Some policymakers treat it as one of several key economic tools, while others advocate retooling entire regional economies around information technology. We certainly need to make sure Missouri is well-prepared for the huge advancements in technology that can bring great opportunity in the form of new businesses and new jobs. In some regions it might make sense to retool local economies around information technology, especially in areas where traditional manufacturing is on the decline. With the right kind of training, an existing labor pool could provide the workforce necessary for new technology companies. It is important, though, that we do not overlook the prominent role technology plays in our existing economic structure.
Technology is one of several important economic development tools in Missouri.
A majority of companies in the state regularly improve their existing technology or implement new technology as they update their facilities and modernize their operations to stay competitive. A combination of both approaches is best for Missouri, as it probably is in most parts of the country, but for either one of these approaches to work effectively, we must have the necessary infrastructure in place and we must make sure our workforce has access to training to keep their skills up to date. In August, you attended the groundbreaking for a MasterCard technology center expected to create 1,000 new jobs. MasterCard's technology center is just one example of a company choosing Missouri, due in part to the availability of a trained workforce. Information technology has become an area of growth in recent years, especially in the St. Louis and Kansas City areas, but in other parts of the state as well.