COMMERCIAL

Typical down payment falls 10 percent year-over-year

April 17, 2023 by Staff Reporter

The typical homebuyer’s down payment fell 10 percent year-over-year in January to $42,375, its lowest level in nearly two years, according to a new report from Redfin.

The median down payment fell 35 percent from the peak it reached in June but is still up more than 30 percent from pre-pandemic levels.

The median down payment in January was equal to 10 percent of the purchase price, down from 13.6 percent a year earlier and the pandemic-era peak of 17.5 percent in May. The last time down-payment percentages were this low was early 2021, before the pandemic homebuying boom drove buyers to put more money down to make their offers more attractive, according to Redfin.

Redfin attests that down payments are falling for several reasons:

• The housing market is slow and there’s not much competition. Most offers for homes written by Redfin agents don’t face bidding wars. That’s a stark difference from the hyper-competitive housing market of 2021 and early 2022. Buyers no longer need to offer a big down payment to prove their financial stability and stand out from the crowd. Now that buyers often have the upper hand, they can offer an amount that works best for their individual circumstances. Diminished competition is also allowing more buyers to use FHA and VA loans, which typically allow for much smaller down payments.

• High housing costs and inflation. Six percent-plus mortgage rates, still-high home prices and inflation are hitting homebuyers’ pocketbooks hard. Buyers don’t have as much money to allocate to a down payment because monthly housing payments are higher than before; they may also be putting more cash toward a mortgage-rate buydown instead of their down payment. Additionally, buyers may be inclined to hold onto as much cash as possible in these uncertain economic times.

• Lower home prices = lower dollar down payments. Home prices remain stubbornly high, but they have fallen more than 10 percent from their May 2022 peak and 1.5 percent from a year ago. A 10 percent down payment on a $400,000 home equals $40,000; if that same home was worth $450,000 in May, the buyer would have needed $45,000 for a 10 percent down payment.

“One silver lining of high mortgage rates and economic turmoil is that they’ve slowed competition,” Redfin Senior Economist Sheharyar Bokhari said. “That means buyers are often able to purchase a home without facing a bidding war and don’t need to fork over a huge portion of their savings for a down payment to grab sellers’ attention. Today’s buyers are also able to save money in other ways: Nearly half of sellers are offering concessions, like helping pay for a mortgage-rate buydown or covering closing costs, to attract buyers.”

Nearly one-third (32.1 percent) of home purchases were paid for with all cash in January, up from 29.7 percent a year earlier and the highest share in nine years. Buyers—especially affluent ones—are increasingly paying in cash to avoid taking on a high mortgage rate. Cash purchases were also common during the homebuying frenzy of 2021 and early 2022, but for a different reason: Buyers back then were offering cash to beat out the competition, Redfin data shows.

Sixteen percent of mortgaged home sales used an FHA loan in January, up from 13.3 percent a year earlier and the highest share since April 2020. The share of mortgaged sales using VA loans rose to their highest level in more than two years, climbing to 7.5 percent from 6.1 percent a year earlier.

Conventional loans are still by far the most common type. More than three-quarters (76.3 percent) of borrowers used a conventional loan, but that’s the lowest share since June 2020, according to Redfin.

Originally Appeared Here

Mo. Senate approves sales tax cut on diapers, guns

April 13, 2023 by Staff Reporter

JEFFERSON CITY, Mo. – Legislation to exempt guns, ammunition, diapers and feminine hygiene products from sales tax is moving forward in the Missouri Capitol.

It was a deal between political parties to approve the two tax cuts. Senate Democrats would not filibuster the legislation to exempt firearms and ammunition from sales tax as long as they could get a clean tax cut bill on diapers and feminine hygiene products, while giving tax credits to grocery stores built in food deserts.

“Your priorities tell you who you kind of are,” Senate Minority Leader John Rizzo, D-Independence, said. “We are fighting for working families, they [Republicans] are fighting to make sure you can buy unlimited rounds with no sales tax.”

The upper chamber passed the two separate plans aimed at cutting taxes Thursday within minutes of each other.

One bill, sponsored by Sen. Rick Brattin, R-Harrisonville, would drop local and state sales tax on the purchase of firearms and ammunition. Senate Bill 131 would also give gun manufacturers tax credits in hopes of bringing more gun-makers to the state.

“This is an offset of an imposed taxation from the federal government to impose that sort of taxation,” Brattin said Thursday. “This is a way to help offset something that the government is doing to a constitutional right.”

