ST. LOUIS — The coalition of St. Louis area universities and businesses formed to address racial and economic inequities is moving from its start-up phase to pursuing a goal for 2023.
Launched in October 2021, the St. Louis Anchor Action Network is focusing on 22 ZIP codes in St. Louis city and St. Louis County where communities are majority Black and have 20% or higher poverty rates.
The network’s 16 members including Edward Jones and Saint Louis University have set a goal of increasing the amount they spend next year on payroll and procurement in those areas by 10%. Payroll is for Black and Hispanic residents and procurement for businesses owned by people of color.
If that goal is met, it would represent a projected $50 million increase in direct investment, said Stefani Weeden-Smith, director of the Anchor Action Network. Weeden-Smith referred to the goal as “substantial” and “the next milestone in our ongoing efforts to support equitable opportunity” in the region.
Within the 22 ZIP codes, 24.1% of the population lives below the poverty line compared with 11.3% of the region, according to the University of Missouri-St. Louis. The area is 70% Black and 50% of the region’s unemployed Black residents live there.
The area has a per capita income of $22,828 compared with $35,753 for the region. The median household income in the area is $37,261 compared to $63,705 in the region.
Weeden-Smith said the start-up phase of the network has involved building stronger relationships with community groups and learning how the network can reach its goals.
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