Six analysis tools are used to determine which industries should be chosen for targeting in the Lake Ozark - Rolla Region. The first two tools, Specialization Ratios (SR) and the Regional Shift (RS) component of Shift-Share Analysis (SSA), help to determine which industries might have a competitive advantage in a region. The third and most important tool, the Economic Impact (EI) analysis, helps to identify which industries will benefit the region most should they expand. The Skills-Mismatch Index (SMI) determines whether the skills of the available workforce in a region match the needed skills for a particular industry. The Industrial Mix (IM) component of SSA helps to identify emerging industries. Finally, the Current Employment (CE) level of a regional industry helps to determine whether needed infrastructure is in place to attract particular industries and is an important factor when considering SRs.
Industries are awarded points on a scale of 0 to 100 based on whether they meet necessary criteria in these six categories. Those industries that score the highest are recommended for targeting. The table on the following page displays the categories and the point value an industry receives if it performs well in a specific category. If an industry does not meet the condition for that category, no points are awarded. An industry that scores well in each of the categories receives a score of 100 points, while those industries that perform poorly receive 0 points. Industries that score 50 or more points are those recommended for targeting.
| Category | Point Value |
|---|---|
| Condition 1: High Economic Impact | 40 |
| Condition 2: High Specialization Ratio | 20 |
| Condition 3: Strong Regional Shift | 20 |
| Condition 4: Low Skills-Mismatch | 10 |
| Condition 5: Positive Industrial Mix & Regional Shift | 5 |
| Condition 6: High Current Employment | 5 |
| Total Points: | 100 |
The tables that follow present those industries with scores of 50 or higher on the target scale for the Lake Ozark - Rolla Region. Three industries in the region scored a perfect score of 100 points: Metal Forgings and Stampings (SIC 346), Metalworking Machinery (SIC 345), and Refrigeration Machinery (SIC 358).
Seventeen industries scored 80 points or higher on the targeting scale, a relatively large number of industries compared to other regions in the state. Of these, thirteen are manufacturers. Of the manufacturers, three are considered Advanced Manufacturers: Engines & Turbines (SIC 351), Electric Distribution Equipment (SIC 361), and Electrical Industrial Apparatus (SIC 362). Two others are Life Science Industries: Industrial Chemicals (SICs 281 and 286), and Dairy Products (SIC 202). Their high scores indicate that these industries are already economic drivers for the Lake Ozark – Rolla Region. Further, the large number of high-scoring industries suggests that this region is an economic leader in Missouri. This finding is confirmed by the region’s high Economic Momentum score, ranked second behind the Springfield region.
Another 26 industries scored between 55 and 75 points on the target scale, suggesting the Lake Ozark - Rolla Regions is ripe for potential development in these industries. This list includes several Advanced Manufacturing firms in such areas as machinery, electronics, and boat building, one Life Science industry (Grains, Fats, & Oils, SICs 204 and 207), and the Computer and Data Processing industry (SIC 737) from the IT cluster.
An additional 67 industries scored 50 points on the target scale, suggesting these industries are good matches for the Lake Ozark - Rolla Region. This list includes nearly all remaining identified Advanced Manufacturing and Life Science industries.
This analysis reveals the high potential for the development of many modern industries in the Lake Ozark - Rolla Region. The presence of numerous Advanced Manufacturing industries high on the target list, coupled with Computer and Data Processing, is encouraging. The large number of target industries scoring exactly 50 points suggests that the workforce may be a good match for these industries, but the infrastructure needed to support them needs development.
TM2 has provided a list of 100 industries that have the best potential for economic development in the Lake Ozark - Rolla Region. The original Target Missouri provided a list of only 23 target industries for this region. Of these, only 17 appear on both lists, so in this case, the two studies have obtained slightly different results. The expanded list generated by TM2 provides a list of industries that better fits the specifics of the Lake Ozark - Rolla Region, as well as providing rankings that shed some light on the relative importance of certain industries.
The map below shows the locations of only those industries scoring at least 80 points on the target scale, which are industries that are already drivers of the Lake Ozark - Rolla economy. Not surprisingly, manufacturing industries are clustered near cities, especially Rolla, Lebanon, and Camdenton. Additionally, many transportation related firms are found near the Lake of the Ozarks. In general, clustering of economic drivers in this region has occurred along the I-44 corridor and near the lake. Areas removed from transportation corridors, such as Dent County, have not enjoyed the same level of development.