Five GOP members, including Sen. Mike Cierpiot, R-Lee’s Summit, joined the 10 Democrats in voting no on the bill.

“A guy goes into a story and he buys a gallon of milk and a box of cereal for his kids and next to him is a guy buying a box of ammunition,” Cierpiot said. “Why is the guy buying food for his kids paying taxes and the guy buying the bullets is not? I just don’t understand the concept of carving out this one little area.”

Sen. Mike Moon, R-Ash Grove, also voted against the legislation, in fear it would later be vetoed by the governor.

“I’m not fond of tax credits because tax credits don’t treat everyone equal,” Moon said.

During debate on the bill, some senators tried removing the sales tax on groceries.

“The grocery tax thing cost a lot, a lot, of money, as in billions of money,” Senate President Caleb Rowden, R-Columbia, said. “I think it needs to be part of a grander and broader discussion relative to all the tax cuts, tax credits and tax incentives that we have passed this year. I would like to do them all, but we know we can’t and so, we’ve got to be responsible about it.”

According to the fiscal note for the amendment, cutting the sales tax on groceries would have cost the state roughly $200 million and local municipalities more than $1.3 billion.

“I support that and wanted to do that, but unfortunately, it was too heavy of a lift to get that through this chamber,” Brattin said.

When it came time for the vote, Rizzo said he was surprised at the 19-15 vote count. In the upper chamber, there are 24 Republicans.

“Nineteen votes on a gun bill in the state of Missouri, maybe the pendulum is swinging a bit,” Rizzo said. “I hope people are getting more common sense on that issue because people are dying.”

Minutes later, the Senate took a vote on Senate Bill 143, sponsored by Sen. Doug Beck, D-Affton, to remove the sales tax on all diapers and feminine hygiene products, like pads and tampons. The legislation received bipartisan support, with a 28-6 vote.

Male bald eagle goes from babysitting rock to an eaglet at World Bird Sanctuary

“We agreed we would give them a path for something,” Rizzo said. “We decided we wanted to give a path for sales tax exemptions for diapers, period products and food deserts, then they decided to give a path to no sales tax on guns and ammo.”

Beck’s legislation would also provide tax credits to grocery stories and food pantries that are built in food deserts.

Together, the tax cuts would cost the state more than $140 million. When broken down, the state receives roughly $80 million on the revenue from ammunition and firearms and $60 million on diapers and feminine hygiene products.

Both bills are now in the hands of the House. There are less than five weeks left in session.

Originally Appeared Here

Meridian Medical Technologies to expand in Bridgeton, investing more than $100 million and creating 30 new jobs

April 13, 2023 by Staff Reporter

Meridian Medical Technologies, a Kindeva Drug Delivery Company and leading global contract development and manufacturing organization (CDMO) focused on drug-device combination products, announced today it will expand in Bridgeton, investing more than $100 million and creating 30 new jobs. Meridian’s expansion includes the purchase of a new, 155,000-square-foot facility that will be converted to support its production of drug-device combination products and increase its sterile fill-finish capabilities.

“We’re proud to have a leading, high-tech manufacturer like Meridian Medical Technologies expanding in St. Louis,” said Governor Mike Parson. “It’s always exciting to see a local employer thriving, creating jobs, and developing innovative products right here in our state. We wish Meridian the best and look forward to its future growth as it continues to succeed in the region.”

Headquartered in St. Louis, Meridian has been a leading manufacturer of emergency autoinjectors for more than 60 years. Meridian’s investment in Bridgeton will make it one of the few companies in the world that can support sterile filling and autoinjector manufacturing. Now with Kindeva, the combined company has a broader range of drug delivery capabilities that its Bridgeton facility investment will support worldwide.

“Meridian brings a strong history of specific expertise to support critical manufacturing capabilities for complex products – addressing a manufacturing shortage we have seen increase over the last several years,” said Milton Boyer, Meridian CEO. “Building a broader platform with the latest technologies and equipment available, coupled with enhanced capabilities in the production of pre-filled syringes and cartridges, will enable Meridian to offer a broader array of CDMO services and increased capacity to our customers.”

Since January 2022, Meridian has added roughly 300 employees for a total of approximately 900 in the St. Louis area. The company’s new facility, which will be completed in 2024, will support continued growth by dramatically increasing its abilities to develop and manufacture products that will bring new medicines to new markets and customers worldwide.

“It’s exciting to see Meridian Medical Technologies create more opportunities for Missourians in St. Louis,” said Maggie Kost, Acting Director of the Department of Economic Development. “As Meridian expands while developing lifesaving products, we’re grateful to support its growth. This company is another example of a quality local employer making a positive difference for our state and beyond.”

