T-Rex, the coworking space and technology incubator in downtown St. Louis, has been involved in the creation of 2,230 jobs with an annual economic output of $350.4 million, according to a new report from T-Rex and the St. Louis Regional Chamber.
T-Rex counts 200 companies and 400 individuals among its members, according to the report. Twenty-nine percent of those startups are run by minorities, and 21 percent are run by women.
The organization says it has contributed to the creation of 82 companies, including 15 that are located in downtown St. Louis, employing 571 people.
That impact on downtown St. Louis is a theme revisited often throughout the report.
“By investing in T-REX,” the report says, “you are investing in a revitalized urban core that is both sustainable and growth positive.”
To that end, the report points to St. Louis’ downtown population growing 32 percent, to 18,000 in 2015 from 13,600 in 2010, the year before T-Rex was established.
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The organization brought in about $1.98 million in rent, dues, donations and other income in 2015, down from $3.09 million the year prior, according to the report.
That drop was mostly attributable to donations falling by more than $1.2 million from 2014 to 2015.
Plans for growth
The report serves as a call for additional donations. T-Rex is seeking funds to help support a 50,000-square foot expansion, which the organization said could result in 2,479 additional jobs created and $340.3 million in economic output over five years.
“We have a waiting list for space and we have simply outgrown our current office availability,” the report says. “Turning away young companies seeking to locate in downtown St. Louis completely defeats our mission.”