Dec. 29—At this time of year, it’s not a bad idea to think about where we have been and where we might be going in the year ahead.
I have been watching the local economy for a long time, and it appears to me that we have strong forward momentum going for us at this time. The local economy might not be booming, but it is certainly better than the doomy-gloomy vibe that people were feeling at this time a year ago when everyone, including me, thought a recession was inevitable. That recession has not happened, and it is not likely to happen in the year ahead.
Inflation — always an issue — is easing. Fuel costs are falling. Mortgage rates are falling. The unemployment rate for Joplin stood at 3.2% in October, according to the U.S. Bureau of Labor Statistics. Wages are higher. The stock market is in record territory. Consumer holiday spending, a big driver of the national economy and our local economy, was up over 3.1% when compared with last year.
Yes, there are things we need to be concerned about. Credit card debt is rising. It topped $1 trillion for the first time earlier this year and continues to rise, according to the Federal Reserve Bank. But is this increase due to an actual need for expensive credit to make ends meet or does it reflect a measure of confidence on the part of borrowers that they will be able to pay it back?
COVID-19 is still circulating and mutating. One bad bug could change everything. Artificial intelligence is out there lurking in the shadows. We’ve got two wars going on and a crisis at the border. And it’s an election year. We could have another insurrection. If you like wringing your hands in distress and living in fear over the state of things, you will have plenty of material with which to work.
For me, the ever-changing retail landscape in Joplin is a good measure of its economic activity. There was a lot of change in that landscape last year. Here are some, but not all, of the local openings. closings and relocations that occurred last year.
In the openings category were Take 5 Oil Change and Car Wash, Jersey Mike’s Subs, Panera Bread, Burlington Stores and Joplin RV & Marine, all on or near Range Line Road. On or near Main Street, the openings include 530 Somewhere, a restaurant/bar; Hungry Monkey Island Style Eats; New York Pizza & Deli; and Haelyn & Co., a clothing store. Crazy Llama Coffee on West 32nd Street and the Union Station Delicatessen at Seventh Street and Illinois Avenue also opened last year in Joplin, along with a new Starbucks at Seventh Street and Maiden Lane.
Webb City also saw the opening of a Starbucks; Julian’s, a family diner; and the Flat Creek restaurant. Gambino’s Pizza opened in the village of Airport Drive.
Among the closings in Joplin were Pearl Brothers True Value Hardware, Bed Bath & Beyond, Fuzzy’s Tacos, Slumberland Furniture and 4-State Teacher Resources. The Burger Kings in Northpark Mall and Webb City closed. The Hardees on Main Street and Range Line closed.
So what’s opening in the year ahead? A Let’s Go Car Wash, an Ollie’s Bargain Outlet, a Big Biscuit restaurant, a Whataburger and a new Menards will open in Joplin. A Let’s Go Car Wash and The Human Bean, a coffee shop, will open in Airport Drive. In Webb City, a new Popeye’s Louisiana Kitchen and a Whataburger will open.
What this activity tells me is that there will be a lot of new retail jobs available in the year ahead and that investors continue to view the Joplin market as an economic opportunity. Will 2024 be the year we get a full-service grocery store with a real deli? We shall see.
Contact Wally Kennedy at wkennedy@joplinglobe.com.
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