For this expansion, Meridian will benefit from the Missouri Works program, a tool that helps companies expand and retain workers by providing access to capital through withholdings or tax credits for job creation.

What others are saying

“The expansion of Meridian Medical Technologies will provide more jobs and increase production in St. Louis County,” said County Executive Dr. Sam Page. “With the help of the St. Louis Economic Development Partnership, we have worked to create a path for growth to a business that employs approximately 900 people in St. Louis County.”

“Meridian’s expansion brings not only new investment and new jobs to the St. Louis metro, but highlights the continued growth of our bioscience and advanced manufacturing sectors,” said Jason Hall, CEO of Greater St. Louis, Inc. “We are excited by Meridian’s expansion and their commitment to St. Louis and appreciate the hard work and collaboration of the economic development partners at the state and regional level who helped make this project happen.”

“The St. Louis region has so much to offer in the biosciences and medical industry. We are excited Meridian Medical Technologies will be expanding its operations here and bringing more jobs to Missouri,” said Tara Oglesby, Vice President of Community, Economic Development and Energy Solutions at Ameren Missouri. “Ameren Missouri’s Smart Energy Plan continues to be instrumental in making the region more attractive for businesses to grow here while also providing reliable energy to power the quality of life for the customers and communities we serve.”

About Kindeva Drug Delivery

Kindeva is a global contract development manufacturing organization focused on drug-device combination products. Kindeva develops and manufactures products across a broad range of complex drug-delivery formats, including autoinjectors, inhalers, transdermal patches, and microneedles. Its service offering spans early-stage feasibility through commercial scale drug product fill-finish, container closure system manufacturing and drug-device product assembly. Kindeva serves a global client base from its nine manufacturing and research and development facilities located in the U.S. and U.K.

To learn more about Kindeva Drug Delivery, visit kindevadd.com.

About the Missouri Department of Economic Development

The Missouri Department of Economic Development (DED) works to create an environment that encourages economic growth by supporting Missouri’s businesses and diverse industries, strengthening our communities, developing a talented and skilled workforce, and maintaining a high quality of life. As one team built around the customer and driven by data, DED aspires to be the best economic development department in the Midwest. Through its various initiatives, DED is helping create opportunities for Missourians to prosper.

For the latest updates on DED’s current or future programs and initiatives, visit DED’s website.

About the Missouri Works Program

As the state’s number one incentive tool for expansion and retention, the Missouri Works Program helps businesses access capital through withholdings or tax credits to embark on facility expansions and create jobs. This program can also help businesses purchase equipment to maintain its facility in Missouri.

Originally Appeared Here

Swift Prepared Foods Opens New $200 Million Principe Foods Facility in Missouri

April 6, 2023 by Staff Reporter

COLUMBIA, MO – Swift Prepared Foods, a subsidiary of leading global food company JBS USA, has opened its newest facility – Principe Foods, which produces high-quality Italian meats and charcuterie. Company executives were joined by local, regional and state leaders as they cut the ribbon on their new facility today in Columbia, Missouri.

“We are excited to welcome Principe Foods to Missouri,” said Governor Mike Parson. “More than 400 companies in the food industry are currently operating in Missouri, and that figure continues to grow thanks to world-class companies like JBS USA and Swift Prepared Foods investing in our state. This facility will provide many new opportunities for the mid-Missouri region, and we look forward to seeing the company succeed for years to come.”

The company invested more than $200 million in the new 325,000 sq. ft. Italian meats and charcuterie production facility. Principe Foods has already created 100 new jobs in the region, with plans to hire 100 to 200 more people over the next year. The company offers extremely competitive wages to attract and retain top talent. Additionally, Principe Foods offers strong benefits and tuition-free community college for team members and their children.

“We are very pleased to celebrate the opening of this state-of-the-art Italian meats facility in Columbia, Missouri,” said Tom Lopez, President, Swift Prepared Foods. “This is the culmination of years of hard work and investment by our team and our partners in Missouri. We are grateful for the support we’ve received up to this point and look forward to the ongoing growth of this facility and the Principe Italia brand.”

Swift Prepared Foods announced plans to build the new facility in Columbia in April 2021 to meet increasing retail and food service demand for Italian meats and charcuterie. The company selected Columbia due to its strategic location, business-friendly environment, and the ability to access raw materials and leverage synergies with existing strategic assets.

