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Volkswagen site in Chattanooga could see 2,000 more supplier jobs, officials say
Some 300 acres that Volkswagen is freeing up at Enterprise South industrial park in Chattanooga for potential suppliers ultimately could add another 20 companies and 2,000 jobs, economic developers say. "We're seeing a lot of interest from auto suppliers," said Nick Wilkinson, the city's deputy administrator for economic development, in the wake of VW's planned $600 million investment to make a new vehicle and hire 2,000 more workers at its Chattanooga plant. Enterprise South emerged from the former Volunteer Army Ammunition Plant, which provided the U.S. Army with ammo going back to World War II. Nearly two decades ago, city and Hamilton County leaders crafted plans to acquire most of the remaining VAAP site with the intent of landing a major manufacturer such as VW to the property. Chattanooga Times Free Press
Submitted 7 hours ago

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Texas manufacturing shows stronger growth
Texas manufacturing increased again in July, according to a survey released Monday by the Federal Reserve Bank of Dallas. PRODUCTION: The production index — a key measure of manufacturing conditions — rose from 15.5 in June to 19.1. OTHER: Other measures of manufacturing activity reflected significantly stronger growth in July. The new orders index doubled from 6.5 to 13. The capacity utilization index rose to 18 from 9.2 in June. The shipments index rose 12 points to 22.8, reaching its highest level since January 2013. LABOR MARKET: The July employment index posted a second robust reading, although it edged down from 13.1 to 11.4. Twenty-five percent of firms reported net hiring, compared with 14 percent reporting net layoffs. Dallas Morning News
Submitted 7 hours ago

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New Jersey tech firm moving headquarters, 1,200 jobs to Allen, Texas
CVE Technology Group Inc., a New Jersey-based high-tech firm, plans to relocate its headquarters to Allen, with plans to employ 1,200 workers in North Texas by the end of next year. The company is an after-market service provider of cellular handsets and consumer electronics, with about 300 employees occupying about 40 percent of an office totaling 196,000 square feet of space at Enterprise Business Park at 915 Enterprise Blvd. in Allen. CVE plans to relocate its headquarters to Dallas-Fort Worth because the region is the epicenter of cell phone growth and activity, said Ruben Alvarado, the company's vice president. Dallas Business Journal
Submitted 7 hours ago

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Austin houses sell faster than anywhere in the country, ZipRealty study says
Homes are selling faster in Austin than anywhere in the country at the moment. That’s the conclusion of California-based ZipRealty Inc.(Nasdaq: ZIPR), an online real estate brokerage and research company. The survey, which crunched numbers from the Multiple Listing Service, indicates that half of all Austin houses on the market are selling in 10 days or less. The median number of days a house is on the market is different from the average days on the market, which is the matrix commonly cited by the Austin Board of Realtors. In ABOR’s most recent report, Austin single family houses are selling on average in 39 days. The large difference in the statistics likely indicates that certain types, price ranges or locations of houses are selling very quickly — perhaps as soon as they are entered in MLS, while other houses — probably high-end luxury homes — are taking much longer to sell. Austin Business Journal
Submitted 7 hours ago

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Exxon reportedly considering massive Beaumont, Texas refinery expansion
Exxon Mobil Corp. (NYSE: XOM) reportedly is considering a major expansion of its Beaumont refinery in response to the U.S. shale boom, according to Reuters. People with knowledge of the situation told Reuters a potential multibillion-dollar expansion of the 344,600-barrel-per-day refinery could expand it to at least 500,000 bpd or possibly as much as 700,000 bpd. The expansion could be complete by 2020 and would include adding a third crude distillation unit. Although an Exxon spokesman declined to comment to Reuters regarding the Beaumont refinery, he told the publication that the company regularly evaluates “opportunities for growth.” Dallas Business Journal
Submitted 7 hours ago

