Tuesday, November 29, 2016

2017 Regional Housing Study: Population & Economy

The Lake of the Ozarks Regional Housing Study represents an in-depth study of the housing conditions in Camden, Miller and Morgan counties, as well as Laclede County. The communities of the study area display unique personalities and housing challenges. The study examines the unique situations of each county and the major population centers within those communities, using this analysis to derive common themes that can be addressed by cooperative actions. Keep reading to learn more about the housing study and the results that were found.

Why a Housing Study?


As the Lake of the Ozarks Regional Economic Development Council (LOREDC) assembled economic development plans and initiatives for the region, housing came up frequently as a major economic development factor. To be successful, the area must provide a variety of housing types. While the area has successful attracted a growing population, housing has not exactly followed the same trend. More and more communities are realizing that quality housing is essential to economic diversity, and therefore, the idea for a housing study was developed. The study was designed to be a strategic and frequently used road map to identify and meet current and future housing priorities. The study includes a thorough analysis of all aspects of the region's housing market, along with practical recommendations and tools to help address housing issues and opportunities.

Regional Populations


The Lake of the Ozarks region is a rich tapestry of Missouri culture and environmental assets. Overall, the region has experienced strong growth since the 1980s. Strong growth across all the counties, especially Camden County which grew by 120% between 1980 and 2010. Unlike many regions in the Midwest, the population within rural areas has grown over the years and actually remained a higher percentage of the population than those living within incorporated areas. In the 2000s, the strongest growth rates occurred in unincorporated areas northwest of Camdenton with Lake and Highway 5 access, the Village of Four Seasons, and the west side of Lebanon. In contrast to those areas, Eldon, Versailles and the census tract west of Gravois Mills declined in population between 2000 and 2010.


Regional Economic Assessment 


A region's economy, including industries, pay and unemployment, all play a role in a household's housing options and ability to construct new housing. All the counties in the region are below the state of Missouri's estimated household income. Based on a 2014 American Community Survey, a fairly high unemployment rate for all four counties is indicated. Keep in mind that seasonal variations affect the employment numbers. The largest industries in the region include manufacturing in Laclede, educational services and healthcare in Camden and Miller, and retail in all the counties, with the largest employer in Morgan County. Industry patterns usually have a direct impact on the education and income levels of a region. All these factors impact the cost of housing and household buying power. Take a look at the full housing study document on our website to see data separated by county.


Stay tuned for next month's blog that will feature an overview of the housing and household assessment, as well as regional trends. To view the complete study, visit: http://loredc.com/pdfs/2016_10-19%20Lake%20of%20the%20Ozarks%20Housing%20Study_Web.pdf.

Lake of the Ozarks - Your Strategy for Business Growth


If you're interested in joining the growing community at the Lake of the Ozarks, the Lake of the Ozarks Regional Economic Development Council can help! We're here to serve as your liaison for Lake of the Ozarks area. Our goal is to make your site search as easy as possible and to provide you with all the information and resources you need to consider our community during your site search. We can also assist you with most aspects of relocating your business to the Lake of the Ozarks and we encourage you to visit our website or call us at 573-569-7420.



  

Wednesday, October 26, 2016

Build Your Own Business Project: Basic Economic Indicators Report

In 2007, the Build Your Own Business Project was accepted into the University of Missouri Extension Community Economic and Entrepreneurial Development Program (ExCEED). The project includes four counties: Benton, Camden, Miller and Morgan. ExCEED program leaders requested that the Community Policy Analysis Center (CPAC) provide basic economic information to the Build Your Own Business Project and three other regions accepted into the program at the same time. The ExCEED program assisted CPAC faculty to design the studies and underwrote the cost.



Key Findings 


Population - Total population in the Build Your Own Business Project Region was 103,747 in 2006. The region's population is projected to increase between 1.08% and 1.43% per year over the next ten years, bringing the total 2016 population to a range from 115,557 to 119,619.