“The City of Columbia is incredibly proud to be the home of this new facility,” said Mayor Barbara Buffaloe. “Our community strives to be a great place for everyone to live and work and the many resources we have to offer allow us to attract great partners, like Principe Foods, to achieve this vision. This facility is an investment in our community and adds to our thriving manufacturing environment.”

“We’re excited to see Principe Foods open for business in Boone County,” said Boone County Presiding Commissioner Kip Kendrick. “Principe brings many new opportunities in this state-of-the-art facility and good-paying jobs to Boone County and the mid-Missouri region. We are confident that Principe Foods will be a good community partner and a major employer in Boone County for years to come.”

Principe is a part of the Swift Prepared Foods portfolio of products. Swift also recently opened another new facility in Missouri. In May 2021, Swift cut the ribbon on a ready-to-eat, fully cooked bacon production facility in Moberly, Missouri.

“Missouri is a premier location for companies in the food industry,” said Subash Alias, CEO of Missouri Partnership. “When a company selects your state for not just one, but two new major facilities – in two different regions – it’s a testament to the pro-business environment statewide. We are proud to have Principe Foods in Columbia and Swift in Moberly, and we will support their continued growth and innovation at both locations.”

These investments in Missouri are consistent with JBS USA’s long-term strategy to increase its value-added and branded portfolio with innovative, on-trend products. Globally, JBS is a major player in the value-added, Italian meats category with significant production capabilities and recognized brands in Italy, Australia and Brazil.

The Principe Foods facility is located at 5008 Paris Road in Columbia, Missouri.

About JBS USA
JBS USA is a leading global food company providing diversified, high-quality food products to customers in more than 100 countries on six continents. This includes meat, poultry and seafood products, a portfolio of recognized brands and innovative premium foods. Swift Prepared Foods is a consumer packaged goods company and subsidiary of JBS USA. Principe Italia is part of the Swift Prepared Foods portfolio of products. For more information, please visit www.jbsfoodsgroup.com.

Media Contact: Janelle Higgins | janelle@missouripartnership.com | 314.541.4911

Originally Appeared Here

Veeva Systems to expand to Kansas City, creating more than 100 new jobs

March 28, 2023 by Staff Reporter

Veeva Systems, a global leader in cloud software for the life sciences industry, is growing its operations in the Kansas City region. The company will create more than 100 high-paying jobs over the next five years across the Midwest in engineering, product, sales, and services. Veeva’s Kansas City office will serve as a hub for collaboration as part of the company’s Work Anywhere approach.

“We’re proud that another leading technology company like Veeva has chosen Missouri for our ideal business environment,” said Governor Mike Parson. “With an expanding list of cutting-edge employers, our state already stands out as a growing tech hub where innovators thrive. We look forward to the positive impact Veeva will bring to Kansas City and our state’s vibrant technology industry.”

Veeva selected the Lightwell Building in downtown Kansas City for its 10,000-square-foot engineering hub. The new office will have private workspaces for focused work and carefully crafted areas for meetings and social interaction. The company joins a diverse network of health IT companies in Kansas City, employing 100,000 in the tech sector overall, and nearly 300 life sciences organizations in the region – representing a $9.1 billion per year industry employing 34,000 people.

“We are excited to expand our presence in the Midwest which has been a great place for us to grow technology talent,” said Greg Whitsitt, Engineering Director and Kansas City Site Leader at Veeva. “For our engineers, consultants, and sales leaders in the region, the office will be a place to build new connections and share ideas to further innovation.”

“As Missouri’s technology industry continues to grow, we’re excited another innovative company has chosen our state as a prime location,” said Maggie Kost, Acting Director of the Department of Economic Development. “Veeva Systems’ expansion to Kansas City is great news for the region and its tech community. We’re pleased to support another quality employer as it creates exciting new opportunities for Missourians.”

Veeva is hiring software engineers, product managers, as well as sales and services leaders in the Midwest to help life sciences companies develop and bring medicines to market faster and more efficiently. Learn more about Veeva’s open positions at careers.veeva.com.

For this expansion, Veeva Systems will benefit from the Missouri Works program, a tool that helps companies expand and retain workers by providing access to capital through withholdings or tax credits for job creation.

What others are saying

“We are thrilled to have Veeva join our life sciences technology sector in Kansas City, highlighting both our strong workforce and the continued growth of the software industry in downtown Kansas City,” said Kansas City Mayor Quinton Lucas. “With Veeva’s addition to our community, Kansas City will continue to be a leader in growing our nation’s vital life sciences technology industry.”

