After several years of worsening economic news, the tide seems to be turning. Last week, economist Michael Walden sounded an optimistic note with his view of what the near future holds for the national and regional economies.
The economic picture in Clayton took an even more significant shift Wednesday with the news that Caterpillar has plans to expand their Clayton operation, investing $33 million and creating up to 199 jobs over the next five years.
The news is good on several levels. The investment, spread out over time will energize the local economy for a longer period. Instead of seeing one large blip on the economic graph, there will be something akin to the steady rise we had been used to seeing in better economic times.
Caterpillar's decision to expand here, when it had other options available to it, is an indictment of the quality of the labor pool in our area. Of course, we already knew there was a strong labor pool here, along with a community college system that is willing to work hand in hand with large industrial employers. But the reality is, with joblessness being what it is, there are strong labor pools all across the country nowadays.
On an even larger scale, Caterpillar's decision to expand portends a loosening of the financial belt among industrial concerns everywhere. As companies get more comfortable with the new "normal" and begin to reinvest in their operations, places like Clayton stand to benefit.
This has been an eventful 12 months for Caterpillar in Clayton, where the company recently celebrated its 20th year in operation.
Now, it looks like our entire town gets a present.
