ST. LOUIS (KMOX) - If there is indeed an economic recovery underway, it seems to be completely passing by the hard-hit construction industry.
“The unemployment rate’s running between twenty to thirty percent,” says Jim LaMantia, executive director for PRIDE of St. Louis, Inc. when addressing St. Louis-area numbers. “So you can see it’s still devastating for the construction industry.”
The next step in trying to turn that around comes Tuesday when PRIDE hosts its third “Investment Summit” at Carmine’s Steakhouse downtown.
LaMantia says the idea is to connect national real estate investors with St. Louis and energize economic development projects.
Attending the summit will be representatives from AFL-CIO Building Investment Trust (BIT), AFL-CIO Housing Investment Trust (HIT), Union Labor Life Insurance Company (ULLICO), and Mutli-Employer Property Trust, all based in Washington D.C.
Collectively, the trusts have invested more than $600 million in Missouri projects, centered mostly in and around St. Louis.
That’s expected to happen again today when officials reveal details of a planned multi-million dollar investment in Shrewsbury.
During PRIDE’s last investment summit two years ago, AFL-CIO HIT announced plans to help fund two of downtown’s largest construction projects, the Laurel and Park Pacific, both of which made their debut last year.
“And that was $108 million into downtown St. Louis,” LaMantia points out.
PRIDE, an acronym for Productivity and Responsibility Increase Development & Employment, is celebrating its 40th anniversary this year.