Personal Per Capita Income - In 2006, the personal per capita income for Build Your Own Business Project was $25,930. Historically, personal per capita income has shown a slow, steady increase in the region. If income follows overall growth trends for the past 10 years (1996 to 2006), then it may grow to as much as $30,172 by 2016. If, instead, the more recent trend from 2004 to 2006 continues, personal per capita income will increase to just $27,583 by 2016.

Employment (Full-Time and Part-Time Jobs) - There were 57,283 full-time and part-time jobs located in the Build Your Own Business Project Region in 2006. Employment is projected to increase by as much as 4.15% per year between 2006 and 2016. The growth in employment is faster than the growth per capita income and the growth in population.

External Employment - Employment (full-time and part-time jobs) located in the counties that surround the Build Your Own Business Project (also called External Employment in this study) is projected to increase at a much slower pace than employment inside the Build Your Own Business Project. Projected increases in External Employment range from 0.21% to 1.39%. In 2006, there were 196,874 jobs located in the counties surrounding the Build Your Own Business Project Region.

External Labor Force - Labor force is defined as individuals 16 years and older, who are working or seeking employment. External labor force includes those individuals in the labor force who reside in the counties surrounding the Build Your Own Business Project Region. In 2006, there were 151,175 individuals in the Build Your Own Project Region's External Labor Force. There are more jobs than individuals in the labor force in the counties surrounding the Build Your Own Business Project. This may indicate a reliance on workers outside the greater region to fill employment demand, or a situation where many people in the labor force are working more than one job.

Regional Industries - In 2006, Services and Retail Trade were the largest industrial sectors in the Build Your Own Business Project Region.

Business Size - In 2006, 80.1% of the Build Your Own Business Project Region's 3,251 businesses had fewer than 10 employees, and 60.3% have fewer than 5 employees.

The table below summarizes annual growth rates for several key variables detailed in the Build Your Own Business Project Report.







The purpose of the Build Your Own Business Project Report is to provide information that will help local leaders and residents better understand the regional economy. The report is meant to support ongoing region-wide efforts to promote entrepreneurship for regional economic development. You can read the full report here: http://loredc.com/pdfs/2016BYOB%20final%20report.pdf.

Planning for the future begins with envisioning it. 

 

Lake of the Ozarks - Your Strategy for Business Growth


If you're interested in joining the growing community at the Lake of the Ozarks, the Lake of the Ozarks Regional Economic Development Council can help! We're here to serve as your liaison for Lake of the Ozarks area. Our goal is to make your site search as easy as possible and to provide you with all the information and resources you need to consider our community during your site search. We can also assist you with most aspects of relocating your business to the Lake of the Ozarks and we encourage you to visit our website or call us at 573-569-7420.



  

Wednesday, September 28, 2016

Advantages to Doing Business in Missouri

Why Missouri? 


While Missouri is home to 10 Fortune 500 companies and just as many of America's largest private companies as designated by Forbes, the state is equally dedicated to the growth of smaller businesses as well. Missouri is all about economic and business growth. The state has maintained a solid business environment over the years and that stability helps companies that are new to the state plan for growth even before relocating business to Missouri. Let's take a look at a few of the advantages to doing business in the "Show-Me" State.

Missouri Labor Force 


Missouri has one of the most valuable workforces you will find anywhere across the country. Based on high school graduation rates, Missouri has a better educated workforce than most other states. This means our workers have the basic competencies to support advanced manufacturing and logistics. Missouri is home to nationally ranked Washington University in St. Louis, and nearly 140 other degree-granting institutions. Companies in bio, energy, financial, IT and health services benefit from the outstanding talent that is developed at these facilities.

In addition to quality workers, Missouri workers work for less. The average Missouri hourly wage is more than 8% less than other states. This makes labor more valuable in Missouri than in any other state. Compared to other Midwest states, Missouri is unique in that it has a workforce of more than 3 million.

