As a business owner, you’re no stranger to risk. There’s risk involved in all major decisions, including those related to business expansion and relocation. That’s why it’s important to plan ahead and consider the options and resources available before you select a new location.
Kansas City, Missouri – photo credit: Jotoya / Pixabay
Despite Missouri’s natural beauty and diverse culture, people in other states tend to view it as a “flyover state.” In reality, Missouri is more than its agricultural industry or the St. Louis Gateway Arch. It’s an attractive state for entrepreneurs and leaders who are choosing a location for a business expansion or relocation.
Missouri strives to reduce business owners’ risks through various state-sponsored programs and offerings alongside one of the friendliest regulatory environments in the country. For instance, it provides companies with customized workforce strategies to ensure they have the right talent at the right time. And with highly competitive industrial electricity rates (about 11% lower than the national average), a AAA bond rating for more than 50 years, and stable rental prices (at $18.54 per square foot), it’s easy to feel confident when expanding a business into Missouri.
And that’s not all Missouri has to offer; there are other factors to consider when choosing a location for your business. Missouri has the second-lowest corporate income tax rate in the U.S. (among the states that have one). In fact, Missouri has one of the most business-friendly tax structures in the country. It aims to give business owners a solid foundation from the start by reducing their risks and maximizing their gains.
Companies in any industry can benefit from what Missouri has to offer. But if your business falls into these four sectors, you should seriously consider moving or expanding to Missouri:
Tech hubs are sprouting up across the Midwest as companies and talent look beyond the coasts. Missouri is home to several great cities (like Kansas City and St. Louis) that are less expensive than ones you’d find on the West or East Coasts. St. Louis features growing startup communities in the Cortex Innovation Community and the T-REX innovation and entrepreneur development facility, and it’s the birthplace of the popular payment technology Square. From a talent standpoint, organizations like LaunchCode and Claim Academy are delivering tech talent at an accelerated rate to Missouri employers.
photo credit: 12019 / Pixabay
With its famous farmlands, Missouri boasts a massive agtech ecosystem across the state. Its crop and livestock diversity, abundant water supply, and rich soil provide a solid, statewide foundation for its agtech ecosystem. That’s why Missouri is the home of leading organizations like the Donald Danforth Plant Science Center, Bayer Crop Science’s Global Seeds and Traits Headquarters, The Yield Lab, Corteva Agriscience, BASF, Bunge, KWS, Zoetis, and many more.
It also serves as the corporate headquarters of Rabo AgriFinance, part of the Rabobank Group, which provides extensive financing and insurance options for U.S. farmers, ranchers, and agricultural businesses. And agtech-focused innovation communities, such as 39 North in Creve Coeur or the Kit Bond Science and Technology Incubator in St. Joseph, are providing a solid ecosystem to support companies of all sizes. Additionally, the Kansas City Animal Health Corridor contributes 56% of worldwide animal health, diagnostics, and pet food sales.
3. Food Solutions
Missouri is well-positioned to grow and transport food across the U.S. and the world quickly and efficiently. Already, Missouri’s robust food production sector includes more than 400 companies and nearly 100,000 farms with the capacity for many more. The state plays a leading role in producing agricultural products, including rice, soybeans, corn, sorghum, cattle, turkeys, and hogs, and it boasts more than 130 wineries, 90 breweries, 20 distilleries, and the world-famous Budweiser family of beers.
Missouri offers food producers access to global markets, extensive distribution options, a friendly regulatory environment, and a diverse customer base. For all these reasons, its food and beverage manufacturing could become a $70 billion industry, and its entire agriculture industry already exceeds $88 billion a year.
4. Auto Manufacturing
Missouri continues to lead the charge in auto manufacturing: General Motors invested $1.5 billion to expand in Wentzville in 2019. Since 2010, more than $4 billion has been invested in Missouri automotive facilities, and the state has supported this growth with strategic incentive programs.
Kansas City is a major player in the state’s automotive industry success, producing more than 500,000 vehicles amid a global pandemic. Additionally, a 2019 Brookings report lists it as one of 35 cities that could be America’s next top innovation hubs.
With its booming industries and friendly business environment, along with other benefits, the Show-Me State gives business owners plenty of reasons to select it as their expansion location. Whether your business falls into the tech, agtech, food services, or auto manufacturing sectors, there’s never been a better time to consider moving or expanding to Missouri.