Hello, MBA readers,
Missouri’s unemployment rate dropped by more than 2 percentage points in September, to 4.9%, but that doesn’t mean Missouri saw a net gain in jobs for the month. Instead, the unemployment rate declined because nearly 70,000 workers dropped out of the labor force as many tapped out their unemployment insurance benefits. In other news of telling statewide statistics, Gov. Mike Parson leads Auditor Nicole Galloway by six points in a new Missouri political poll gauging the opinions of likely voters. That marks progress for Parson, who was in a dead heat with Galloway in a June report from the same pollsters. And, in the sports realm, Missouri will host more than a dozen NCAA championship events between 2022 and 2026, college sports’ governing body announced Wednesday. Kansas City leads the way, with three Division I championship events set to take place at the recently renamed T-Mobile Center.
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Meet the recipients of the inaugural Kindness in Business awards
Twelve mid-Missouri business and organizations of different shapes and sizes, with unique origins and distinct purposes, are all alike today in at least one way: They are being celebrated for exemplary kindness. These twelve are recipients of the inaugural Kindness in Business awards, presented by Missouri Business Alert and Children’s Grove. The awards honor Boone County businesses and organizations that have shown and promoted kindness in the face of the unprecedented challenges brought by the COVID-19 pandemic.
Missouri unemployment rate continues to fall as nearly 70K leave labor force
Missouri’s seasonally adjusted unemployment rate declined to 4.9% in September, but much of the decline was attributed to workers leaving the labor market. The state continued to see its unemployment rate decrease from a pandemic-induced peak of 10.2% in May, but the rate in September was higher than at any point in almost five years before the coronavirus. (MBA)
Developer proposes $84 million in projects along traditional St. Louis divide
Kevin Bryant of Kingsway Development is leading the effort to redevelop a stretch of Delmar Boulevard, which has been a line of racial and economic division in St. Louis. Plans call for five separate projects that would benefit from $6.2 million in tax subsidies. (St. Louis Post-Dispatch)
Drury to break ground on a new $27 million building
The Springfield university will begin construction on a new building that will house its business school. It will be the first new academic building at the university in about 20 years. (Springfield Business Journal)
St. Louis to receive nearly $1 million to fight the spread of STIs
St. Louis will receive the funding from the Centers for Disease Control and Prevention to combat sexually transmitted infections. The city leads the nation in rates of several STIs. It is one of four jurisdictions in the country to receive the funding. (St. Louis Post-Dispatch)
Court restores most of $29 million award to KC-area doctor
An appeals court has restored all but $5 million of the verdict against Overland Park Regional Medical Center brought by a physician who said the hospital’s hiring policies led to dangerous under-staffing issues. Another court had reduced the award by more than half. (KCUR)
Kansas City Restaurant Week organizers proceed with plans
Organizers say the event will take place in January 2021, as originally scheduled. Deals will cover take-out, dine-in and delivery. (Kansas City Business Journal)
KC-area trust company to pay fine, liquidate trusts over violations
Great Plains Trust Co. will pay $300,000 and liquidate several trusts over violations uncovered by the Securities and Exchange Commission. According to the SEC, the fund had several registration issues over different trusts and securities. (Kansas City Business Journal)
Say that again
“It’s more the lower-skill, lower-waged jobs which are churning more than the higher-income jobs — which leads to different levels of recovery between higher-income and lower-income populations.”
That’s John Horn, a Washington University economics professor. He explained that a high number of unemployed individuals and a low unemployment rate for the month shows a large amount of turnover in who’s working, St. Louis Public Radio reports. Many who don’t have the skills or technology to work remotely, or who cannot pay for childcare or other expenses since federal unemployment supplements have stopped, have dropped out of the labor market completely.
Gov. Mike Parson has moved ahead of Auditor Nicole Galloway in the latest Missouri political poll released by St. Louis University and YouGov. In a survey of 931 likely Missouri voters, 50% of respondents said they would vote for Parson, the Republican, in next month’s gubernatorial election, and 44% said they would vote for Galloway, the Democrat. Parson’s six-point margin in the latest poll follows a “statistical dead heat” in SLU and YouGov’s June poll, which showed 41% of voters planning to support Parson and 39% likely to support Galloway. A majority of respondents to the latest poll also said they would vote for President Donald Trump and Missouri Attorney General Eric Schmitt, both Republican incumbents, in their races.
Kansas City has hosted more @NCAA men’s basketball tournament games than any other city—134, to be exact.
— Visit KC (@VisitKC) October 14, 2020
The NCAA announced the host sites for hundreds of championship events over the next few years, and Kansas City has snagged three Division I events. A portion of March Madness will return to the city in 2023 for the first time since 2019, the Kansas City Business Journal reports. The NCAA Division I Wrestling Championship in 2024 and the NCAA Division I Women’s Volleyball Championship a year later will be held at T-Mobile Center. St. Louis also landed three events, including two at the Division I level — men’s ice hockey finals in 2025 and men’s basketball first- and second-round games in 2026.
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PMI Rate Pro
This company, which aims to make private mortgage insurance more affordable, was one of the big winners at the Pure Pitch Rally, a startup pitch event in Kansas City. Founder Nomi Smith launched the startup just seven months ago, and it is already integrated with the nation’s six private mortgage insurance providers, Startland News reports. Smith, who immigrated to the U.S. from Mongolia when she was 23 years old, earned $24,000 from the event’s investors.
It’s been a pleasure doing business with you this morning.