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That's The Randle Report for February 5, 2016
Join us again Monday morning for all of the American South's business, economic development and political news in real time and in one place. Use the sort buttons or the search window to find any story you need to find from last week, last month, last year or several years ago. Click on the headline above to access Southern Business & Development's website, the economic development magazine of the American South; the fourth largest economy in the world.
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U.S. January Nonfarm Payrolls Up by 151,000; Jobless Rate 4.9%
WASHINGTON—The U.S. labor market slowed substantially in January but unemployment hit an eight-year low, sending mixed signals for Federal Reserve officials as they assess whether the economy is strong enough for another interest-rate increase. Nonfarm payrolls increased a seasonally adjusted 151,000 in January, the Labor Department said Friday. The unemployment rate, obtained through a separate survey, fell slightly to 4.9% last month. The unemployment rate was last below 5% in February 2008. Economists surveyed by The Wall Street Journal had expected payrolls to rise by 185,000 and the jobless rate to hold steady at 5%. The Wall Street Journal
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Oil Rout Threatens Vicious Cycle for Economy
With oil hovering at $30 a barrel and gasoline below $2 a gallon, the pleasure of lower fuel prices is turning painful for more of the U.S. economy. The problem isn’t just the layoffs and investment cutbacks in the oil patch, two effects that have been expected since crude oil began sliding in 2014. Worries about energy-related bankruptcies and loan defaults also are helping to tighten financial conditions, weighing on a broader swath of the economy. The Wall Street Journal
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Nashville among top 10 U.S. cities in job growth
Nashville is not only growing in population, the city is among the top 10 U.S. metro areas in job growth and economic prosperity. According to a new Metro Monitor report by Brookings, the Nashville-Murfreesboro-Franklin area was ranked fifth in growth and 10th in prosperity, which includes average wage rates and cost of living, in the past five years. "The Nashville area time and time again outperforms other areas in the nation coming out of a recession," said Garrett Harper, vice president of research with the Nashville Area Chamber of Commerce. The Nashville Business Journal
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Tampa among top 5 moving destinations in 2015
If the Tampa Bay area feels a little more crowded, it's not just your imagination. The Tampa/Sarasota area was named the No. 3 top moving destination in 2015 by Penske Truck Rental. This data, in addition to U.S. Census data released in January, indicate that a higher number of movers are heading back south for the first time since the Great Recession, according to a statement. "Our own data, compiled from do-it-yourself moves across the country, mirror the country's migration and areas of growth," said Don Mikes, Penske's senior vice president of rental, in the statement. Tampa Bay Business Journal
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Toyota’s San Antonio-made Tundra pickup truck not pulling its weight in 2016
Some of the wheels are still spinning in the right direction at Toyota. The company's overall pickup truck sales increased 1.7 percent in January compared to the same month a year ago. But the credit goes to the Tacoma — one of two lines manufactured in the Alamo City by the Japanese automaker, which operates a massive Toyota Motor Manufacturing Texas Inc. truck assembly plant in South San Antonio. Toyota sold 12,717 of the smaller trucks in the U.S. last month — 11.5 percent more than it did in January 2015, based on volume. San Antonio Business Journal
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DeVere Construction abandons big NCDOT projects, calls payment process 'broken'
DeVere Construction, a Michigan-based general contracting firm that's been working on multiple highway construction projects across the state, has "demobilized" all of its workers and equipment pending a new agreement with the N.C. Department of Transportation. Richard Crittenden, president of DeVere Construction, stated in a news release Thursday that the project work was stopped "pending resolution of sizable claims" for work already completed that he claims is being withheld from the company. Triangle Business Journal
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Orlando among top 10 metros for job growth
Metro Orlando ranked No. 7 on a list of the top 10 U.S. metros that are exceeding projected job growth, according to a study released Feb. 4 by CareerBuilder and Economic Modeling Specialists. The study looked at which U.S. metros are exceeding industry trends the most, as well as those that are lagging behind. The report looked at the total job growth across industries for each of the 150 most populous metros from 2014 to 2015 and then compared it to what would have been expected for that region based on national job growth trends during the same time period. Orlando Business Journal
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Boyd: Tennessee 'can't compete' with rival states' film incentives
Just before news broke that the "Million Dollar Quartet" TV series would be filmed in Memphis, the state's community development commissioner said Tennessee cannot compete with Louisiana when it comes to film incentives. Tennessee is going to get beat out every time, Randy Boyd, Tennessee Department of Economic and Community Development (TNECD) commissioner, said Tuesday during a meeting of the Rotary Club of Memphis. “Here’s the challenge,” Boyd said, “our budget this year is $2 million; Louisiana’s budget is $270 million and Georgia’s is something north of $100 million. We can’t compete.” Memphis Business Journal
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Kentucky tops nation in drop in uninsured residents
A new study shows that Kentucky and Arkansas had the sharpest decline in the percentage of adult residents without health insurance from 2013 to 2015. The data for the study were collected as part the Gallup-Healthways Well-Being Index. The report shows that from 2013 to 2015, the rate of Kentucky residents without health insurance fell to 7.5 percent from 20.4 percent. That 12.9-percentage-point gain tied with Arkansas, where the rate fell to 9.6 percent from 22.5 percent. Business First
Submitted 4 hours ago

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Features & Opinion

 Top Ten Places in the South for Relocating California Companies

Urban areas have all kinds of assets that are easy to spot. They have the population, so the labor shed is not usually an issue. Urban areas are also connected by better roads, rail and air service and many have river and deep water ports. Usually Internet access and other forms of communication are more efficient in urban areas. And you have a larger array of quality of life options to choose from, such as the cultural assets found in metropolitan areas.
 

 Randle Report - Business News in the South

 FEATURE  
By Mike Randle
The belief that "80 percent of all new jobs come from existing business and industry" is an out-of-date, old-fashioned fabrication. I have no idea how it started, where it started, or who said it first, but there are professionals in economic development as well as leaders of government in the South who actually believe that each year, 80 percent (why 80 percent I don't know, either) of all new jobs are created by existing business and industry. I hear it all the time and I just roll my eyes. There is nothing static in economic development but this: 100 percent of all lost jobs come from existing business and industry. That, and of course 100 percent of the time site consultants never pay for a meal.
 

 Business News in the South - Randle Report

FEATURE     
According to Chinese theory, yin is a passive, negative force and yang is an active, positive force. Chinese philosophers believe that the opposing forces aren't really contradictory. Instead, they are interconnected and complimentary, interacting to create a balance in one's life. 
 
 Nashville Mayour Karl Dean
The Annie E. Casey Foundation's KIDS COUNT report was released in the summer quarter. I try to read it every time it comes out since I find it to be the best indicator of child poverty, a statistic everyone involved in economic development needs to be aware of. The Annie E. Casey Foundation is a charity that supports disadvantaged children. 
 


 

 

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