An economic study focusing on the 11-county area of North Missouri describes Premium Standard Farms as “a major engine of economic growth.”
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An economic study focusing on the 11-county area of North Missouri describes Premium Standard Farms as “a major engine of economic growth.” The study was conducted by Midwest Research Institute of Kansas City, commissioned by Green Hills Regional Planning Commission and funded by NW Power Cooperative.
The report evaluates the direct and indirect payroll and company purchase multiplier effects in the following counties: Worth, Daviess, Gentry, Grundy, Adair, Harrison, Linn, Livingston, Mercer, Putnam and Sullivan.
The study shows PSF has brought 4,100 jobs to the region since 1990. The company directly employs 2,400 people. An additional 1,700 jobs are devoted to the support of PSF operations through trucking, contract maintenance and other areas.
The report also says PSF has significantly reduced out-migration from the area. Figures show that while the 11-county region lost around 2,000 people during the ‘90s, the figure would have more than doubled without the presence of Premium Standard Farms. Other key areas of the study include:
Personal Income — Total personal income for the region in 1999 was $2.4 billion, a 16.5% increase from 1990 primarily due to the presence of PSF in the region.
Disposable Personal Income (personal income adjusted for price changes and taxes) — Due to PSF locating in the region, disposable income was $2 billion in 2000, a 13% increase from 1990.
Gross Regional Product (the final dollar value of all goods and services produced in the region) — The GRP for the 11-county region in 1999 was $2.4 billion, an increase of 29% from 1990.
In the narrative portion of the study, Ron Sagraves, senior economist with Midwest Research Institute, describes the company as “a major engine of economic growth in north Missouri. Its impact is wide-ranging, affecting employee earnings and business income in almost all sectors of the regional economy.”