Friday, January 20, 2017

LOREDC Annual Membership Meeting & Business Award Winners

The LOREDC 2017 Annual Membership Meeting was held on Thursday, January 19, 2017 at The Lodge of Four Seasons. During the meeting, members of LOREDC and the local community presented updates on financials, membership, marketing, the housing study and more.

Meeting Agenda


After a nice buffet breakfast, Time Jacobsen, LOREDC President called the meeting to order. There was an approval of the minutes, as well as a financial report. Tim Jacobsen then provided the membership update. Lori Hoelscher presented the marketing committee update. Following those updates was the LOREDC Grant Recipient Presentation by Mayor Olivarri with the City of Osage Beach. Jeff Hancock gave us a housing study update. Then Representative Diane Franklin offered a legislative update. Lina Conner of the Council of Local Governments gave us an update on the council and their efforts. Next was the presentation of awards, followed by LOREDC Board of Directors Nominations and the Election of LOREDC Board of Directors. During the second half of the meeting, Ronda Anderson of MERIC and Mike Kearney, the Ameren Director of Economic Development each gave a key not presentation. Tim Jacobsen then gave closing remarks and adjourned the meeting.


LOREDC Business Awards 


Trish Creach, Lori Hoelscher & Heather Brown presented this year's LOREDC business awards, honoring persons/businesses in the tri-county region. To be eligible for these awards, the company/person must have been in business for a minimum of 6 months and must be a registered business in Camden, Miller or Morgan County. Congratulations to this year's winners!

Business Partner of the Year - Small Business: Scott's Concrete
A business that has experienced significant business accomplishments in the past year, ie. growth in jobs and/or exemplary community involvement.


Business Partner of the Year - Large Business: Performance Boat Center/Redhead Yacht Club
A business that has experienced significant business accomplishments in the past year, ie. growth in jobs and/or exemplary community involvement.


Business Person of the Year: Missy Pinkel, LO Profile Magazine 
A business owner/manager that has made a contribution to the economic welfare and/or has made a considerable donation of time and resources to the community.


Emerging Enterprise of the Year: Ozarks Amphitheater
A business that best displays the innovation, entrepreneurial accomplishments and/or utilization of emerging technology.


Lake of the Ozarks Regional Economic Development Council


LOREDC's goal is to serve as a liaison for the Lake of the Ozarks area, providing the information and resources needed when investors are considering the community for potential industry, manufacturing, retail, entrepreneurial endeavors, tourism and retirement. We are committed to serving the Lake area business community by promoting the advantages of regional activities and support. LOREDC strives to be a cohesive and cooperative effort to sell the Lake area advantages to potential business and industry using a regional approach to marketing.

LOREDC is a membership organization with annual investors that support and make up the organization, and participate in monthly lunch meetings and various committee meetings. The LOREDC board of directors consists of volunteers that are elected by the full membership of the organization to serve three year terms. If you are interested in the economic growth of the Lake area or want to learn more about LOREDC membership, contact Tim at 573-216-4023.


  

Thursday, December 15, 2016

2017 Regional Housing Study: Housing & Regional Trends

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. Building on the population and economic characteristics we discussed in last month's blog, today we dive into household size and other household characteristics. 

Housing & Household Assessments


Households around the Lake of the Ozarks region tend to be smaller, reflecting the older median age and the type of housing these populations demand. Young families are locating in the population centers and rural areas off of the Lake. A region's occupancy and housing age can tell a lot about the makeup of the housing market, gaps and opportunities.

Occupancy 

Most of the rental housing for the Lake of the Ozarks region's workforce is located within the population centers of Versailles, Camdenton, Lebanon and some in Osage Beach and Eldon. Vacancy rates in the region are much higher than traditional markets would experience, but this is driven by the large number of seasonally occupied housing units. These seasonally vacant units impact owner-occupied second homes and units that are leased out on long and short term basis. The rents that seasonal units can demand also impact the cost of housing for permanent residents during the summer months.


