STRICTLY BUSINESS: SPEC BUILDING NEARLY COMPLETE

A new 200-by-300-foot, 60,000-square-foot speculative building on an eight-acre tract in Nash Road Industrial Park, is 97 percent complete.

"There's some interest in the building and we're already showing it," said Mitch Robinson, executive director of the Cape Girardeau Area Industrial Recruitment Association.

The building, designed by the Cape Girardeau architectural firm of Sebek, Alberson and Associates, is expected to be ready for occupancy within 30 to 45 days.

A special ribbon-cutting ceremony has been tentatively scheduled next month.

A speculation building is an asset to business recruiting efforts, noted Robinson.

"Numbers we get from the state show that 70 to 80 percent of companies look to locate into a speculation building," Robinson said.

The last speculation building was constructed in the mid-1980s and was leased before it was completed.

Airport construction work

A $2.17 million construction project at Cape Girardeau Regional Airport is near completion.

"We're probably looking at another two weeks before opening the new ramps area," said Greg Chenoweth, airport manager.

All that remains is the sealing of concrete joints, some last-minute electrical work and painting lines.

The project involved reconstruction of ramp areas, recabling of runway lighting, construction of additional ramp space and a new taxiway.

The new taxiway will handle larger aircraft, making it easier for jets to land. The project also will provide room to park about 30 more general aviation planes in tie-down spaces.

The project is funded 90 percent by a Federal Aviation Administration (FAA) block grant, and 10 percent by the city.

Brenda Kay Construction is general contractor for the project.

Nash Road extension

Construction is continuing as planned on the Nash Road extension project.

The first of five phases for the $9 million, four-mile extension from Interstate 55 to the port site has been completed, and work is progressing on second- and third-phase work.

Preliminary design work for the Nash Road project began in 1992, and is divided into five phases:

(1) Fill work from Ramsey Creek to the Port Railroad is completed.

(2) The Ramsey Creek Bridge is ready for the pouring of concrete on the deck.

(3) This phase consists of two parts -- an overpass over the railroad and grading into the front gate of the port. Currently pilings have been driven, and columns poured, ready for overpass beam work.

(4) The bid is expected to let this month for reworking the existing part of Nash Road.

(5) Bids are expected to be let in December for the final paving of the Nash Road extension, from the interstate to the port, with completion expected by mid-1997.

Dan Overbey, executive director of the port, said the road will serve current tenants at the port and may attract new ones. With the extension the port will have better accessibility to all modes of transportation -- rail, air, river, road and pipelines.

Former Coad building sold

The former Coad Chevrolet building, 606 S. Kingshighway, has been sold.

The 23,000-square-foot structure has been purchased by Dillard Dale, president of Auto Trim Design, now located at 807 Enterprise.

"We'll be moving our operation into the building next month," said Dale. "We're looking to a mid-June opening there."

The building, which housed Coad Chevrolet of Cape Girardeau 14 years from 1980 to 1994, has been vacant since the spring of 1994. The structure previously housed Jim Bishop Chevrolet Co. a number of years prior to 1980.

Beige Book economy report

Regional economic activity has increased during the past two months.

The St. Louis Federal Reserve Bank, in its Beige Book Summary, reports that residential and nonresidential construction has picked up after a slow start in January, and that expansions and new plant openings are leading to increased employment.

The "Beige Book" is a report on economic developments throughout portions of seven states, including Missouri.

The St. Louis Federal Reserve Bank has branches in Little Rock, Ark.; Louisville, Ky.; and Memphis, Tenn. The district includes all of Arkansas, Eastern Missouri, Southern Illinois and Indiana, Western Kentucky and Tennessee and northern Mississippi.

Manufacturers report that economic growth has been good. A snack food maker -- Frito Lay -- is expanding into Northeast Arkansas (Jonesboro), where it will initially hire 200 to 400 workers by early next year. A bank card processing center at Springfield will provide more than 700 jobs in Southwest Missouri by the end of the year.

A new Tunica County Casino has already hired 600 workers and is looking for 3,000 more near Robinsonville. The big concern there is there are not enough workers to satisfy the demand.

The Fed report says restaurants and fast-food outlets throughout the district continue to report difficulties in finding new workers. One restaurant had to delay opening for two months because of a labor shortage and a Tennessee hotel had to bring in workers from overseas.

The Beige Book survey found wage increases of 2 to 3 percent in recent labor contracts, and these increases are being passed on the consumer, industry officials say.

The recent jump in oil and gasoline prices has raised costs for many companies, especially trucking businesses.

Residential construction picked up in February and March. The report said existing houses are selling better than new ones, with mid-priced homes ($125,000 to $165,000) the strongest selling in many markets throughout the area.

Loan activity is currently strong and competitive. Total loan activity at the 11 large district banks increased 2 percent between mid-February and mid-April.

Meanwhile, harsh winter weather conditions have resulted in poor winter wheat crops in Missouri, Illinois and Indiana. And an early spring freeze destroyed half to three-quarters of peach crops in Arkansas and Southern Illinois.

Corn planting, however, is generally ahead of schedules throughout the district, but heavy spring rains may force some farmers in low areas to replant.

B. Ray Owen is business editor of the Southeast Missourian.