On June 28, Gov. Mike Parson signed a roughly $50.5 billion budget which funds many key business priorities backed by the Missouri Chamber of Commerce and Industry, including:
“This year’s budget bills have a variety of transformational investments that will move Missouri forward in the global competition for jobs,” said Kara Corches, vice president of governmental affairs for the Missouri Chamber. “Gov. Parson’s action on these bills demonstrates his continued commitment to strengthening Missouri’s economy through investments in infrastructure, workforce and technology.”
Missouri’s central location has long been a major advantage. The budget includes a $577.5 million investment to expand I-44, further positioning our state as a national – and global – logistics leader. This infrastructure improvement is vital to the global supply chain for many industries.
Thanks to the governor’s action, employers will be able to tap into funding to help their workers earn new skills. The Department of Economic Development budget includes $3 million for the upskill credential program – an important tool to build and retain a skilled workforce. The competitive grant program is designed to support employees who earn short-term certificates or credentials in vital areas for Missouri’s economy, such as cybersecurity, welding, HVAC repair, nursing and manufacturing technology.
The budget also includes $15 million to help bring more high-tech manufacturing to Missouri – specifically, the manufacturing of semiconductors and active pharmaceutical ingredients, or APIs.
“The reliance on overseas supply chains for semiconductors and active pharmaceutical products, including their contributing critical minerals, is a national security risk. We are heartened to see investments to onshore these vital industries,” Corches said. “Together, these budget bills will spur economic growth and improve the lives of Missourians for decades to come.”
Other pro-business highlights include:
