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.
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.
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.
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.
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1000 City Parkway
Osage Beach, MO 65065
573-569-7420
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