TAKING CARE OF BUSINESS KEY TO ECONOMIC GROWTH

Large and small communities across the state are aggressively competing for new business and industry. In these recessionary times, the pool of brand new companies employing hundreds of workers has dwindled.

But the real source of economic growth in any community continues to be existing businesses. That's why recognition programs such as the Cape Girardeau Chamber of Commerce's annual Industrial Appreciation Dinner are so important. It provides deserving credit to businesses that are the backbone of local economic growth.

This message was underscored by Carl Koupal Jr., director of the Missouri Department of Economic Development, who spoke at the chamber dinner last Thursday. Koupal said that economic growth throughout the state is due to existing business. He underscored that the most important thing a community can do to create and maintain growth is to recognize existing businesses.

Cape Girardeau's Economic Director Judy Moss is well aware of the important role existing industry plays. In fact, she says that taking care of existing companies remains her primary mission. That's because existing business remains the bread and butter of Cape Girardeau's economy.

While manufacturing plays an important role, "industry" encompasses much more. Cape Girardeau's diverse industrial base includes the service industry with the two hospitals, education industry with Southeast Missouri State University, vocational school and public school system.

There are more than 20 local industries with a work force of more than 100 people. The top employers include: Procter & Gamble, 1,277; St. Francis Medical Center, 1,205; Southeast Missouri Hospital, 1,100; Southeast Missouri State University, 1,060; Florsheim, 754; Thorngate, 650; and Tri-Con, 525.

That's not to say new businesses are not important. In the last three years, M&W and Saueressig have added more than 150 jobs; and Dana Corp.'s job force has grown to 129. They infuse new lifeblood into Cape Girardeau's diverse economy.

The chamber is not alone in its appreciation of local industry. Last week's dinner drew an impressive 850 people.

As part of the appreciation hoopla, Biokyowa was honored as the "Industry of the Year." It joins the prestigious ranks of such past recipients as Procter & Gamble, Lone Star Industries, and General Sign Co. Biokyowa exemplifies the success story of existing industry. Its work force has grown from 70 in 1982 to about 100 today. The company continues to grow, including a recent $20 million expansion.

Existing businesses expanding year after year are directly responsible for local prosperity. Their success stories are something of which we can all be proud. It's good that Cape Girardeau understands that building a strong economic climate means taking care of local business.