St. Louis unemployment held steady at 5.6 percent this month as the number of job seekers kept pace with employment. The number of employed workers continues to be at post-recession highs.

1. 0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
1,220,000
1,240,000
1,260,000
1,280,000
1,300,000
1,320,000
1,340,000
1,360,000
1,380,000
1,400,000
1,420,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Total Employment
Unemployment
Office real estate implications
Office employment trends (12-month change)
St. Louis
Job growth/loss by sector (12-month change)
St. Louis
The office-occupying sectors added 7,000 jobs year-over-year, just below the
12-month average of 7,600 new payrolls for the metro. A diverse mix of
companies, both large and small, have announced expansion plans and
acquisitions this month. A positive sign for the region as it shows the diversity
in the area’s growth.
Expect employment expansion to continue. For example, in the recent Federal
Reserve Burgundy Book it was reported; “Business contacts surveyed are
moderately optimistic about labor market conditions through the fourth quarter
and first quarter of 2015. About 35 percent of contacts expect employment will
be somewhat higher or higher than it was during the same time last year,
while about 60 percent expect employment to remain unchanged.”
Total jobs vs. Unemployment rate
St. Louis
Sources: JLL Research, Bureau of Labor Statistics
Peak: 1,392,645 jobs
3.1%
Office employment update
Metro St. Louis . March 2015
5.6%St. Louis unemployment
1.3%St. Louis 12-month job growth
5.5%U.S. unemployment
2.4%U.S. 12-month job growth
• St. Louis unemployment held steady at 5.6 percent this month as the
number of job seekers kept pace with employment. The number of
employed workers continues to be at post-recession highs.
• For the fourth consecutive month, professional and business services led
all super sectors in annual gains. The sector has steadily risen since
2010. As a result, the office vacancy rate has declined 200 basis points
since the beginning of 2010.
• Mining, logging and construction employment increased 8.6 percent
year-over-year which was fueled by an increase in building permits of
21.2 percent in 2014.
• Total U.S. nonfarm employment increased by 295,000 jobs in February,
topping consensus forecasts of 235,000 jobs. The private sector has
added 12.0 million jobs over 60 straight months of job growth, extending
the longest streak on record.
• Meanwhile, U.S. unemployment decreased 20 basis points to 5.5
percent, its lowest rate in seven years. One area of continued
apprehension among economists is wage growth, which remained
unchained at 2.0 percent year-over-year in the latest BLS report. In a
healthy economy, annualized wage gains are typically between 3.5 and
4.0 percent.
(10.0)
(5.0)
0.0
5.0
10.0
15.0
2010
2011
2012
2013
2014
Financial Activities Professional and Business Services Information Government
(2,300)
(1,000)
(700)
(100)
400
2,300
2,700
3,300
4,800
7,700
-6,000 -2,000 2,000 6,000 10,000
Government
Trade, Transportation & Utilities
Information
Manufacturing
Other Services
Financial Activities
Educational & Health Services
Leisure & Hospitality
Mining, Logging & Construction
Professional & Business Services

2. Central West End | Medical Campus: Expanding
BJC HealthCare and Washington University School of Medicine have plans to build an administrative office building in another phase of their $1 billion campus
renewal project in the Central West End. The so-called Coal Bunker Headquarters may be up to 14 stories tall with 40,000 square feet per floor, and development
will include knocking down the Storz building, which is currently an outpatient office for internal medicine.
Creve Coeur Camera | Photography: Expanding
Creve Coeur Camera is hiring four new employees, as well as upgrading and moving its headquarters into Bellerive Corporate Center II at 12747 Olive Blvd. The
new space is 17,000 square feet and will include classrooms, a photo lab, and a 100 square-foot photo shoot area. Creve Coeur Camera also has a licensing
agreement with Bizcard Xpress, which will provide printing services in the office.
Energizer Holdings, Inc. | Consumer Products: Expanding
Energizer (NYSE: ENR) has signed a five-year lease for 43,500 square feet of office space at 1350 Timberlake Manor Parkway of Chesterfield. The office will
absorb 22 percent of the space left vacant after RGA moved to its new headquarters at the end of 2014. Last year Energizer announced it was splitting its
household-products and personal-care units into two publicly-traded companies; the group at Timberlake will oversee both companies.
Evogene Ltd. | Biotechnology: Expanding
Evogene Ltd. (NYSE: EVGN), an Israeli biotechnology company that partnered with Monsanto in Creve Coeur, is planning to build a new $10 million, 6,000 square
foot research and development facility on the Danforth Center campus. Evogene received state incentives through the Missouri Works Program for the
development, which is expected to be complete at the end of 2015.
Osborn Barr | Advertising: Contracting
Advertising agency Osborn Barr laid off 15 employees from its headquarters at 914 Spruce Street in the CBD. The agency is looking to minimize costs as it shifts
focus to its main clients in the agricultural sector.
Stifel Financial Corp. | Investment: Expanding
St. Louis-based Stifel Financial Corp. (NYSE: SF) is acquiring Sterne Agee Group, Inc. of Birmingham, Alabama. Stifel and Sterne Agee are two of the largest U.S.
brokerages outside of New York City. This is the company’s tenth acquisition since 2007 under Chairman Ron Kruszewski.
JLL Americas Research • St. Louis Office Employment Update 2
Employment statistics
St. Louis
Industry employment stratification
St. Louis
Blaise Tomazic
Senior Research Analyst
tel +1 314 261 7377
Blaise.Tomazic@am.jll.com
211 N. Broadway
Suite 2075
St. Louis, MO 63102
www.jll.com/stlouis
Robert Kramp
Senior Vice President – Americas
Midwest & Great Lakes Research Director
tel +1 312 228 2470
Robert.Kramp@am.jll.com
200 East Randolph Street
47th Floor
Chicago, IL 60601
www.us.jll.com/research
News on the street
St. Louis businesses expanding, contracting, etc.
© 2015 Jones Lang LaSalle IP, Inc. All rights reserved.
All information contained herein is from sources deemed
reliable; however, no representation or warranty is made
to the accuracy thereof.
December 2012 December 2013 December 2014
Total Non-farm
Employment
1,319,000 1,325,900 1,343,000
0.4% 0.5% 1.3%
Unemployment Rate 7.0% 6.6% 5.6%
St. Louis Supersectors December 2012 December 2013 December 2014
Mining, Logging & Construction 57,300 -0.2% 56,600 -1.2% 61,400 8.5%
Manufacturing 112,600 -0.9% 113,100 0.4% 113,000 -0.1%
Trade, Transportation, & Utilities 254,800 1.4% 254,200 -0.2% 253,200 -0.4%
Information 29,300 -5.2% 29,800 1.7% 29,100 -2.3%
Financial Activities 86,300 3.2% 87,500 1.4% 89,800 2.6%
Professional & Business Services 193,100 1.2% 201,000 4.1% 208,700 3.8%
Educational & Health Services 236,400 -0.3% 235,200 -0.5% 237,900 1.1%
Leisure & Hospitality 136,000 2.4% 137,900 1.4% 141,200 2.4%
Other Services 45,700 -1.5% 45,700 0.0% 46,100 0.9%
Government 167,500 -1.7% 164,900 -1.6% 162,600 -1.4%
Trade, transportation and
Utilities, 253,200, 19%
Educational and Health
Services, 237,900, 18%
Professional and Business
Services, 208,700, 16%
Government, 162,600, 12%
Leisure and Hospitality,
141,200, 10%
Manufacturing, 113,000,
8%
Financial Activities, 89,800,
7%
Mining, Logging and
construction, 61,400, 5%
Other Services, 46,100, 3%
Information, 29,100, 2%