Chamber reports large business investments, slowing job creation, record low unemployment

Harrison Regional Chamber of Commerce's economic development presentation to the Boone County Quorum Court.

Bob Largent, President/CEO of the Harrison Regional Chamber of Commerce made a presentation to the Boone County Quorum Court on Tuesday night regarding economic development.

Part of the agreement between the county and the chamber is that they receive this report quarterly in exchange for the annual investment the county makes into the chamber of commerce.

This report covered the second quarter of 2022 (April, May & June).

“The numbers are really good,” Largent told the court.

He went on to report that since 2019 the chamber has tracked $85.7 million of investment in Boone County which includes $6.9 million in the second quarter of 2022 with an additional 152.4 million in potential dollars that has not yet committed to the investment. Businesses investing more money in the county include NARMC, Signature Bank, Plaza Tire, Popeyes, KO Storage, and Countryside Assisted Living.

The report also said that in 2021 there were 275 new jobs created in the county that made up a salary impact of $8.3 million. An additional 47 new jobs have been created so far in 2022 with a salary impact of $2 million.

That is only 17% as many jobs at the halfway point of 2022 compared to all of 2021. This may be due to an extremely low unemployment rate which Largent reported as being at 2.4% in May of 2022, down from 3.1% in May of 2021.

“When we get below three to three and a quarter percent unemployment you’re really at employees or workers that don’t want to work for whatever reason,” Largent said, “this is the lowest it’s been in two years.”

Largent said there are over two hundred available jobs in local businesses and many of them are offering sign-on bonuses as high as $3000 with a stipulation to work at that business for a specified amount of time.

“It’s tough to find workers in Harrison & Boone County today,” Largent said.

See the chambers report on business investment, job creation, and unemployment here.