“As a hub for the life sciences industry, Kansas City is a key location for leading companies like Veeva to expand and advance their innovative technology,” said Tim Cowden, President and CEO of the Kansas City Area Development Council. “With the more than 3,600 people that graduate with life science degrees in the metro each year, Kansas City offers companies like Veeva a well-educated pool of talent and a strong network of expertise as they continue to grow.”

“There’s nothing like starting off the year with a win for our community,” said Steven Anthony, Executive Director of Business Development of the Economic Development Corporation of Kansas City, Missouri. “We look forward to continuing the momentum Veeva will create, bringing new businesses, jobs and investment to Kansas City, Missouri.”

“Veeva is one of the world’s most successful cloud software companies. Adding them to Missouri’s long list of leading global tech and health innovation companies is extremely exciting for our state,” said Subash Alias, CEO of Missouri Partnership. “Veeva plans to hire more than 100 people in the region, and we are confident they will find the brightest talent here, as well as a thriving tech ecosystem that continues to grow and shape the future of the tech industry.”

About Veeva Systems

Veeva is the global leader in cloud software for the life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,000 customers, ranging from the world’s largest pharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders and the industries it serves.

For more information, visit veeva.com.

About the Missouri Department of Economic Development

For the latest updates on DED’s current or future programs and initiatives, visit DED’s website.

About the Missouri Works Program

Originally Appeared Here

HUD Awards Over $54M to Combat Housing Discrimination

March 28, 2023 by Editor

The U.S. Department of Housing and Urban Development (HUD) today awarded $54 million to 182 fair housing organizations across the country under its Fair Housing Initiatives Program (FHIP). The grants will provide $28,200,000 to support the efforts national, state, and local fair housing entities working to address violations of the Fair Housing Act and helping to end discrimination in housing. In addition, HUD provided $26,350,000 in funding to its second and third year Private Enforcement Initiative grantees to continue fair housing enforcement efforts nationwide.

“Far too many families in our country still face unconscionable prejudice, both as renters and homeowners,” said HUD Secretary Marcia L. Fudge. “The Fair Housing Initiatives Program puts money into communities to help them root out discrimination in housing. I am pleased to provide our state and local partners with the resources they need to combat inequity and build a fairer, more inclusive country for all.”

The awarding of these funds proceeds the 1-year anniversary of the Biden-Harris Administration’s Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) Action Plan – led by U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge and White House Domestic Policy Advisor Ambassador Susan Rice. The PAVE Action plan represents the most wide-ranging set of commitments ever announced to advance equity in the home appraisal process. Eligible activities for the funding awarded today included testing for appraisal bias and educating local communities on the issue.

The grant funding will allow the grantees to provide fair housing enforcement by conducting investigations, testing to identify discrimination in the rental and sales markets, and filing fair housing complaints with HUD or substantially equivalent state and local agencies. In addition, grantees will conduct education and outreach activities to inform the public, housing providers, and local governments about rights and responsibilities that exist under the Fair Housing Act.

“The programs and services provided by the Fair Housing Initiatives Program are vital to eliminating housing discrimination that too many in this country endure,” said Demetria L. McCain, HUD’s Principal Deputy Assistant Secretary for Fair Housing and Equal Opportunity. “As we prepare to recognize the fifty-fifth anniversary of the Fair Housing Act next month, we know we have more work to do in the fight against housing discrimination. But, efforts of our fair housing partners through the years have made a significant contribution helping thousands of people and families. The funds provided today will ensure that our state and local partners have the financial resources they need to continue educating the public and opposing discriminatory practices in the communities they serve.”

HUD is awarding grants in the following categories and amounts:

Private Enforcement Initiative (PEI) – This initiative funds non-profit fair housing organizations to carry out testing and enforcement activities to prevent or eliminate discriminatory housing practices.

HUD is awarding $14,575,000 to new organizations to conduct intake, provide testing, and investigate and litigate fair housing complaints under the Fair Housing Act.
HUD is awarding $26,350,000 to second- and third-year FY 2020 and FY 2021 PEI Multi-year grantees. This multi-year award will allow grantees to continue fair housing investigations, testing and other fair housing enforcement activities.

Education and Outreach Initiative (EOI) – This program offers support for fair housing activities that educate the public and housing providers about equal opportunity in housing and compliance with the fair housing laws.

HUD is awarding $9,425,000 to organizations that educate the public and housing providers about the Fair Housing Act. These grants will also support state and local organizations that enhance fair housing laws that are substantially equivalent to the Fair Housing Act.