Missouri Logistics


The state of Missouri offers a combination of logistical benefits that truly affect the bottom line. Missouri's central geographical location helps companies reach most domestic markets in two days by land or three hours by air. Half of all U.S. households and manufacturers are located within a single day's drive. Missouri is also home to the two largest river systems in North America, and two of the largest rail terminals. International air service and the 6th largest public road and highway system benefit both domestic and foreign-owned companies.  

Missouri Long-term Business Benefits


Having earned a AAA bond rating for 50 years, Missouri is a sound economic investment. Only two other states can make that same claim. Rare for a Midwestern state, the Tax Foundation has consistently ranked Missouri in the top 10 for low corporate income taxes. In addition, Missouri's streamlined incentives make it easier for companies to relocate to the state. Learn about these incentives here: http://loredc.com/incentives.asp. Missouri is also not affected by fluctuations in the marketplace to the degree that other states are.

Other Advantages


In addition to a great business climate, Missouri offers a great quality of life. The Lake of the Ozarks area specifically, has a lot to offer in regards to quality of life. The Lake of the Ozarks is one of the most popular tourist destinations in the Midwest and offers endless recreational activities. Comprehensive healthcare and a great education are also available to residents throughout the Lake region. The cost of living is low, housing is affordable and the region is very fortunate to have low crime levels, as well as clean air and water for our citizens. Read more about the quality of life at the Lake of the Ozarks here: www.LOREDC.com/quality.asp.

Lake of the Ozarks - Your Strategy for Business Growth


If you're interested in joining the growing community at the Lake of the Ozarks, the Lake of the Ozarks Regional Economic Development Council can help! We're here to serve as your liaison for Lake of the Ozarks area. Our goal is to make your site search as easy as possible and to provide you with all the information and resources you need to consider our community during your site search. We can also assist you with most aspects of relocating your business to the Lake of the Ozarks and we encourage you to visit our website or call us at 573-569-7420.

Source: http://www.missouripartnership.com/Why-Missouri/Missouris-Advantages



  

Wednesday, August 31, 2016

Lake of the Ozarks Demographic Profile 2016

Central Missouri's Lake of the Ozarks Demographic Profile 2016 has been released. The report covers the counties and communities of Camden County, Miller County, Morgan County, Camdenton, Eldon, Lake Ozark, Osage Beach and Versailles. In today's blog, we'll take a look at a few of the facts and figures you can expect to find in this demographic profile:


Population Data


The population section of our demographic profile includes population data by county and city, and also takes into consideration age, race & ethnicity, employment status and more. Here is a quick look at the population of the Lake of the Ozarks Region:






Education Data


The education section of our demographic profile offers data on county educational attainment, county schools, county education stats and more. Let's take a look at some of this education data:




Income Data

The income data section of our demographic profile offers population numbers by household income. The data from Missouri is compared to that of the Lake region through maps. Take a look at those numbers below and check out the maps in the complete profile here.


Employment Data


The employment section of our demographic profile offers population numbers based on industry and occupation. It also includes average wages for the county, unemployment stats and more! Let's take a look at a few of these findings:



Taxation Data


The taxation section of our demographic profile offers information about state and local tax rates. Here's a preview of what you can find in our report on the Lake of the Ozarks demographics



Transportation and Logistics Data


The transportation and logistics section of our demographic profile offers data on major roadways, traffic volume, airports and railways, and other modes of transportation offered in the Lake of the Ozarks region. Let's take a look at some of the roadway traffic data below:


Utilities and Telecommunications Data


The utilities and telecommunications section of our demographic profile includes information on area utilities including electric, water and natural gas, as well as information on broadband service, TV, radio and more.


For the complete 2016 Demographic Profile, visit our website at: www.LOREDC.com.

Lake of the Ozarks - Your Strategy for Business Growth

If you're interested in joining the growing community at the Lake of the Ozarks, the Lake of the Ozarks Regional Economic Development Council can help! We're here to serve as your liaison for Lake of the Ozarks area. Our goal is to make your site search as easy as possible and to provide you with all the information and resources you need to consider our community during your site search. We can also assist you with most aspects of relocating your business to the Lake of the Ozarks and we encourage you to visit our website or call us at 573-569-7420.



