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U.S. Economy Up 3.5% in 3rd Quarter, Capping Best 6 Months in Over a Decade
The U.S. economy expanded more than forecast in the third quarter, validating the optimism that prompted Federal Reserve policy makers to stop pumping money into financial markets. Gross domestic product grew at a 3.5 percent annualized rate in the three months ended September after a 4.6 percent gain in the second quarter, Commerce Department figures showed today in Washington. It marked the strongest back-to-back readings since the last six months of 2003. Government outlays and a shrinking trade deficit boosted growth last quarter, buying time for consumer spending in the world’s largest economy to strengthen as fuel prices drop and hiring picks up. Bloomberg.com
Submitted 11 hours ago

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Navy Federal To Create 5,000 New Pensacola Jobs With Expansion
This morning, Navy Federal Credit Union announced it will continue expanding its operations in Pensacola, bringing 5,000 new jobs and $350 million in capital investment to the region by 2026. “This is our largest expansion in Pensacola thus far. It underscores what we’ve long been saying about this great community—it’s a great place to grow your business and a wellspring of talented people to employ,” said Cutler Dawson, CEO/president of Navy Federal. “Continued growth for Navy Federal not only signifies the strength of the credit union, but also means upholding our high standards for member service. It takes the best to serve the best, and that’s why we continue to invest in Pensacola.” NorthEscambia.com
Submitted 11 hours ago

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376 new jobs promised after Chinese company chooses to open plant in Petersburg, VA
PETERSBURG, Va. — The governor announced more than 370 jobs would be coming to Petersburg after UniTao Pharmaceuticals LLC purchased the Boehringer Ingelheim plant with plans to invest $22.5 million to establish operations there. Thursday’s announcement comes days after Governor McAuliffe returned from a marketing mission to Asia. “This project will have a tremendous impact in the City of Petersburg and the surrounding region. I had the great privilege of meeting with company officials during my Asia marketing mission last week in Shanghai, China to officially close this significant win,” Governor McAuliffe said in a statement. WTVR.com
Submitted 12 hours ago

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Jeb Bush piles on Hillary Clinton for "jobs" comment
Former Florida Gov. Jeb Bush hasn't said he'll run for president in 2016, but he certainly sounds like a candidate already. On Tuesday, Bush trained his fire on President Obama's "incompetent" early handling of the Ebola virus. And on Wednesday, he unloaded on his potential Democratic opponent in 2016, former Secretary of State Hillary Clinton, who recently told voters, "Don't let anybody tell you that it's corporations and businesses that create jobs." "This last week I saw something that was breathtaking, a candidate--a former secretary of state who was campaigning in Massachusetts--where she said that 'don't let them tell you that businesses create jobs.” CBSNEWS.com
Submitted 12 hours ago

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Louisville manufacturers get new tax incentives; plan to create 108 jobs
Four manufacturers went before the Kentucky Economic Development Finance Authority this morning with plans to create jobs in metro Louisville. The largest project was Neenah, Wisc.-based Bemis Packaging LLC, which has operated a plant in Shelbyville since 1986. According to its KEDFA filing, the company plans to invest $44.8 million in an expansion project at the plant, which is on Midland Industrial Drive in Shelbyville. The project would create 44 new jobs in the next seven years. Louisville Business First
Submitted 12 hours ago

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Vistakon's Manufacturing Academy focused on Jacksonville, but getting national buzz
The solution to the nationwide manufacturing workforce shortage could be right here on the First Coast. Vistakon's Academy of Advanced Manufacturing and Engineering is a partnership between Englewood High School, FSCJ and Vistakon to provide about 49 high school students with the technical skills they'd need to have a high school diploma in three years, an associate's degree after four years and the STEM knowledge they'd need to have a skilled manufacturing job wherever they wanted. Jacksonville Business Journal
Submitted 12 hours ago

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Engineering company moves U.S. HQ to Houston
Phoenix-based AKO Engineering Inc. has moved its U.S. headquarters to Houston to be closer to its energy sector clients. AKO Engineering is the U.S. subsidiary of Spain-based AKO Electromecanica SAL, which designs and manufactures temperature, energy control and regulation products for the commercial sector. AKO Engineering has moved to 4,500 square feet of office space on Gray Falls Drive in Houston's Westchase area. AKO has opened with a Houston team of 18 people, but the company said it is currently hiring and plans to keep growing. Houston Business Journal
Submitted 12 hours ago

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Dallas CVB to seek $250M expansion of Kay Bailey Hutchison Convention Center
The Dallas Convention and Visitor's Bureau and the city's tourism executives want to make the Kay Bailey Hutchison Convention Center bigger — a lot bigger — to make it more competitive. After a decade of reeling in more convention center business, they have plans to expand the convention center by 120,000 to 150,000 square feet, a project expected to cost upwards of $200 million to $250 million. "We are at the point now the convention center is in need of expansion if we want to grow," Phillip Jones, president and CEO of the Dallas CVB, told the Dallas Business Journal. "Right now, we are not in the position to book a dozen large citywide groups unless we make the expansion." Dallas Business Journal
Submitted 12 hours ago

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Five years in 'stealth mode' kept Alevo battery plant under wraps
Alevo Group CEO Jostein Eikeland first toured Concord's shuttered Philip Morris plant in 2009. But Alevo and local officials kept things so quiet that even N.C. economic developers had no clue what was happening. Keeping the search for a U.S. manufacturing plant — Alevo's first in the world — quiet was key for the Swiss-based company. After the announcement of the battery-system production plant on Tuesday, Eikeland told well-wishers the company was in "stealth mode" for years. In the highly competitive world of selling energy storage and storage services, Alevo believed it was vital to keep a lid on its plans until it was ready to start the billion-dollar investment it expects to make in the plant on the old Philip Morris campus. Charlotte Business Journal
Submitted 12 hours ago

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Valmet begins hiring for 40-job expansion in Lancaster County, NC
Valmet Corp. has starting hiring for a 40-job expansion at its Lancaster County plant. The company, based in Espoo, Finland, expects to complete the expansion in January, states Bill Bohn, Valmet-North America area president, in a news release about the Lancaster County expansion. "We value their being in the community providing good jobs with good wages and being good corporate citizens," says Larry McCullough, chairman of Lancaster County Council. Details such as the cost of the expansion and the number of employees currently working at the Lancaster County plant weren't available. Charlotte Business Journal
Submitted 12 hours ago

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Features & Opinion

 Top Ten Places in the South for Relocating California Companies

The America South is home to almost as many residents as the Northeast and the Midwest combined, but even that statistical record is about to be broken. According to a new Census Bureau study that came out in April, 51 percent of the nation's population jump occurred in the South from 2010 to 2013.
 

 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     
This is our annual "Made in the South" issue and it's timely because there is a new player in the South's manufacturing universe. For almost two decades, economic developers and politicos in the South and the U.S. have been chasing Chinese projects with little or nothing to show. Want proof we've been chasing ghosts in China for years? Okay, go ahead and name a Chinese brand that's made in the South? Tick. . .tick. . .tick. Give up?
 
 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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