Education and Outreach Initiative Test Coordinator Training (EOI-TCT) – The Fair Housing Initiatives Program is a significant source of funding for FHIP grantees that conduct fair housing testing in local communities across the country. Fair housing testing refers to the use of testers who, like “secret shoppers”, pose as prospective renters or buyers of real estate for the purpose of determining whether housing providers and others are complying with the federal Fair Housing Act.

HUD is awarding $500,000 to one organization to support fair housing training courses specifically in fair housing testing.

Fair Housing Organizations Initiative (FHOI) – This program provides funding that builds the capacity and effectiveness of non-profit fair housing organizations by providing funds to handle fair housing enforcement and education initiatives more effectively. FHOI also strengthens the fair housing movement nationally by encouraging the creation and growth of organizations that focus on the rights and needs of underserved groups, particularly persons with disabilities.

HUD is awarding $3,700,000 to equip nonprofit organizations to conduct fair housing enforcement related activities. The award will also establish and support a new organization to engage in fair housing enforcement work, particularly in unserved and underserved jurisdictions.

To read the full release, click here.

Originally Appeared Here

State awards $94.15 million in ARPA funding to help revitalize Missouri communities

March 28, 2023 by Staff Reporter

The Department of Economic Development (DED) announced today that it has awarded a total of $94.15 million through the Community Revitalization Grant Program for 70 projects across the state. The program, funded through the American Rescue Plan Act (ARPA), is focused on investing in communities of all sizes to support local priorities, encourage economic recovery, and build resilience for the future.

“We’re excited to announce these significant investments through the Community Revitalization Grant Program to help strengthen our communities and the future of our state,” said Governor Mike Parson. “As we continue our work to ensure our state’s economy remains strong, these grant awards will make a real difference for local communities. Projects funded through this program will benefit Missourians all across our state by supporting critical services and addressing local needs.”

The Community Revitalization Grant Program was launched in September 2022. The program awarded competitive grants to applicants, including municipalities, counties, and nonprofit organizations, to benefit households, communities, and small businesses affected by the pandemic. Grant awards will fund a variety of projects, such as downtown property renovations, business skills training, homelessness prevention, and more.

“This program will have a real, positive impact for Missouri communities while supporting our state’s economy today and in the future,” said Maggie Kost, Acting Director of the Department of Economic Development. “Thriving communities mean a thriving economy and more opportunities for Missourians to prosper. We’re grateful to help achieve that through strategic investments in local areas that need support the most.”

“This program will be transformational in its impact for citizens from all walks of life in communities throughout our state,” said Shad Burner, Director of Federal Initiatives for the Department of Economic Development. “Communities of all sizes and regions have experienced major difficulties in recent years, and our team has worked hard to make the most of this historic opportunity to provide assistance. After many months of planning and collecting public feedback, we’re proud to announce the award of grants that will improve the lives of fellow Missourians while strengthening the places they call home.”

Details on recipients of the Community Revitalization Grant Program are available here.

A total of $100 million was allocated to the program. A portion of the funding total was reserved for each Missouri region based on population, and every region except for the North region exhausted its reserved portion. DED will hold a second round of funding for the North region, which initially had $10 million available and will have approximately $4 million available in the second round. Details on the second round will be shared at a later date.

To learn more about DED’s ARPA-funded grant programs, visit ded.mo.gov/arpa.

About the Missouri Department of Economic Development

For the latest updates on DED’s current or future programs and initiatives, visit DED’s website.

Originally Appeared Here

Zillow: Interest rate swings complicate market for homebuyers, sellers

March 28, 2023 by Staff Reporter

Mortgage rates — both their high levels and wild swings — are making life difficult for both homebuyers and sellers, according to Zillow’s latest market report.

Relatively high rates have brought new listings down to record lows, leaving buyers with limited options. Any dips in mortgage rates are stimulating demand and stiffening competition, but they have been short-lived.

“We know there are a lot of motivated buyers looking for homes. When we see mortgage rates fall, sales pick up,” Skylar Olsen, Zillow chief economist, said in a release. “But buyers are disappointed in their options. Homeowners aren’t giving up their current house and low monthly payments to join a tight, expensive market. Meanwhile, volatility in the economy makes planning extremely difficult.”

The flow of new listings in February is at a record low for this time of year, nearly a third lower than before the pandemic and 22 percent lower than last year, according to Zillow.

