Changes will help state economy, says DED chief

A new regional development approach and an expansion of the state's ability to attract businesses will bring positive changes to Missouri's economy, Department of Economic Development director Greg Steinhoff said Friday.

Steinhoff spoke about changes in his department as well as new laws that will soon affect the state's businesses to those participating in Leadership Missouri.

The program is a professional development tool for community leaders from around the state. More than 300 people were in Cape Girardeau Thursday and Friday for tours and discussions about economic development.

Steinhoff, who became director of the department in January, said he hopes to focus on the manufacturing and biotech industries as well as other technical areas that have not been emphasized.

He discussed tort and workers' compensation reform as well as Senate Bill 343, which increases economic development opportunities for the state by upping incentives for businesses to locate here. Those incentives include allocating more money for tax-increment financing ventures, allowing local sales taxes for economic development and putting between $2.5 million and $3.5 million per year toward marketing.

Steinhoff said wants to personalize economic development. "We have to figure out a way to hit the streets. Our goal is to know who is doing what all over the state," he said.