Locations of High-Scoring Industries
Lake Ozark - Rolla Region Target Industries
|
SIC |
Industry |
Total Score |
|---|---|---|
|
241 |
Logging |
50 |
|
242 |
Sawmills and planing mills |
55 |
|
243 |
Millwork, plywood, and structural members |
55 |
|
244,249 |
Wood containers and misc. wood products |
55 |
|
252,253,259 |
Office and misc. furniture and fixtures |
95 |
|
321-323 |
Glass and glass products |
50 |
|
324 |
Hydraulic cement |
50 |
|
325,326,328,329 |
Stone, clay, and misc. mineral products |
50 |
|
327 |
Concrete, gypsum, & plaster products |
95 |
|
331 |
Blast furnaces and basic steel products |
50 |
|
332 |
Iron and steel foundries |
50 |
|
333 |
Primary nonferrous smelting & refining |
50 |
|
334,339 |
All other primary metals |
90 |
|
335 |
Nonferrous rolling and drawing |
70 |
|
336 |
Nonferrous foundries |
50 |
|
341 |
Metal cans and shipping containers |
50 |
|
342 |
Cutlery, hand tools, and hardware |
50 |
|
343 |
Plumbing and nonelectric heating equipment |
50 |
|
345 |
Screw machine products, bolts, rivets, etc. |
50 |
|
346 |
Metal forgings and stampings |
100 |
|
347 |
Metal coating, engraving, and allied services |
75 |
|
348 |
Ordnance and ammunition |
50 |
|
349 |
Miscellaneous fabricated metal products |
95 |
|
351 |
Engines and turbines |
95 |
|
352 |
Farm and garden machinery and equipment |
50 |
|
353 |
Construction and related machinery |
75 |
|
354 |
Metalworking machinery and equipment |
100 |
|
355 |
Special industry machinery |
75 |
|
356 |
General industrial machinery and equipment |
50 |
|
357 |
Computer and office equipment |
50 |
|
358 |
Refrigeration and service industry machinery |
100 |
|
359 |
Industrial machinery, nec |
75 |
|
361 |
Electric distribution equipment |
95 |
|
362 |
Electrical industrial apparatus |
95 |
|
363 |
Household appliances |
50 |
|
364 |
Electric lighting and wiring equipment |
55 |
|
365 |
Household audio and video equipment |
50 |
|
366 |
Communications equipment |
50 |
|
367 |
Electronic components and accessories |
70 |
|
369 |
Miscellaneous electrical equipment |
50 |
|
371 |
Motor vehicles and equipment |
50 |
|
372,376 |
Aerospace |
50 |
|
373 |
Ship and boat building and repairing |
75 |
|
374 |
Railroad equipment |
50 |
|
375,379 |
Miscellaneous transportation equipment |
70 |
|
381 |
Search and navigation equipment |
50 |
|
382 |
Measuring and controlling devices |
50 |
|
384 |
Medical equipment, instruments and supplies |
50 |
|
385 |
Ophthalmic goods |
50 |
|
386 |
Photographic equipment and supplies |
50 |
|
387 |
Watches, clocks, and parts |
50 |
|
393,395,396,399 |
Manufactured products, nec |
55 |
|
202 |
Dairy products |
90 |
|
203 |
Preserved fruits and vegetables |
50 |
|
204,207 |
Grain mill products and fats and oils |
70 |
|
205 |
Bakery products |
50 |
|
206 |
Sugar and confectionery products |
50 |
|
208 |
Beverages |
70 |
|
209 |
Miscellaneous food and kindred products |
50 |
|
21 |
Tobacco products |
50 |
|
231-238 |
Apparel |
55 |
|
261-263 |
Pulp, paper, and paperboard mills |
50 |
|
265 |
Paperboard containers and boxes |
50 |
|
267 |
Converted paper products except containers |
50 |
|
271 |
Newspapers |
55 |
|
272 |
Periodicals |
50 |
|
274 |
Miscellaneous publishing |
50 |
|
277 |
Greeting cards |
50 |
|
278 |
Blankbooks and bookbinding |
50 |
|
281,286 |
Industrial chemicals |
95 |
|
282 |
Plastics materials and synthetics |
50 |
|
283 |
Drugs |
50 |
|
284 |
Soap, cleaners, and toilet goods |
50 |
|
285 |
Paints and allied products |
50 |
|
287 |
Agricultural chemicals |
50 |
|
289 |
Miscellaneous chemical products |
50 |
|
291 |
Petroleum refining |
50 |
|
295,299 |
Miscellaneous petroleum and coal products |
50 |
|
301 |
Tires and inner tubes |
50 |
|
302,305,306 |
Rubber products and plastic hose and footwear |
50 |
|
308 |
Miscellaneous plastics products, nec |
95 |
|
10 |
Metal mining |
80 |
|
15-17 |
Construction |
50 |
|
40 |
Railroad |
90 |
|
45 |
Air Transportation |
50 |
|
44 |
Water transportation |
90 |
|
46 |
Pipelines, except natural gas |
50 |
|
472 |
Passenger transportation arrangement |
55 |
|
473,474,478 |
Miscellaneous transportation services |
75 |
|
491,%493 |
Electric utilities |
85 |
|
494-497,%493 |
Water and sanitation |
65 |
|
52-57,59 |
Rest of Retail |
50 |
|
751 |
Automotive rentals, without drivers |
55 |
|
737 |
Computer and data processing services |
65 |
|
791,799 |
Amusement and recreation services, nec |
60 |
|
801-804 |
Offices of health practitioners |
70 |
|
805 |
Nursing and personal care facilities |
50 |
|
801-809 |
Health services, nec |
50 |
|
833 |
Job training and related services |
55 |
|
836 |
Residential care |
60 |
| Life Science Industries | ||
| Information and Communications Technologies | ||
| Advanced Manufacturing Industries | ||