, who is currently managing the Cape Budget Inn in Cape Girardeau, has been appointed general manager of the new hotel, and will be responsible for the operation of the new 87-room facility.

The new hotel is only the second venture into "suites" lodging for Drury Inns Inc. The first was constructed in San Antonio, Texas. Each suite will have two rooms, with king or double beds, microwaves and refrigerators.

BOAT NOTES:

METROPOLIS, Ill. -- A blackjack-dealing grandmother and a 73-year-old Metropolis woman joined more than 400 other people to celebrate the first cruise of the Players Riverboat Casino on the Ohio River here in late February of 1993.

More than a million visitors later, the Victorian-style floating casino will observe its first anniversary Thursday, Feb. 24.

The 1,400-passenger boat brought about 800 jobs with an estimated annual payroll of $12 million to the area.

Although the first cruise attracted only 419 visitors, there have been times during its first 12 months of operations when people had to be turned away, and the one millionth customer passed through the turnstiles earlier this year.

Admissions to Players Riverboat Casino were down during the wintry month of January, but still averaged more than 2,300 visitors a day.

During its first year of operation, the casino has attracted an average of 3,421 visitors a day. The city has received more than $2.6 million as its local share of revenues, and the state has received over $6.4 million for its share of revenues.

Debbie Watkins of the Metropolis Chamber of Commerce reports that since the arrival of the boat, "27 new businesses have opened, tourism has tripled and unemployment has dropped by 50 percent, from 14 percent in January 1993 to 7 percent in January 1994."

Boyd Gaming Corp. has opened a temporary office in downtown Cape Girardeau.

Beth Scherer has joined the firm and is staffing the local office at 110 Themis.

Boyd Gaming is one of two companies which have submitted bids to the city of Cape Girardeau to provide a riverboat gaming casino complex which features a riverboat casino and land-based facility that includes a five-level parking structure, restaurant and gift shops along the Mississippi River here.

"We have had several inquiries about the project and jobs," said Maunty C. Collins, senior vice president, director of operations, Central Region. "We opened the temporary office to answer any questions."

If Boyd is selected for its $51.5 million project, the company will open a permanent office here.

Boyd Gaming Corp. will also be offering a series of seminars to discuss jobs, supplier and community partnership opportunities with the company's casino entertainment proposal for downtown Cape Girardeau.

"We want to give residents of Cape Girardeau an opportunity to meet with us and talk, one-on-one, about jobs available at the riverboat complex, the training for gaming personnel, wages and company benefits," said Bob Boughner, CEO of Boyd Gaming. "We also want to talk with vendors for the riverboat and land operations."

The seminars are:

Community Partnership Opportunities: 7 p.m. today and 7 p.m. Feb. 28.

Supplier Relations Opportunities: 5 p.m. Wednesday and 5 p.m. Friday.

Career Opportunities: 7 p.m. Tuesday and 7 p.m. Thursday.

All seminars will be held in the Jackson Room at Holiday Inn Convention Center.

Additional information and reservations available by calling 335-4026.

ELSEWHERE:

MINER -- The Lace And Trim Outlet has opened in the Sikeston Outlet Mall, located alongside Interstate 55 here.

The new store specializes in laces, trimmings and fabrics for crafts, bridal apparel and home decoration.

Dorothy Turner is store manager.

CHARLESTON -- Tyson Foods Inc. of Springdale, Ark., has expressed interest in locating a processing plant in Mississippi County.

Ron Crenshaw, prospect development specialist for the Mississippi County Industrial Development Authority, said he had received word from Louis Gottspone, who heads new developments for Tyson, that Mississippi County is one of six communities being considered for a new plant.

Tyson would employ up to 1,500 persons.

EFFINGHAM, Ill. -- An Effingham foam packaging manufacturer received city approval to add 30,000 square feet of plant space, an expansion company officials say will increase its work force by 20 employees.

Polyfoam Packers, which came to Effingham in 1989, currently has about 40 workers.