USA Today reported rankings on the Top 10 Fastest-Growing Economies on Feb. 1 and St. Joseph ranked seventh on that list.
The article said that St. Joseph’s economy grew by almost 10 percent in 2012 and the unemployment rate is well below national and state unemployment figures.
In November 2013, according to the U.S. Department of Labor, St. Joseph’s unemployment rate was 4.8 percent, while the Missouri and U.S. rates were 6.1 percent and 7 percent respectively.
The article stated that many local economies rely on one production or trade sector, and when that sector starts to fail, it causes a major problem for the local economy.
St. Joseph is a major center for agricultural sciences and animal health businesses. Many of the other cities on the list are tied strongly to energy development, including Midland, Texas; Odessa, Texas; Pascagoula, Miss.; Sioux Falls, S.D.; Fargo, N.D. and Bismarck, N.D. (ranked 1-6, with Midland being the fastest-growing economy).
“The way that St. Joseph differs itself from the other fast-growing economies is that we aren’t tied strongly to just one industry,” said R. Patt Lilly, President and CEO of the St. Joseph Chamber of Commerce. “While we are very proud to be a leader in the Animal Health Corridor, we also are fortunate to have a broad manufacturing sector in St. Joseph.”