The Regional Impact of the Cortex Innovation Community

 

This study details the economic and functional impacts of the Cortex Innovation Community within the St. Louis region. Using quantitative input/output (I/O) analytics, the report profiles the economic output and employment impact of business and institutional operations and developments located in Cortex. The results clearly demonstrate that Cortex is a powerful, and growing, economic engine for the region, with 5,780 employees currently working in the Cortex Innovation Community and the economic activity of operations at Cortex generating $2.1 billion in economic output impacts for the St. Louis region in 2018. Cortex is also expanding the regional tax base. I/O analysis shows $69.6 million in total Cortex-related state and local tax revenues for 2018, and $185.4 million in federal taxes (primarily payroll taxes) generated. Over the 30 year life of the Cortex Super TIF, it is projected that over $775 million in TIF revenues will be generated. The report also highlights the multi-faceted pathways by which Cortex stimulates economic and community development and reinforces the development of a robust technology-based economic development ecosystem – an ecosystem that positions the region well for ongoing success in an increasingly competitive global innovation-powered economy. It is also found that Cortex, its development partners and key stakeholder institutions demonstrate a robust commitment to inclusion and social equity – with specific Board policies and a series of programs and initiatives designed to promote inclusion and high-levels of community engagement.

 

 

Macro alias: Button