Mortgage rates are likely driving the decline — those who bought or refinanced in 2020 or 2021, when rates were well below 3.5 percent, are unwilling to trade in their current mortgage for a new one with double the interest, Olsen said. The largest annual declines in new listings are in West Coast markets: San Jose, Calif. (-47 percent), Portland, Ore. (-46 percent), Seattle (-45 percent) and Sacramento, Calif. (-44 percent).

The trickle of new listings is contributing to extremely low levels of total inventory, now 17 percent higher than February 2022, but still about 43 percent below pre-pandemic norms. Instead of inventory growing through the first two months of the year, like it did in 2018 and 2019, the number of choices shrank, Zillow stated.

“This market is not as frenzied as it was during the last two years, but hom buyers might start to feel some déjà vu at the dearth of options,” Jeff Tucker, Zillow senior economist, said. “Homesellers seem to be sitting out the early spring selling season in surprising numbers.”

Mortgage rates have been incredibly volatile over the past six months, and buyers are responding to the chance to lock in a cheaper monthly payment when the opportunity arises. Sales activity is picking up, just not accelerating like it usually does at this time of year. After being reinvigorated by lower rates in late January, sales slowed over the course of February as rates hiked back up. All in all, February saw 19 percent fewer newly pending sales than last year and 5 percent fewer sales than the most recent pre-pandemic reading in 2020.

Ultralow inventory means when attractive, well-priced houses do come on the market, they are readily finding buyers. Homes that went under contract in February did so after a median span of 17 days. That’s more time than in 2022 and 2021, when time on market was seven and nine days, respectively, but significantly less than before the pandemic, Zillow data shows.

Home values flatlined from January to February, leaving the typical home value at $328,604, or 4 percent below the peak value set in July 2022, according to the Zillow Home Value Index. Home values are 4.4 percent higher than one year earlier — a rapidly decelerating pace of annual growth, down from the nearly record-high 18.8 percent year-over-year growth measured last April. The overall lack of inventory, along with the resurgence of buyers when costs fall, should prevent significant price declines.

Rates are likely to remain volatile through the spring selling season. Working with a mortgage professional early in the process can help buyers demystify what’s affordable, prepare their credit and get pre-approved to strengthen their offer.

Originally Appeared Here

Veeva Systems Announces New Engineering Hub in Missouri

March 21, 2023 by Staff Reporter

Global leader in cloud software for life sciences accelerates job growth and innovation in Kansas City

Kansas City, Missouri

Veeva Systems, a global leader in cloud software for the life sciences industry, is growing its operations in the Kansas City region. The company will create more than 100 jobs over the next five years across the Midwest in engineering, product, sales, and services. With the option to work from home or in the office as part of Veeva’s Work Anywhere approach, the Kansas City office will serve as a hub for collaboration.

“We’re proud that another leading technology company like Veeva has chosen Missouri for our ideal business environment,” said Missouri Governor Mike Parson. “With an expanding list of cutting-edge employers, our state already stands out as a growing tech hub where innovators thrive. We look forward to the positive impact Veeva will bring to Kansas City and our state’s vibrant technology industry.”

Veeva selected the Lightwell Building in downtown Kansas City for its 10,000 sq. ft. engineering hub. The new office will have private workspaces for focused work and carefully crafted areas for meetings and social interaction. The company joins a diverse network of health IT companies in Kansas City, employing 100,000 in the tech sector overall, and nearly 300 life sciences organizations in the region – representing a $9.1 billion per year industry employing 34,000 people.

“As a hub for the life sciences industry, Kansas City is a key location for leading companies like Veeva to expand and advance their innovative technology,” said Tim Cowden, President and CEO, Kansas City Area Development Council. “With the more than 3,600 people that graduate with life science degrees in the metro each year, Kansas City offers companies like Veeva a well-educated pool of talent and a strong network of expertise as they continue to grow.”

“Veeva is one of the world’s most successful cloud software companies. Adding them to Missouri’s long list of leading global tech and health innovation companies is extremely exciting for our state,” said Subash Alias, CEO, Missouri Partnership. “Veeva plans to hire more than 100 people in the region, and we are confident they will find the brightest talent here, as well as a thriving tech ecosystem that continues to grow and shape the future of the tech industry.”

About Missouri Partnership

Missouri Partnership is a public-private economic development organization focused on attracting new jobs and investment to the state and promoting Missouri’s business strengths. Since 2008, Missouri Partnership has worked with partners statewide to attract companies that have created 32,700+ new jobs, $1.6 billion+ in new annual payroll, and $6.3 billion+ in new capital investment. Some recent successful projects that led to major investment in Missouri include Accenture Federal Services LLC, American Foods Group, Casey’s, Chewy, Inc., James Hardie, Meta, Swift Prepared Foods, URBN, USDA, and Veterans United.

