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'60 Minutes' piece sees Asheboro as indicative of recession, slow recovery
Asheboro, a swing-state town built on manufacturing that has struggled through the recession, was the central character in a "60 Minutes" piece Sunday that looked at whether the country was moving into economic recovery. The CBS news show piece comes in the face of next week's election. "The Death and Life of Asheboro," reported by Scott Pelley, presented the Randolph County town as a place very much like the rest of the country that is stuck between recession and recovery. Greater Triad Business Journal
Submitted 2 years 211 days ago

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Regions has 7th most branches among U.S. banks
Regions Financial Corp. is the nation’s seventh largest bank ranked by branches, according to a study by SNL Financial. Birmingham-based Regions currently has 1,723 banking branches across its geographic footprint. Regions held on to its top 10 ranking despite being one of the leading banks for branch closures. Regions, which is Birmingham's largest bank, consolidated several offices in the wake of its merger with AmSouth and during the recession, although company leaders said in August that its branch count should remain stable at this point. Birmingham Business Journal
Submitted 2 years 211 days ago

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Ikea in Birmingham? Metro falls short of retailer's population target
When we asked readers last year which new retailer they'd like to see in Birmingham, Ikea was a popular choice. The Swedish-based home products company came in third place with 23 percent of the vote, behind grocer Trader Joe’s and department store Nordstrom. But much like with Trader Joe's, Birmingham doesn't appear to be on Ikea's radar at this point, according to a report from the Nashville Business Journal. According to the report, Ikea targets cities with 2 million people in a 60-mile radius and looks for sites between 15 and 30 acres for stores between 340,000 square feet and 440,000 square feet, the report said. Birmingham Business Journal
Submitted 2 years 211 days ago

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Sandy's Surge Brings Destruction — and Benefits
It’s not the wind, it’s the water. The long-term, potentially catastrophic damage from Hurricane Sandy bearing down on the Northeast will most likely come from the unusually strong and potentially deadly storm surge that forecasters say will be much larger than past storms to hit the region. "If the forecasts hold true in terms of the amount of rainfall and the amount of coastal flooding, that's going to be what drives up the losses and that's what's going to hurt," said Susan Cutter, director of the hazards and vulnerability research institute at the University of South Carolina. The Fiscal Times
Submitted 2 years 211 days ago

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Economy may skirt direct hit from Hurricane Sandy
(Reuters) – Hurricane Sandy is shaping up to be one of the biggest storms ever to hit the United States but even with the severe damage that is expected, the blow to the economy is seen as short-term. Economists say some of the impact caused by businesses closing will be offset by reconstruction efforts, and point to catastrophic storms like Katrina, which devastated New Orleans but did not deal lasting damage to the national economy.
Submitted 2 years 211 days ago

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Obama ad: Romney "dishonest" on auto bailout


Submitted 2 years 211 days ago

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Snow falling in N.C. mountains; more to come
Snow began falling Monday morning across parts of the North Carolina mountains, and meteorologists say plenty more is on the way both Monday night and Tuesday. While the morning snowfall is considered just a preview of the expected impact from Hurricane Sandy, it was enough to close some school systems and cause slippery roads. Winter Storm warnings are posted for a string of counties in the high country, stretching from areas west of Asheville up into Virginia and West Virginia. From 4 to 8 inches of snow are predicted above 2,500 feet, and meteorologists say much heavier totals are possible in places. Charlotte Observer
Submitted 2 years 212 days ago

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Houston's hot growth likely to cool in 2013
High oil prices, robust exploration and production activity, and strong international demand for Houston-made equipment for the oil and gas fields have kept the energy sector humming and attracted job-seeking newcomers. While Houston's red-hot growth will likely cool somewhat next year with a dip in worldwide energy demand, such key sectors as construction are expected to flourish. We asked four economic observers - an economist, a recruiter, a banker and an economic developer - for their thoughts on where Houston is headed. Here is what they said: Houston Chronicle
Submitted 2 years 212 days ago

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Fishermen confront BP spill deadline
GRAND BAYOU, La. – Most decisions about the details of a huge class-action settlement of damage claims from the 2010 Gulf of Mexico oil spill will come from stately offices and a federal courtroom in New Orleans. But the consequences will reach farther south, where Louisianans – many of them subsistence fishermen – count on swampy bayous and gray Gulf waves for their livelihood, and are struggling to support themselves on catches they say have dwindled to a fifth of their pre-spill numbers. Houston Chronicle
Submitted 2 years 212 days ago

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Dallas Fed report: Texas manufacturing activity continued to improve in October, but at a slower pace
The Texas manufacturing activity continued to improve in October but at a slower pace, according to data released today by the Federal Reserve Bank of Dallas. The Texas Manufacturing Outlook Survey’s production index — a key measure of state manufacturing conditions — dipped from 10 in September to 7.9, indicating slightly slower growth. Dallas Morning News
Submitted 2 years 212 days ago

 

 

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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