Housing Age

The median age of structures is generally younger across the entire region. The oldest housing in the region has a median age of 45 years. For most rural areas, the median age of housing is closer to 50-60 years of age. Significant building activity was taking place in the last 30 years across the region.

Housing Costs


Median home values have a fairly significant variation across the county from a low of $65,000 in Versailles to a high of $240,000 in the Village of the Four Seasons area. Home values around the Lake are the highest in the region. Natural features, such as the hilly terrain and depth to bedrock, increase the cost of water, sewer and road services, and foundational construction costs. These factors are important when considering appropriate locations for more affordable housing. Home values in communities away from the lake are well below construction costs. Home values in the rural areas seem to be fairly strong as populations have remained high and even grown. Values within the Lake communities are slightly higher and likely force many of the service workers employed in the area to drive substantially farther than other workers. Incomes and median home values would indicate that housing if fairly affordable. On the rental side of the market, rates around the Lake are naturally higher, driven by seasonal rentals and the demand to be close to the Lake. In addition, the cost of construction and maintenance of rental units has continued to increase, just as new home construction has increased. While many households can afford this higher rent situation, they still struggle to meet the credit requirements or stable income necessary to qualify for traditional home loans, creating a demand for quality rental housing.


Regional Trends 


To understand our regional housing market, we have to look at more than just census numbers and maps. Therefore, input from local residents, realtors, builders and the financial community was gathered through meetings and surveys. Respondents of the surveys lived in various areas of the region and ranged from 30-60+, with a very low percentage of 18-29 year olds. Of the respondents, 91% own their own home. These were their perspectives:
  • Over 50% of respondents felt that the current housing does not meet the needs of young families, multi-generational families and the elderly. 
  • Most respondents identified the type of housing that would be appealing to young families and seniors as products with the greatest potential. These included mid- and small-sized homes, independent senior living, apartments and townhomes. 
  • For seniors looking to live off of the Lake, respondents felt that owner-occupied homes with shared services (lawn and snow) and apartments with optional services (food, laundry, etc.) would be successful. 
Open ended questions were also asked and the most frequent comments focused around the following:
  • Property maintenance 
  • Gaps in the housing market from the workforce survey. Homes off of the Lake appeal to young families and a share of seniors. 
  • Issues related to city and county zoning regulations. This includes under enforcement, inconsistent enforcement and concern about location of higher density zoning. 
  • The economy and jobs, especially the need for better paying jobs that can support quality housing. 
  • The gap in the rental market and the need to provide adequate housing for the region's workforce. 

Stakeholder Groups 

The housing study process included focus group meetings with local experts from financial institutions, builders and developers, real estate agents, business representatives and major employers, public sector and landlords. Below are some of the broad themes of the meetings:
  • Workforce Housing - There's a significant demand for adequate housing that meets the needs of entry level workers, as well as housing that meets the diverse workforce.
  • Infrastructure - Infrastructure is what drives the cost of housing. Funding the installation and maintenance of this infrastructure is a challenge for cities without good funding sources. Currently, most infrastructure is installed by the development community with no way to offset high costs due to terrain and geology. These challenges make it difficult the bring more affordable lots to the market.
  • New Development Areas - The lack of "buildable" lots was identified as an issue for contractors and developers. While there is a supply of lots, many have slop, access and infrastructure issues that push the final cost to price points well of out range for the regional's workforce.
  • Rental or Transitional Housing - New residents to the area and young adults first entering the housing market traditionally gravitate to the rental market. Over the past 20 years, the rental or multi-family market has frequently focused on seasonal units that tend to be out of the price range of most workers or are only available in the off-season. 
  • Rehabilitation - The ability or interest in rehabilitation of existing housing has been slow in the communities further away from the Lake. The low value of existing housing and economic capacity are likely the most common reasons. When rehabilitation will cost more than the final appraisal of the property, there is little to no motivation to invest in housing stock. 
 


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.



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.