Originally Appeared Here

On Display and Off The Menu

March 21, 2023 by Staff Reporter

by Rob Myers | info@ruralmissouri.coop
photos by Zach Smith | zsmith@ruralmissouri.coop

Planting a mailbox garden can be a fun way to add some color to the front of your property. The challenge can be selecting plants that provide low-maintenance flowering from spring through fall but are not likely to be eaten by deer.

In planning a mailbox garden, or any flower garden that accents your driveway entrance and the front of your property, it’s best to pick a combination of perennials that provide a variety of colors, bloom times, foliage patterns and heights. The garden described here includes about 60 plants representing two dozen varieties from 15 species.

Most of the perennial flowers listed will bloom for at least a month and some considerably longer. By utilizing a mix of early-, mid- and late-season perennials, it’s possible to get color from mid-spring through mid-fall. Even earlier spring color can be added by incorporating a few daffodil varieties, which deer and rabbits won’t touch.

Dave Trinklein, a University of Missouri horticulture expert, suggests “for a splash of continuous color throughout the summer, consider including a few low-maintenance annuals such as the Profusion or Zahara series of zinnia, or dwarf marigolds.”

When shopping at local nurseries, perennials listed here can often be found as 1-gallon containers, which will be big enough to provide a good first year color show. Similar plants can also be mail ordered, but usually mail-order plants will be smaller and take an extra year or two to reach impact size in the garden.

It’s good to give the perennials plenty of time to get their roots established, so an early planting in April is appropriate for Missouri gardens. Perennial flowers can tolerate a light frost. In fact, this planting survived a mid-April snowfall with no ill effect.

Perennial flowers and grasses don’t need much in the way of supplemental fertilizer unless your soil is nutrient deficient, but they will benefit by having some compost added, preferably rototilled in or mixed in with a shovel. During the first year, be sure to water regularly until the plants get established. In subsequent years, these perennials will be well-rooted and shouldn’t need much watering unless there is a prolonged dry spell. Dave adds, “The greater the distance the mailbox garden is from a water source, the more important is the selection of drought-tolerant plant species.”

On the day of planting, after initial watering all flowers were sprayed with Liquid Fence deer repellent. This was done to reduce the likelihood curious deer would try sampling the newly installed plants; the repellent will likely be needed only once or twice for these deer-resistant plants.

To create greater visual impact, some flowers can be grouped, such as a clump of three flowers of a given variety. For this garden, the salvia and dianthus were placed in groupings of three plants. For most of the other flowers, two plants of each variety were used, one to either side of the mailbox, usually several feet apart. This provided some balance to the garden when viewing it from the mailbox. However, for an informal garden appearance, try to avoid making the planting arrangement too symmetrical.

Salvias, dianthus, penstemon, veronica and phlox are available in a variety of pink, purple and blue colors. Those colors can be complemented by white phlox and daisies, yellow yarrow and gold coreopsis. In this garden, a red-orange-gold Cheyenne Spirit coneflower and the yellow-orange abelia provided some additional contrast. Neon sedum was selected to provide intense fall color. Shorter plants were placed closest to the pavement areas with taller plants to the back, but all plants are best kept at least a foot or more from the pavement areas to help them avoid being trampled.

Ornamental grass can provide a strong backdrop for a mailbox garden. Avalanche feather reed grass is an upright grass that doesn’t crowd the flowers while being tall enough and flowering early enough to add visual impact. Karl Foerster is another variety of feather reed grass that works well for the back edge of a mailbox garden. If using ornamental grasses as a backdrop, planting them along a well-spaced arc can provide some architectural structure to the garden. In this garden, the line of feather reed grass plants is anchored at either end by shorter Hameln fountain grass plants, providing a contrast in size and form while also allowing for better driver sight lines.

Though deer are unlikely to bother the types of plants listed here, it can still be a good idea to spray a deer repellent on each plant the same day they are planted. Deer can be curious about new plants in their browsing vicinity and may decide to try a bite; the deer repellent will discourage their interest right away. After the first few weeks, the deer will learn to pass the plants by and find other vegetation more to their liking. That will leave the flowers for you, your neighbors and your mail carrier to enjoy.

Rob is an adjunct plant science faculty member at the University of Missouri. He and his wife, Amy, are members of Boone Electric Cooperative.