Diversified economy still a key...

The fact that not every community receives glum economic news at the same time, or in the same measure, is a mixed blessing.

A few days ago, leaders in St. Joseph might have offered a sigh of relief that our city was not home to an auto plant at a time when the industry was going through wrenching change.

On that day, there were no glaring headlines in the News-Press or somber Chamber of Commerce meetings when it was St. Louis, not St. Joseph, which received word that Chrysler Motors would close one auto plant and cut the second shift at another. In all, our sister city lost 2,400 manufacturing jobs in one fell swoop.

But ill winds from a tough economy do reach here. We felt them Wednesday, when auto-parts supplier Progressive Molded Products revealed it would close its plant in St. Joseph. The decision will mean the loss of up to 190 jobs here.

Progressive Molded made components for the Chevrolet Malibu, a brisk-selling model that is a big part of General Motors’ recovery plan. The complete cause for Progressive’s collapse is not clear, but at some point the Canada-based parts marker found itself going under financially and it was unable to obtain financing needed to stay afloat.

St. Joseph’s leaders have known for a long time there is no silver bullet to ensuring the community’s future. Major companies with national and worldwide operations are important to our local economy, but you can’t count on them being here forever. Local companies, born and bred here, are just as important, if not more so, but they also can fail with little warning.

A diversified economy remains a key. Investments in fast-growing companies with a stake in the future are wise because they offer both diversification and the chance for a home-grown success story. Support for existing businesses must be a given.

Over the long haul, our investments must skew more toward “human capital.” An educational system that is closely aligned with needs of the future work force is vital — or else we will be the community that loses good jobs and finds it cannot replace them.

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