Metro Profile: A Familiar Name with an Economy Facing Familiar Challenges

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Fernandez Laris, Georgette A; Gascon, Charles S.;
(2015)
  • Journal: The Regional Economist,issue April

Springfield, Mo., a city with a common name, has an economy with familiar successes and challenges. The health care sector is booming, and the cost of living is somewhat low, as are wages. But labor productivity seems to be subpar, and the poverty rate is above average.
  • References (6)

    Population ............................................................................................448,744 Population Growth (2009-2013).................................................. 3% Population (Age 25+) w/Bachelor's Degree or Higher................................................26% Population in Poverty ..................................................................... 18.7% Real Per Capita Personal Income.....................................$36,121 Real Per Capita Personal Income Growth (2009-2012) ..............................................................................................1.5% Cost of Living .......................................................................................-10.8% Rents........................................................................................................-31.3% Unemployment Rate............................................................................4.6% Real GDP (2013)....................................................................$15.7 billion Real GDP Growth (2010-2013) ..................................................... 1% NOTE: Population estimates come from the U.S. Census Bureau. Cost of living data come from the Bureau of Economic Analysis' Regional Price Parities series.

    LARGEST EMPLOYERS 1. Mercy Health Springfield ..........................................................9,004 2. Cox Health Systems......................................................................7,891 3. Wal-Mart Stores................................................................................3,567 4. Springfield Public Schools .......................................................3,206 5. Missouri State University..........................................................2,583 SOURCE: www.springfieldregion.com.

    Baum-Snow, Nathaniel; and Pavan, Ronni. “Understanding the City Size Wage Gap.” Review of Economic Studies, January 2012, Vol. 79, No. 1, pp. 88-127.

    Eubanks, James D.; and Wiczer, David. “Where's the Wage Pressure?” Federal Reserve Bank of St. Louis The Regional Economist, January 2015, Vol. 23, No. 1, an online-only article. See www.

    stlouisfed.org/publications/regional-economist/ january-2015/wage-pressure.

    G L A N C E 12/17/14 01/28/15 03/18/15 04/07/15 10-Year Treasury Fed Funds Target 1-Year Treasury 2013:Q4 2014:Q1 2014:Q2 2014:Q3 2014:Q4 SOURCE: Agricultural Finance Monitor.

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