  

Wednesday, July 6, 2016

Economic Development at Lake of the Ozarks: Healthcare, Education, Cost of Living, Housing, Low Crime & Clean Air/Water

There are 6 essential attributes that develop a high quality of life in our communities: recreation, healthcare, education, cost of living, housing, and low crime/clean air and water. Last month, we talked about all the recreational opportunities here at The Lake and now we'll touch on the other 5 attributes. You will learn why the Lake of the Ozarks region is a relaxing friendly place to live, work and play!

Healthcare


Lake Regional Health System provides comprehensive health care services to Lake Area residents and visitors. The 116-bed hospital is a state designated Level III trauma center. It is accredited by The Joint Commission and is a past recipient of the Missouri Quality Award. Cardiac care services include open-heart surgery, cardiac catheterization and cardiac rehab.

Lake Regional Cancer Center offers patients chemotherapy and radiation therapy treatments in a comfortable atmosphere close to home. Lake Regional Health System also operates primary care, urgent care, specialty and rehab therapy clinics, retail pharmacies and home health services throughout the Lake Area. 

Education


Four high schools are conveniently located in the Lake Area, and the graduating senior classes have ACT scores that are consistently above the state and national averages. Two out of three graduates advance on to college.

The area has two technical career centers, a four-year liberal arts college extension campus and a satellite community college. These educational institutions work closely with community businesses to provide needed training for the area's work force. 

Cost of Living


The Lake of the Ozarks Region has a great competitive advantage in cost of living. In 2014 (2nd qtr), the state of Missouri had the 11th lowest cost of living index in the Untied States at 92.7. A further breaking down shows Missouri ranking in the United States as follows: Utilities 3rd lowest; Transportation cost (gasoline) 7th lowest; Health Care 16th lowest; Housing and Grocery 18th lowest. The composite index for the Lake of the Ozarks Region is below the Missouri State average.  

Housing


The Lake of the Ozarks Region offers an endless variety of housing options. There are numerous apartment complexes, condo developments and houses both on and off the lakefront. Housing is priced to match all income levels, and development of new housing in all categories continues at a brisk pace. The Lake of the Ozarks Region is experiencing a population explosion at a rate of more than 30%, and developers are starting new projects every month. 

Low Crime/Clean Air, Water


The region is very fortunate to have excellent police forces in the counties and cities in our area, with low crime levels. Living in central Missouri, we are also fortunate to have very clean air and water for our residents. 

Lake of the Ozarks Regional Economic Development Council


The Lake of the Ozarks is a diverse area that has an excellent business environment and outstanding "quality of life" attributes. However, it needed a cohesive and cooperative effort to sell these advantages to potential business and industry. As a result, a number of local agencies, organizations and businesses have joined together to enhance the efforts of economic development opportunities at the Lake of the Ozarks through the creation of the Lake of the Ozarks Regional Economic Development Council (LOREDC). Started 11 year ago as an informal exchange of information between communities throughout the tri-county region, LOREDC has now evolved into a structured committee with the purpose to retain and attract business to the Lake with the understanding that what is good for one community is good for the entire region. LOREDC is the liaison to the Lake of the Ozarks community. For more information about the organization, visit our website www.LOREDC.com or contact Tim Jacobsen at 573-348-1599.


  

Friday, June 17, 2016

Economic Development at the Lake of the Ozarks: Recreation

In general, economic development is usually the focus of federal, state and local governments to improve our standard of living through the creation of jobs, the support of innovation and new ideas, the creation of higher wealth and the creation of an overall better quality of life. Economic development is often defined by others based on what it is trying to accomplish. Many times these objectives include building or improving our transportation and energy infrastructure, improving our education system through new schools, enhancing our public safety and health services, or incentivizing new businesses to open and existing businesses to maintain a location in a community.