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After decade of change, where does Birmingham rank as a banking hub?
The growth of Birmingham banks, specifically Regions Bank, has helped the area maintain its status as a banking hub despite a decade of significant change for its bank scene. The Birmingham-Hoover metro area now ranks as the 12th largest banking center by assets in the nation. That’s according to first-quarter data compiled by Bancography, using the total assets of bank subsidiaries headquartered in the market. Local banks reported a combined $245.7 billion in total assets as of March 31, up 13.5 percent from the $181.9 billion they posted during the same period in 2004, when the metro ranked 11th due to the presence of the ‘Big Four’. Birmingham Business Journal
Submitted 7 hours ago

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Safety of oil tankers in question as crude oil production soars, new report finds
The risks posed by shipping crude oil by rail were highlighted last week when the Department of Transportation announced new proposals to increase the safety of tank cars. But according to a new report by the Congressional Research Service, shipping domestic crude oil by water poses a number of safety and financial challenges that are often overlooked in debates over oil pipelines and tank car derailments. The report, written by transportation policy specialist John Frittelli, notes that new sources of crude oil from North Dakota, Texas and parts of western Canada have forced the U.S. transportation industry to find new ways of shipping it. Pipelines can no longer accommodate the rise in domestic oil production, the report says, placing greater demands on railroads, barges and tankers. NOLA.com
Submitted 7 hours ago

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Georgia Ports Authority reaches cargo milestone
SAVANNAH - The Georgia Ports Authority has reached a milestone by breaking the 3 million container mark. The authority announced the milestone Monday, and said that it moved more than 29 million tons of cargo and more than 700,000 auto and machinery units in fiscal year 2014. It was the first time for the Port of Savannah to move more than 3 million containers - also known as 20-foot equivalent container units - in a fiscal year. The number was up by 6.3 percent compared to the previous year. Post and Courier
Submitted 7 hours ago

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Encore Wire expanding McKinney, Texas operations with $30 million investment and 125 jobs
One of the largest businesses in McKinney is expanding its operations. Encore Wire Corp. – which has been in business for 25 years – will spend more than $30 million to expand its McKinney plant and plans to hire 125 more people. The company will more than double the size of its McKinney manufacturing operations on Millwood Road to 450,000 square feet. Encore has been in business since 1989 when it started out with just 12 employees. The company now has almost 1,200 workers and is the largest taxpayer in McKinney. The expansion to the plant is scheduled for completion by the end of the year. Dallas Morning News
Submitted 7 hours ago

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Florida exports up 10.4% in May
The latest international trade numbers show that $5.22 billion worth of goods left Florida for international markets in May, an increase of 10.4 percent from April, according to Durham, N.H.-based e-forecasting.com. The May data is the most recent available. Exports of manufactured goods contributed significantly to the state’s international trade, accounting for 76 percent of all state exports in May. Exports from state manufacturers increased in May by 16.8 percent from the previous month to $3.95 billion. Orlando Business Journal
Submitted 8 hours ago

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Features & Opinion

 Top Ten Places in the South for Relocating California Companies

In growth, companies find themselves in the dilemma of identifying capital to increase capacity and managing opportunity cost where capital may be deferred. This dilemma is amplified as capacity constraints drive a company to complete the site selection process for an expanding or new facility. 
 

 Randle Report - Business News in the South

 FEATURE  
By Dr. Glen Fenter
Desperation sometimes masks itself in acceptance. Such was the case for Takelia Carter of Marion, Ark. For Carter, the mother of six school-age children in a low paying job, desperation was normative existence. This was her life in Crittenden County, Ark., deep in the Delta where unfortunately one in four families lives well below the poverty level.
 

 Business News in the South - Randle Report

FEATURE     
By Mike Randle
There are numerous factors driving the new industrial revolution in the South. And it is a revolution, as this manufacturing surge that began in 2007 continues to break records year after year in the total number of large, capital intensive projects. One factor, of course, is that reshoring of facilities back to the U.S. continues to grow each year.
 
 Nashville Mayour Karl Dean

We try to change up the categories in our annual Ten Top 10s section, but we always include the "Ten People Who Made a Difference" category. This year though, we are honoring 12 and you will learn why by reading about this group of folks who have made a difference in the South. Here is our annual list that includes executives, economic developers and politicians who have made a difference in the South's economy.


 


 

 

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