Brad Lager's Capitol Report -- Creating Long-Term Economic Growth

Most successful endeavors begin with a vision and that vision becomes reality through a well executed plan. Therefore, in order for our state to enjoy long term economic prosperity, we must have a vision for our future, a comprehensive, long term economic development plan, and a well prepared workforce ready to make that plan a reality. Most importantly, we must be willing to stop doing what is not working and reallocate those resources towards our vision and our plan.

In March of this year, a strategic initiatives group appointed by the Governor released a strategic economic development plan and vision for the future of our state. This plan identified eight high growth industries in which Missouri has strategic opportunities because of established Missouri companies, geographical or logistical benefits, and/or unique Missouri strengths. With a vision and a proposed plan, we must now work to invest the resources necessary to make the plan a reality.

In order to make the plan a reality, it will take an investment of financial resources. Financial incentives have become a central component of any state’s economic development plan; however, Missouri’s expenditures on these programs have far outgrown their original intent and/or plan thereby leaving the taxpayers shortchanged. With over sixty separate programs and very little accountability, the time has come to reduce both the number and the cost of these programs. Most importantly, we must begin reallocating these resources in alignment with our long term plan so that Missouri’s taxpayers are getting an adequate return on their investments.

With limited resources and difficult budgets ahead, we must focus on the opportunities that provide the greatest long term benefits to our state. We must ensure that our economic incentive packages are used to support emerging industries and the type of companies that fulfill this vision. By making the investments necessary to implement the plan, we will raise the overall economic production of our state thereby improving the quality of life for all Missourians.

As always, please feel free to call, email, or write with your ideas or concerns. The Capitol number is (573) 751-1415, my email is brad.lager@senate.mo.gov and my mailing address is Room 422, State Capitol Building, Jefferson City, MO 65101.