Economic Development at The Lake


The Lake of the Ozarks region has all of the essential ingredients necessary to provide a high quality of life for its citizens. One of the most significant attributes for the region is its natural scenic beauty along the 1,150 miles of Lake shoreline. Located in south central Missouri, the Lake of the Ozarks is one of the largest manmade lakes in the world and is surrounded by the beautiful Ozark Mountains. The area provides the outdoor enthusiast multiple activities from which to choose.

There are 6 essential attributes that develop a high quality of life in our communities: recreation, healthcare, education, cost of living, housing, and low crime/clean air and water. You will learn why the Lake of the Ozarks region is a relaxing friendly place to live, work and play. With substantial infrastructure and thousands of acres of undeveloped land at attractive prices from which to choose, the Lake region makes an excellent site for industrial, commercial and retail development. Getting here is easy; the Lake of the Ozarks region is centrally located in Missouri, and the U.S. major highways and 5 nearby airports serve the area from all directions.

Recreation 


Voted "Best Recreational Lake" in the country by the readers of USA Today, the recreational activities at the Lake of the Ozarks include boating, fishing, swimming, tennis, water activities, golfing hunting, camping, and canoeing or tube floating. The region boasts more than 100 marinas, and more than 200 restaurants, with 40 waterfront and many more fine dining restaurants off the water for the "land lovers." Then after a full day in the sun, there are hundreds of shopping opportunities. It's easy to see why the Lake of the Ozarks region is one of the most popular tourist areas in the Midwest.

Accommodations

Resorts, hotels, motels, campgrounds, condos, homes and bed & breakfasts provide a limitless selection of accommodations. Many of the full service resorts offer convention and meeting space for groups large or small. The Lake hosts thousands of reunions and weddings annually to many of our unique venues.

Shopping

The community offers many shopping experiences at the largest brand name factory outlet mall in Missouri, the Osage Beach Premium Outlets. With 110 outlet stores, shoppers find impressive savings at Adidas, Ann Taylor, Banana Republic, BCBG Max Azria, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, J. Crew, Nautica, Nike, Nine West, Polo Ralph Lauren, Tommy Hilfiger and more. In addition to the outlet mall, the area boasts a Super Walmart, Target, Marshalls, Petco, Dick's Sporting Goods, Menards, Kohl's, Dierbergs and several other large retailers. Lake of the Ozarks also features quaint antique and specialty shops that are scattered throughout the Lake area. On weekends, visitors can be seen strolling the Bagnell Dam Strip, which offers a variety of shopping opportunities at fantastic bargains.

Activities

Other favorite activities include golfing at one of the 14 magnificent courses encircling the Lake; exploring Bridal Cave, Ozark Caverns, Fantasy World Caverns, and Jacob's Cave; touring historical buildings that capture the area's history; sampling wine at one of the area wineries or vineyards; visiting Ha Ha Tonka State Park, which has 12 hiking trails, 8 caves, picnic areas and unique castle ruins; and horseback riding in the Lake of the Ozarks State Park, the largest state park in Missouri. For families, the Lake offers music shows, indoor and outdoor waterparks, putt-putt golf and go-carts. There are also numerous outdoor music venues in the Lake area, bringing well known national musical acts each season.

Stay tuned for next month's blog that will feature the other 5 essential attributes that develop a high quality of life here at the Lake of the Ozarks. The Lake of the Ozarks Regional Economic Development Council is the liason to the Lake of the Ozarks community. Our goal is to make your site search as easy as possible and to provide you with all the information and resources you need to consider our community during your site search. We can also assist you with most aspects of relocating your business to the Lake of the Ozarks and we encourage you to visit our website or call us at 573-569-7420.


Tuesday, May 31, 2016

Quality of Life at Lake of the Ozarks

Why move your business to the Lake of the Ozarks? Well, aside from the beauty of the lake and surrounding area, we have a high quality of life! From quality education and healthcare to a good workforce and great recreation, the Lake of the Ozarks area has a lot to offer its residents. Let's take a look at some of the things that make living and working in this area so great!

