Missouri and its central region continued to show increases in their workforce and economic intake, an annual report says.
The Missouri Economic Research and Information Center (MERIC) and Missouri Department of Higher Education and Workforce Development recently released their annual Missouri Economic and Workforce Report, which covers broad data for the past several years ending in 2021. The report showed a 4.6 percent jump in the state's gross domestic product (GDP) -- a measure of the market value of all products and services sold by the state -- reaching $295.7 billion in 2021.
The state's per capita income leaped up by 6.7 percent compared to 2020, reaching $55,159, while personal income hit $340 billion, a 7 percent increase compared to 2020. The state also added 65,000 jobs between June 2020 and June 2021, MERIC found, likely adding more economic growth to be reflected in next year's iteration of the report. MERIC also reported that 18 out of 20 examined sectors saw growth, with the accommodation and food services industries posting nearly 32,000 new jobs in 2021 after facing a heavy employment drop in 2020 amid the COVID-19 pandemic.
Missouri's 19-county central region, which includes Cole County, saw the third-largest regional growth for the year behind the St. Louis and Kansas City areas. The area is home to 313,700 employees, more than 10 percent of the state's total workforce. It gained 2.4 more employment in 2021, working toward recovering the 3.6 percent lost during the pandemic.
The occupations with the highest concentration within the region included gas station workers, credit intermediation, wood product manufacturing and vehicle and transportation jobs.
Each region of the state reported gains over the height of the pandemic. While the pandemic hit the state's workforce hard, the report stated the Ozark region -- which comprises communities such as Springfield, Nixa, Branson and Marshfield -- did not experience negative growth amid the pandemic.
MERIC researchers said the report shows a rebound from the heights of the pandemic, though it's too early to paint a full picture of the economy's recovery.
"Labor force participation rates remain below pre-pandemic levels and there are more job openings than the current civilian labor force can fill," the report's authors wrote. "The current labor market provides opportunities for job mobility for those who are working and challenges employers that need to hire more workers to meet demand. At the same time, consumer price increases are impacting individuals and businesses alike, as inflation reached the highest levels in decades. With such mixed indicators, economists debate if the economy is or is not approaching recession."
As the economy continues to make its way back to baseline and beyond, the report pointed to the sectors that might see their own growth over the next few years. The report estimates growth for jobs that feature on-the-job training, like the restaurant and hospitality industry, as well as jobs requiring some education beyond high school and those requiring a bachelor's degree and higher.
Transportation equipment manufacturing is expected to see the highest level of growth between 2020-2030, at 28 percent. Professional, scientific and technical services are expected to follow far behind at 18 percent, with administrative services .2 percent behind. Hospitals, meanwhile, are expected to see the smallest growth of included industries at 3.9 percent.
"Regionally in Missouri, recovery is uneven. The profiles in this report show the different challenges and opportunities in the regions of the state, along with new regional 2020 to 2030 industry and occupation projections highlights," MERIC's report notes. "This is of particular note for occupations related to accommodations, entertainment, food services, and retail trade, where much of the projected growth can likely be attributed to the rebound from closures and lifestyle changes in the early stages of the COVID-19 pandemic."
MERIC's Missouri Economic and Workforce Report is published annually. View the full report and prior iterations at meric.mo.gov/economic-research.