• Greater St. Louis Standard of Living Ranked 7th Highest Among Largest Metros

    Oct 20, 2017

    A new report released by the Federal Reserve Bank of St. Louis provides further details on a new way to measure standards of living, termed Regional Price Parities (RPP). RPPs compare price level differences, and thus cost of living between states or metro areas.

    St. Louis enjoys a significantly lower cost of living compared to U.S. averages, especially for an area its size. Cost of living indexes provide information about quality of life and general living standards. These indexes are useful for measuring how much an individual can consume. The most well-known cost of living index is the ACCRA Cost of Living Index (COLI) produced by the Council for Community and Economic Research. The COLI measures the relative cost of U.S. metropolitan areas. The following table includes cost index components for the St. Louis, MO-IL metro area. 

    Cost of Living – St. Louis, MO-IL MSA, 2016 Average

    Metro Area

    100% Composite Index

    Grocery Items

    Housing

    Utilities

    Transportation

    Health Care

    Misc. Goods and Services

    St. Louis

    90.4

    103.2

    70.5

    112.8

    94.2

    96.3

    92.9

    Note:  U.S. metro average cost of living = 100.
    Source:  “ACCRA Cost of Living Index, 2016 Average Annual Data” Council for Community and Economic Research, Jan. 2017.

    Regional Price Parities are spatial price indexes used to compare costs across different areas, like the ACCRA Cost of Living Index. However, the RPP is better suited to adjusting income for cost of living.

    In 2015, Missouri’s RPP was 89.3, more than ten percent below the national average of 100. The St. Louis region has an RPP of 90.6, considerably below the national average.

    Standards of living can also be measured by per capita personal income. In 2015, the Bureau of Economic Analysis ranked metro areas according to per capita personal income. The region’s per capita personal income in chained 2009 dollars was $44,715 and ranked 67th out of all U.S. metro areas in 2015. However, when adjusted for RPPs, the region’s per capita personal income increased to $49,598, ranking 20th. “On an RPP-adjusted basis, per capita personal income in St. Louis jumped from 1.6 percent above the national average to 12.7 percent above the national average” (1). An article on the report by the Federal Reserve Bank of St. Louis stated, “St. Louis has the seventh highest standard of living among 53 U.S. metro areas with populations of more than 1 million” (2).

    Sources: (1) “Living Standards in St. Louis and the Eighth Federal Reserve District: Let’s Get Real” Federal Reserve Bank of St. Louis Review, 2017. (2) “St. Louis Standard of Living Ranked 7th Among Large U.S. Metros” St. Louis Post-Dispatch, October 7, 2017. 

     

  • St. Louis Cardinals Expected to Hit $318.1 Million Home Run for Regional Economy

    Mar 31, 2017

    ST. LOUIS (March 31, 2017) – The St. Louis Cardinals will face off against the Chicago Cubs at the team’s home opening game on April 2, 2017 at Busch Stadium. Not only is this a great day for baseball, but it kicks off a robust tourism season in the St. Louis region.

    According to the St. Louis Regional Chamber’s Director of Economic Research, Ruth Sergenian, the Cardinals are projected to attract three million fans who will generate a $318.1 million economic impact in the region. Sergenian estimates the direct economic impact will total $165.2 million, spurring an indirect economic impact of $152.9 million.

    Historically, out-of-town visitors constitute over 40 percent of game attendees. Visitor spending on dining, lodging and shopping provides a significant boost to the regional economy.

    This analysis uses the economic impact model IMPLAN, which measures how spending tied to an event has multiple impacts and spreads throughout a region, thereby benefiting households and firms within the region. The direct, indirect and total economic impact figures are based on estimates of visitor spending and operations expenditures at Busch Stadium.

    The Cardinals rank 7th on Forbes Magazine's latest list of the most valuable baseball teams with a value of $1.6 billion. A $1 billion, 15-year TV deal with Fox Sports Midwest and a $220 million expansion of Ballpark Village are also expected to raise the Cardinals’ influence in the regional economy.



    About the St. Louis Regional Chamber
    The St. Louis Regional Chamber is a broad community of leaders united for economic prosperity throughout the entire St. Louis bi-state region. Our aspiration is for St. Louis to be one of the Top 10 U.S. regions in prosperity. Our one purpose is to inspire a greater St. Louis. Together, we will make St. Louis a more attractive place for people to live, work, and invest. We will win on today’s regional strengths in focused economic clusters: financial services, health, multimodal logistics, and biosciences. We will champion a better tomorrow through greater educational attainment, inclusion and talent attraction, entrepreneurship and innovation. For more information, visit www.stlregionalchamber.com.

    About Explore St. Louis
    Explore St. Louis is the driving force behind St. Louis’ $5 billion convention and tourism industry, the official destination marketing organization of St. Louis City and County and operator of the America’s Center Convention Complex. For more information, visit www.explorestlouis.com.