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Crisis, what crisis? U.S. still going strong
A funny thing happened while the world financial markets shuddered in panic this week. A range of indicators about the U.S. economy, the world’s largest, showed a recovery that’s continuing to gain steam. Even as stocks whipsawed, data on housing, consumer confidence, the labor market and economic growth all showed the economy flexing its growing muscle. The latest data came Thursday when the Bureau of Economic Analysis said the U.S. economy grew by a blazing 3.7 percent from April through June, not the 2.3 percent reported last month. Miami Herald
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GDP Numbers Reveal Underlying Momentum, Possible Headwinds for U.S. Economy
The U.S. economy has offered varied evidence of its underlying strength during a week of wild swings in global stock prices and wide anxiety over signs of a slowdown in China. The Commerce Department said Thursday the nation’s gross domestic product—the government’s broadest measure of economic output—expanded at a 3.7% seasonally adjusted annual rate in the spring, faster than the initial estimate of a 2.3% growth rate. Other recent reports have shown gains in consumer confidence, retail sales and home building. The Wall Street Journal
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Listen: George W. Bush praises New Orleans' recovery from Katrina
Ten years minus one day after Hurricane Katrina struck New Orleans, former President George W. Bush on Friday (Aug. 28) praised the city's resurgence and especially the changes in its public schools. He shared his thoughts with an auditorium of public officials and teenagers at Warren Easton Charter High in Mid-City, where he marked the storm's first anniversary in 2006. Here's what he had to say: NOLA.com
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Since Katrina, Biloxi’s Rebound Has Been Slow
BILOXI, Miss.—Scattered applause greeted Mayor Andrew “FoFo” Gilich in a newly constructed stadium as he threw the ceremonial first pitch for the city’s minor-league baseball team, the Shuckers. The $36 million MGM Park, which opened in June near the waterfront and several casinos, is the boldest attempt by city officials to show that the Mississippi Gulf Coast is revitalizing after a series of misfortunes. Since Hurricane Katrina hit a decade ago, Biloxi’s population has dropped 9.4% to 44,984 and many houses remain vacant. The Wall Street Journal
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Life after Katrina: Building boom strikes downtown New Orleans
Under the scorching Louisiana sun, floodwaters loosed from broken levees crept clear and silent along the city's boulevards. They would eventually eat up whole neighborhoods but stop short of swallowing New Orleans' economic heart: the towering skyscrapers, hotels and 19th century low-rises that form the Central Business District. A physical near miss, the flood nonetheless watered seeds of doubt on the dry high ground. Revealing a susceptible levee system and government impotency, Hurricane Katrina left many companies, investors and business owners -- let alone residents who lost everything -- to contemplate whether New Orleans would ever have a future again. NOLA.com
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Black leaders: Katrina recovery didn't lift African-American businesses
Billions of public and private dollars poured into New Orleans after Hurricane Katrina to help the city recover, a sum credited in part with helping to spur a regional economic resurgence. But local African-American leaders say the majority of that money did not touch their communities in a meaningful way. During a panel Thursday (Aug. 27) on workforce and economic development after Katrina, leaders called for stronger policies aimed at bringing minority and disadvantaged businesses into the economic fold, rather than pushing them out. The talk, moderated by Greater New Orleans Inc. CEO Michael Hecht, was part of a three-day conference the Urban League of Greater New Orleans hosted ahead of the 10th anniversary of the storm. NOLA.com
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Hurricane Katrina: How New Orleans has changed
NEW ORLEANS — A by-the-numbers look at the lasting impact of Hurricane Katrina, which hit New Orleans on August 29, 2005. The metro area includes New Orleans and seven surrounding parishes. • Toll: Katrina caused more than 1,800 deaths and $151 billion in damage across the Gulf Coast region. • Population: New Orleans‘ estimated population last year was 384,320 compared to 494,294 before the storm. Last year the city climbed back into the nation’s 50 most populous cities for the first time since Katrina. The city was 67 percent black and 26 percent white before the storm; Now it’s about 60 percent black and 31 percent white. Hispanics have grown from 3.5 percent to 5.5 percent now. Washington Times
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GE is Prize in Bidding War Between Connecticut, New York, Atlanta and Dallas
NEW YORK (TheStreet) -- General Electric , which is threatening to leave its longtime corporate headquarters in Connecticut over a tax hike, has become the prize in what amounts to a bidding war between its home state and rivals from neighboring New York to Atlanta and Dallas. CEO Jeff Immelt formed an exploratory committee in June to search for a "more pro-business environment" for GE's headquarters after the Legislature approved a budget that would raise taxes statewide by $1.9 billion, the second-largest increase in the state's history. The backlash from Connecticut-based corporations including insurers Aetna , Travelers and The Hartford Group , prompted Gov. Dannel Malloy to loosen a number of the new requirements, but GE didn't back down. Dallas Morning News
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Why are all these California companies moving to Austin? Here are a bunch of reasons
A new study from the San Francisco-based Pacific Research Institute has ranked the regulatory climate for small businesses in California the worst out of all 50 states — and the Bay Area is a prime example of why. The reasons? Costly regulations on short-term disability insurance and a minimum wage that’s 25 percent higher than the national average. "California's regulatory policy makes it more difficult and more costly for current and potential entrepreneurs," said study author Wayne Winegarden, a senior fellow at PRI and a partner in the consulting firm Capitol Economic Advisors. Austin Business Journal
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University of Miami Life Science & Tech Park seeks county funds for $112M expansion
The owner of the University of Miami Life Science and Technology Park has requested county funding to support a $112.1 million expansion with a mixed-use hotel and innovation center. The project would bring one of the world's most successful coworking space innovation companies to Miami. The catch is that the commission has already allocated all of the money in the bond program that the developer hopes to tap. Wexford Miami would only get the money if a previously approved applicant falls through. South Florida 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 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     
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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