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That's The Randle Report for July 24, 2015
Join us again tomorrow 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 above to find your favorite stories from yesterday, last week, last month or last year. Click on the headline to access Southern Business & Development magazine.
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Let's make this foolish economic development myth vanish for good
The belief that "80 percent of all new jobs come from existing business and industry" is an out-of-date, old-fashioned fabrication.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. Southern Business & Development
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2015 SB&D 100: Southern state economic development performances.
With a record 668 projects meeting or exceeding 200 jobs and/or $30 million in investment, the 2015 SB&D 100 saw several states post outstanding economic development years. Published here are editor Mike Randle's comments on each Southern state's performance in the 2015 SB&D 100.
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The 2015 SB&D 100: A Record Year! The service sector awakes from a deep sleep; consumerism is back.
At one time, the American South’s economy was dominated by plantations. Cotton was king. Then around the start of the 20th century, industry (think steel, apparel and textiles) found the South to its liking. So, leaders in the South in the 1920s invented the practice of economic development as we know it today in order to capture more industry. After all, the South was dirt poor 100 years ago, its economy held back by post-Civil War federal policies that were still in effect. Economic development in the South back then consisted of raiding and poaching the North for prospects, aided, ironically, by consultants such as the former Fantus Company that was headquartered in Chicago. It was essentially “reverse carpet bagging.” Some of that poaching still goes on today. Southern Business & Development
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The Best of Economic Development in Alabama, Arkansas and Florida
Over the next four issues of Southern Business & Development, we are going to have some fun. It’s the “Best of Economic Development in the American South,” and each issue will feature three to five Southern states. You can use the results as a unique aid in your search for a suitable site for your business in the American South. Featured here are the Best of Economic Development in Alabama, Arkansas and Florida. Southern Business & Development
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The Drivers of Manufacturing Reshoring
Reshoring is delivering wide-ranging benefits for an increasing number of U.S. manufacturers, who see it as a way to maintain (or regain) global competitiveness. According to the Reshoring Initiative, in 2003 about 140,000 jobs were lost to offshoring. In 2014, for the first time in two decades, the U.S. realized a net gain of 10,000 reshored jobs. I expect to see more deep drawn reshoring in particular, because Boston Consulting Group predicts fabricated metal products will be one of the top sectors to benefit from this growing trend. In fact, the Reshoring Initiative says through 2014, 30 companies in this sector have already restored 1,721 jobs to American soil. Industry Week
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Texas oil production to break records despite price slump
Texas crude oil production is on its way to record-breaking levels despite the crippling drop in oil prices that began a year ago, according to one indicator in the most recent Texas Petro Index, a composite index based upon a group of upstream economic indicators. "It seems clear at this point that Texas crude oil production in 2015 will surpass its all-time high of 1.263 billion barrels in 1972, with estimated annual production in 2015 totaling 1.284 billion barrels,” said Karr Ingham, an economist who developed the TPI, in a statement accompanying the latest data. Houston Business Journal
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Up to 10 sites competing for Aston Martin plant
Alabama has been called the "obvious choice" for Aston Martin's proposed new factory that will build the UK-based company's crossover, but at least nine other sites in the UK and the U.S. are making their cases to the automaker. A report from Automotive News today said the company is considering up to 10 sites for its expansion. Aston Martin needs a new plant on a site outside of its Gaydon, England factory to build the DBX crossover. Birmingham Business Journal
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Judge orders BP to start paying local governments within the next 30 days
A federal judge on Monday issued an order for BP to begin paying up to $1 billion in settlements to local governments across the Gulf within the next 30 days. U.S. District Judge Carl Barbier's order comes after the July 15 deadline for approximately 500 local governments in five states to decide whether to accept BP's settlement offers as part of a broader $18.7 billion settlement, according to a report from the Associated Press. The larger settlement will primarily fund coastal rebuilding projects after the 2010 Deepwater Horizon oil spill damaged much of the Gulf coast environmentally and economically. Birmingham Business Journal
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Poll: Traffic, growth still top concern for Austin residents as economy booms
The growing economy of the Austin region has many residents optimistic about the future, but they are wary of how those changes will affect the area's quality of life, according to a poll conducted by Allstate and the policy magazine National Journal. The poll surveyed 400 Austin-area adults between July 8-12. According to the results, three out of every five residents said the local economy will be stronger than it is today in 10 years, but two-thirds of respondents said the region is "mostly unprepared" to deal with the effects of the economic boom, such as increased population and traffic. Austin Business Journal
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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 Stacy Randle
Demographer Wendell Cox recently analyzed the largest gains in holders of bachelor's and post-graduate degrees between 2007 and 2012 in the 51 metro regions in the U.S. of 1 million residents or more. The results were published in Forbes magazine and the South dominated the ranking.
 

 Business News in the South - Randle Report

FEATURE     
After I finished the cover story for this issue, I read an interesting article by economist Paul Krugman, the op-ed columnist for the New York Times, titled, "Partying like it’s 1995." Generally I side with Krugman, even though I am a journalist, not an economist. Occasionally, though, I read some of his stuff and ask myself, "What planet did Krugman come from?" Like when he predicted a shift of automotive assembly to Canada after Toyota announced a new plant in Woodstock, Ontario in 2005 because of "free healthcare," among other benefits. That Toyota deal was the last major automotive assembly plant announced in Canada and I predict it will be the very last one for the Canadians.
 
 Nashville Mayour Karl Dean
If you have ever seen one of my presentations, then you know about the word "reshoring" and how that phenomenon has lifted the spirits of even the most skeptical Southerners regarding the future of the region's economy. After all, in the last four decades, manufacturing has suffered a bloodletting never before seen in U.S. history. The biggest factor behind the slow and long meltdown that began in the 1990s was the herd mentality to offshore manufacturing capacity to cheaper locales, primarily by U.S.-owned companies.
 


 

 

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