MISSOULA — On Wednesday, the Missoula Economic Partnership, or MEP, had its annual meeting, where they recapped what they'd been up to this past year. And one of the highlights was that Missoula has a strong and resilient economy.
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“There's some magic sauce that's happening right here that's quite amazing,” said Erick Garcia-Luna, regional economist for the Federal Reserve Bank of Minneapolis.
MEP is an organization that works with both businesses and policymakers to better the quality of life in Missoula - whether that be through lining up developers to build affordable housing or helping business owners connect with larger markets.
Grant Kier, CEO of the Missoula Economic Partnership, says that his organization acts like the chain in a bicycle for Missoula - something that works in the background but keeps the bike moving.
“One of the things we try hard to do is not be the thing that gets your attention, but really showcase and complement everything that's around us. And I feel like because of the confidence you have built in us and for us in the last five years, we have become a chain that is incredibly powerful and reliable,” said Kier.
The highlight of the gathering was tied to the keynote speaker, Erick Garcia-Luna, regional economist for the Federal Reserve Bank of Minneapolis, who spoke about the economic resilience of Missoula.
“The Missoula economy is very resilient. You heard from entrepreneurs talking about all the investment that they're hoping to make, all the work that's been put behind some of the projects that have been flowing over the last few years despite some of the challenges that they've been facing. So I think that it's fair to say that the Missoula economy is doing really well despite the challenges,” said Garcia-Luna.
Garcia-Luna points to Missoula’s abnormal labor force growth as one potential reason why Missoula is faring as well as it is compared to the stagnant labor force growth across the county.
“When you look at the labor force participation rate of the state of Montana, the labor force participation rate of the country, those have been declining, but somehow, the Missoula economy seems to have been adding people to the labor force over the last few years, so that's a trophy, as surprising in a positive way, and also one of the reasons why perhaps the economy continues to tag along,” said Garcia-Luna.
With the state of Missoula’s economy, Kier says that the near future for Missoula appears to be bright.
“I am confident we can build a plan to give more people hope that is possible, and a reality in which they can do so,” said Kier.
Overall, MEP says that there's much to look forward to, as they look towards continuing to build their partnership with the community and policymakers.
