According to a new study just released by Missouri Wonk, Missouri will see a $169 million net positive tax impact from a proposed new football stadium in St. Louis and its associated football team. The study was commissioned by Associated Industries of Missouri and the St. Louis NFL Stadium Task Force, which engaged Missouri Wonk to conduct an economic analysis of the construction and operation of a new stadium on the riverfront, north of downtown St. Louis. Missouri Wonk’s figures show that over a 36 year period including the years of construction and 32 years of operation, the benefits to Missouri break down as follows: Direct benefit: $477 million Indirect and induced tax benefits: $56 million Total benefit: $533 million Less costs: $364 million Net Benefit: $169 million “Associated Industries of Missouri partnered with the governor’s task force to find the best, most accurate, numbers,” said Ray McCarty, president and CEO of Associated Industries of Missouri. “As with other reports,
From NAM’s Manufacturing Economy Daily The Hill (11/26, Wheeler) noted that the White House on Nov. 20 “quietly released its formal rulemaking schedule,” known as the fall Unified Agenda, and that President Obama “is moving to complete scores of regulations as he looks to cement key parts of his legacy in the face of a Republican-controlled Congress openly hostile to many of his top priorities.” According to The Hill, the NAM “said it’s waiting for a number of final rules including a highly criticized rule requiring contractors to disclose labor law violations when procuring contracts.” Explaining that the association “is hoping the agencies give each rule the appropriate time needed to weigh the costs and benefits,” the story quoted NAM Vice President of Infrastructure, Legal and Regulatory Policy Rosario Palmieri as saying, “We think it’s important we do not rush rules that require more analysis or would be better, or more effective, or potentially less burdensome if they were thought
Bloomberg News (11/23, Condon) reports that in response to a letter “from a ‘group of humble savers’ that included consumer advocate Ralph Nader” calling for higher interest rates, Federal Reserve Chairman Janet Yellen “said Americans would have been worse off had the central bank not kept rates near zero since 2008.” In addition, Bloomberg says, Yellen “repeated that she expects to tighten policy ‘gradually’ after liftoff.” In her letter, released Monday, Yellen warned that “an overly aggressive increase in rates would at most benefit savers only temporarily.” She wrote that if the Fed hadn’t acted forcefully in the seven years since the economic crisis, “Many of these savers undoubtedly would have lost their jobs or pensions (or faced increased burdens from supporting unemployed children and grandchildren).” Associated Industries of Missouri is the sole official designated partner of the National Association of Manufacturers in Missouri.
The Commerce Department reported Tuesday that third-quarter GDP grew at an upwardly revised rate of 2.1%, in line with economists’ forecasts. The revision is an improvement on the government’s initial 1.5% estimate but still weaker than the 3.9% growth in the second quarter. The AP (11/24, Crutsinger) says the new figure was attributed to stronger business-inventory numbers, noting that the Commerce Department now calculates that stockpiles pulled down growth in the July-September quarter by 0.6% rather than 1.4% as previously thought. According to the AP, the fresh data “should give the Federal Reserve confidence as it considers an interest rate hike at its next meeting in December.” Bloomberg News (11/24, Stilwell) reports that the updated estimate reflects “a smaller hit from efforts to rein in bloated inventories,” which increased at a $90.2 billion annualized rate during the third quarter, “almost twice as much as previously estimated.” USA Today (11/25, Davidson) cites Tuesday’s official data in reporting that trade “was more
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Associated Industries opposed this legislation last year in the General Assembly when it applied to private companies as well as public entities. We will continue to watch this legislation closely as it moves through the process this coming session to make sure that private companies are not included in the bill’s language. From the Missouri Times One senator will look to bring the nationwide campaign to “ban the box” in Missouri again. In an email sent out Tuesday, Sen. Jamilah Nasheed, D-St. Louis, implored her supporters to sign a petition asking Gov. Jay Nixon to stop the practice of asking state employee applicants to check a box about whether or not they have committed a crime. Proponents of the idea believe a check mark in the box hurts the chances of an offender from re-establishing a livelihood after serving time in jail or prison. President Barack Obama made headlines earlier this month when he directed federal agencies to take part in the effort, and now Nasheed
The Missouri Transportation Development Council (MTD) supports any plan that moves the construction and maintenance of our state’s highway system forward. MTD believes that all options need to be on the table as the discussion of funding for Missouri’s roads and bridges continues. From the St. Louis Post Dispatch Missouri hasn’t devolved from the “Show-Me State” to the “Show-Me a Safe Way Out of This State” just yet, but it draws closer by the year to earning that sobriquet. While the state’s roads and bridges continue to deteriorate, lawmakers continue to dither over raising the revenue necessary to pay for maintenance and repairs. The state has only enough money to effectively maintain 8,000 of its 34,000 miles of state roads, according to the Missouri Department of Transportation. The number of bridges deemed to be in critical condition — the lowest ranking before being shut down — has reached 641 and is expected to increase to 1,500 in the next decade.
From St. Louis Public Radio News Missouri’s crowded GOP contest for governor has lost a participant, as state Sen. Bob Dixon is dropping out. The departure of Dixon, R-Springfield, isn’t entirely unexpected. He was at the bottom of the pack when it came to fundraising. His last campaign finance report showed him with less than $83,000 in the bank. Dixon also had to deal with some personal issues stemming from his past. His campaign announcement in July soon forced to him to discuss his years in the mid-1980s when he lived as a gay man. Dixon has renounced that lifestyle, is married and has three children. In the General Assembly, he has been a staunch social conservative. The remaining Republican contenders, set to compete in next year’s primary, are Lt. Gov. Peter Kinder, former House Speaker Catherine Hanaway, St. Louis businessman John Brunner and author/former Navy SEAL Eric Greitens. So far, Missouri Attorney General Chris Koster is the only major
The Wall Street Journal (11/23, Rubin, Subscription Publication), in a story on Congress’ failure to renew certain tax breaks for small businesses, highlights repercussions for owners such as Dan Glier, president of Glier’s Meats in Covington, Kentucky and a NAM board member. The lack of resolution over an expensing provision that expired last year is an acute problem for Glier, who isn’t sure if he’ll be able to cut capital costs for meat-processing equipment by up to $500,000 or as little as $25,000 in 2015, or what his tax liability will be next year. Only now, in late November, have discussions begun among Republican and Democratic leaders on Capitol Hill to discuss renewal of the so-called tax extenders for small business, the Journal says, noting that differences are over the focus and potential duration of the various provisions. PPG Executive: Four Fixes For US Tax Reform. In an online commentary for CNBC (11/20), Frank Sklarsky, PPG Industries’ chief financial officer,
From the Associated Press All six of Missouri’s living governors gathered Friday to tout their administrations’ economic development accomplishments and discuss the importance of building trade relationships with foreign countries. Gov. Jay Nixon said it was the first time he and past Govs. Kit Bond, John Ashcroft, Roger Wilson, Bob Holden and Matt Blunt had appeared together. Nixon said the largest previous gathering was when five of the governors attended the 2009 funeral of former Gov. Warren Hearnes, who served from 1965 to 1973. “Clearly we live at a time where there is a world environment,” Nixon said in promoting the mission of the event’s organizer, the Hawthorn Foundation, a private, nonprofit created in 1982 by Bond to facilitate business recruitment, retention and development efforts. One of the foundation’s focuses is helping to pay the cost of foreign trade missions by Missouri officials. Blunt, Nixon’s Republican predecessor, said Missouri has “some natural things we can seize on,” noting the state’s