Tax Rates


The sales tax rates in the Lake of the Ozarks region vary slightly from county to county, and vary even a little more from city to city:
  • Camden County - 5.475%
  • Miller County - 5.725%
  • Morgan County - 5.725%
  • Camdeton - 7.475%
  • Eldon - 8.125%
  • Lake Ozark - 7.725%
  • Laurie - 7.725% 
  • Osage Beach - 7.475% to 8.725% depending on the area
  • Versailles - 7.725%

For Businesses 

In Missouri, the taxable wage base is $11,000. This means an employer pays contributions/taxes on the first $11,000 paid to each employee. After the taxable wage base has been met, the employer continues to report the individual for the remainder of the year, but is no longer required to pay taxes on those wages. The new employer contribution rate for general employers is 3.51% with the exceptions being those new employers in the construction-related industry, those employers are assigned a rate of 3.832% and employers in the mining industry receive the contribution rate of 3.567%. 

Education


The Lake of the Ozarks area is fortunate to have great educational institutions. Four high schools are conveniently located throughout the Lake area, and the graduation seniors have ACT scores that are consistently above the state and national averages. In addition, 2/3 of those graduates advance on to higher education. The Lake area is home to two technical career centers, a 4-year liberal arts college extension campus and a satellite community college. All of these educational institutions work closely with the community businesses to provide needed training for the area's workforce.

Healthcare


Lake Regional Health System provides comprehensive health care services to Lake area residents and visitors. The hospital is a state-designed Level III trauma center. It is accredited by the Joint Commission and is a 3-time recipient of the Missouri Quality Award. Quality recognition can come in the form of awards, accreditation, certification or designations of excellence, all of which can help patients and families identify quality care. Learn more about the Lake of the Ozarks' quality healthcare by checking out Lake Regional Health Systems' awards and recognition here: www.LakeRegional.com.

Workforce


According to the LOREDC Workforce Assessment conducted in 2013, of the 12 quality characteristics, Product Quality scored the highest with a rating of 4.32 on a 5.0 scale, and Productivity ranked second. However, Availability of Job Applicants scored the lowest at 3.25. Overall, the workforce quality index is 3.88 for the Lake area and the overall statistical average is 3.00. Of the 12 workforce skill characteristics, Service Orientation and Reading Comprehension ranked highest with a 4.11 on a 5.0 scale. Science ranked the lowest at 3.21. The overall workforce skill index for the Lake area is 3.6 and the overall statistical average is 3.00.

The overall average hourly wage for the Lake of the Ozarks regional labor market is $18.45 and compares to the 2012 BLS national average wage of $22.01 and Missouri average of $19.79. The 3-county region hourly wage average is 16.2% below the national average and 6.8% below the State of Missouri average. For more information on the quality of the workforce in the Lake of the Ozarks region, check out the rest of the study's findings here: www.LOREDC.com.

Quality of Life


The Lake of the Ozarks is known for it's recreational activities such as fishing, boating, golfing, hiking, biking and more! The region boasts over 100 marinas, more than 40 waterfront restaurants and many more dining establishments off the water. In addition, there are hundreds of shopping opportunities and other off-water activities for the entire family to enjoy. Enjoy playing golf at more than a dozen magnificent courses encircling the Lake of the Ozarks area or explore nature at Bridal Cave, Jacob's Cave or one of the many hiking trails at Ha Ha Tonka State Park or the Lake of the Ozarks State Park. We were voted BEST recreational lake in the country - come see why!

Lake of the Ozarks - Your Strategy for Business Growth

The Lake of the Ozarks Regional Economic Development Council is here to serve as your liaison for Lake of the Ozarks area. Our goal is to make your site search as easy as possible and to provide you with all the information and resources you need to consider our community during your site search. We can also assist you with most aspects of relocating your business to the Lake of the Ozarks and we encourage you to visit our website or call us at 573-569-7420.