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Governor Haslam, Commissioner Hagerty Announce ARAMARK to Open Business Services Center in Nashville
NASHVILLE, TN (July 17, 2013) — Tennessee Gov. Bill Haslam and Economic and Community Development Commissioner Bill Hagerty, along with ARAMARK officials and Nashville Mayor Karl Dean today announced the creation of a new ARAMARK Business Services Center in Nashville. The center will create more than 1,000 new jobs over the next three years and represents an investment of approximately $20 million in Davidson County. Aramark.com
Submitted 3 years 42 days ago

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Airbus Americas Chairman: Why Airbus chose Alabama for A320 assembly line
MONTGOMERY, Alabama — In a column for CNBC’s web site, Allan McArtor, chairman of Airbus Americas, explains why Airbus chose Alabama as the home for its most advanced A320 assembly line – a project he calls the “most significant, game-changing event in U.S. aerospace in decades.” While McArtor points to several factors that made Alabama a perfect choice for Airbus’ first U.S. production center, he stresses the strong relationships forged with Alabama officials as a key reason behind the decision. “The endeavor to bring Airbus to Alabama is a shining example of what can happen when people work together,” he writes. MadeInAlabama.com
Submitted 3 years 42 days ago

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Rocket company Moon Express opens propulsion development facility in Huntsville
HUNTSVILLE, Alabama - Moon Express, Inc., a private company aiming to send low-cost robotic missions to the moon to utilize lunar resources, has opened a Propulsion Development Facility in Huntsville. Tim Pickens, who joined the company as chief propulsion officer earlier this year, announced the city's newest rocket effort at the 2013 AIAA Joint Propulsion Conference in San Jose, Calif. this week. AL.com
Submitted 3 years 42 days ago

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Quantum to lay off more than half of 305 employees in Colorado Springs, shifting to Alabama, Texas
Quantum Corp. will lay off 170 of its 305 employees in Colorado Springs as the California-based maker of computer storage devices outsources its remaining manufacturing operations to a contractor in Alabama. Brad Cohen, a Quantum spokesman in San Jose, said the company will complete the layoff and shift its manufacturing to Texas-based Benchmark Electronics during the next six months,. with most of the cuts coming after Jan. 1. Employees who are laid off will receive severance packages and outplacement assistance, he said. The cuts will leave the company with 135 employees in operations, engineering, information technology, finance and human resources at its facility on 10125 Federal Drive in the InterQuest business park. Gazette.com
Submitted 3 years 42 days ago

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Automotive supplier adds 50 jobs after $10 million expansion in Shorter, AL
Shorter resident Derrick Phelan remembers how things changed when Victoryland casino closed. “It was really hard,” Phelan said. “Victoryland really brought a lot of things to our economy around here, really helped everybody out with a lot of things.” Now Macon County has shifted gears. Faced with one of the highest unemployment rates in the state, it’s working to nurture its automotive manufacturing industry. Hyundai and Kia supplier Halla Visteon Climate Control Alabama is the county’s largest private-sector employer at around 500 employees, and on Thursday the plant celebrated a $10 million expansion and 50 new jobs. It was the second expansion for the plant, and leaders said it won’t be the last. MontgomeryAdvertiser.com
Submitted 3 years 42 days ago

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U.S. Gulf oil profits lure $16 billion more rigs by 2015
The deep-water Gulf of Mexico, shut down after BP Plc (BP/)’s record oil spill in 2010, has rebounded to become the fastest growing offshore market in the world. The number of rigs operating in waters deeper than 1,000 feet (300 meters) in the U.S. Gulf will grow to 60 by the end of 2015, said Brian Uhlmer, an analyst at Global Hunter Securities LLC in Houston. As of last week, there were 36 rigs working in those waters, according to industry researcher IHS Petrodata. FuelFix.com
Submitted 3 years 42 days ago

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AMR posts $220 million profit in the second quarter
AMR Corp. reported a $220 million profit in the second quarter, the first time since 2007 the parent company of American Airlines has made money in the quarter. The Fort Worth-based carrier's profit was an improvement over the $241 million loss posted in the second quarter of 2012 even though revenues remained the same at $6.45 billion. "The momentum is building as we plan for the impending merger with US Airways," said AMR chief executive Tom Horton in a statement. "I want to thank the American team, 73,000 strong around the world, whose hard work and dedication made this possible. Thanks to them, the new American is taking flight." Star-Telegram.com
Submitted 3 years 42 days ago

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State workers layoffs spike in Louisiana
State workers in Louisiana are being laid off at unprecedented numbers, according to a report released by the Civil Service Commission on Thursday. Nearly twice as many state employees were let go in the past fiscal year compared to the previous four due mostly to the administration's decision to privatize the state's charity hospital system. The administration of Gov. Bobby Jindal oversaw the laying off of 3,805 state workers -- of a total 6,270 total positions targeted -- during the fiscal year that ended June 30, more than the last previous four years of layoffs combined. Nola.com
Submitted 3 years 42 days ago

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STOCKS HIT NEW ALL-TIME HIGHS: Here's What You Need To Know
The relentless bull market keeps charging higher. First, the scoreboard: Dow: 15,548.5, +78.0, +0.5% S&P 500: 1,689.3, +8.4, +0.5% NASDAQ: 3,611.2, +1.2, +0.0% And now, the top stories: Business Insider
Submitted 3 years 42 days ago

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Factory, labor market data offer bright signs for economy
WASHINGTON - New claims for jobless benefits fell last week and factory activity picked up in the Mid-Atlantic region in early July, signs of a stronger economy that could help push the Federal Reserve to ease its monetary stimulus. Reuters via Yahoo.com
Submitted 3 years 42 days ago

 

 

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Features & Opinion

 Randle Report - Business News in the South

For those who still languish over "losing to China" or believe that the economy is still in recession, wake up and smell the data. Economic development in the South was about as good as it gets in calendar year 2015 according to the data. And as for China, borrowing a quote from the late football coach Bear Bryant that he made in the half-time locker room down 15-0 to Georgia Tech in 1960, "We got 'em right where we want 'em." For those of you who don't know the rich history of Alabama Crimson Tide football, Bama scored all of its 16 points in the fourth quarter, kicking a field goal on the last play of the game to beat Tech 16-15.
 

 Randle Report - Business News in the South

 FEATURE  
By Mike Randle
Today, factories in the U.S. make twice as much product as they did in 1984. And they are doing it with one-third of the manufacturing workforce. In fact, the output of durable goods in 2015 was the highest in the nation's history. So, we do have a strong manufacturing base, at least in the South, much of the Midwest and parts of the West, and it is getting stronger because on a cost-basis, we can compete with any major manufacturing nation in the world.  
 

 Randle Report - Business News in the South

FEATURE     
The argument for or against a minimum wage hike continues between the reds and the blues, as well as within the economic development community in the South. Should we stay the course with a minimum wage under $8 an hour to better compete with Mexico, the South's biggest competitor for jobs, or set a minimum wage just over $10 an hour, a wage floor most centrists support? That $10 per hour is, according to the MIT Living Wage Calculator, about right in most states in the South for one adult to be able to cover basic expenses plus all relevant taxes.
 
 Randle Report - Business News in the South
Recent data from the Computing Technology Industry Association (Comp TIA) showed that the technology industry is one of the fastest growing job generators in the South and the nation. The report also indicated that technology job compensation is growing faster than any other sector.
 


 

 

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