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The U.S. is 'basically at full employment'
"We're basically at full employment," said San Francisco Federal Reserve President John Williams on Monday. "That's very good news." Williams believes the U.S. economy is "back on track," and the Fed deserves a lot of the credit for the dramatic turnaround. (President Obama too has been trying to take a "victory lap" on the economy). Unlike presidential candidates Donald Trump and Bernie Sanders, Williams sees a lot to be happy about. He points to "good" growth of about 2% a year, and an unemployment rate that went from 10% at the worst of the Great Recession back down to just 5% now. CNN Money
Submitted 1 hour ago

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It’s Not the Economy, Stupid
Those of us who do economics for a living turn to it to answer all the big social questions. To explain the rise of Donald Trump and Bernie Sanders, we reflexively blame stagnant incomes that have left voters angry and frustrated. Lately, though, I’ve come to question this approach. A recent Pew survey found 46% of Americans think life is worse today than in the 1960s; only 34% think it’s better. Of course, standards of living are higher today and life spans are longer. But optimism is about where things are going, not where they are, and in the 1960s, things got better faster: real wages grew 2.4% per year compared to 0.6% for the past decade. The Wall Street Journal
Submitted 1 hour ago

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Research Park master plan will transform economic engine in Huntsville
Cummings Research Park will look very different under guidelines listed in a new master plan presented today by the Chamber of Commerce in Huntsville. Nearly nine months after hiring architecture and design firm Perkins+Will (P+W) to lead the master planning process, the Chamber unveiled a new blueprint for CRP, the second-largest research park in the U.S. and fourth-largest in the world. Erin Koshut, who was hired last summer as the director of CRP, said companies are looking for more than a suburban office park. To continue thriving in the future, she said CRP must become a vibrant urban center of gravity for high-tech research and development in the north Alabama region. AL.com
Submitted 1 hour ago

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Texas unemployment rate up slightly to 4.4 percent in April
AUSTIN -- The unemployment rate in Texas rose slightly in April to 4.4 percent as job growth statewide remained sluggish for a third consecutive month. The Texas Workforce Commission reported Friday that the state added just 8,300 jobs in April after losing jobs in March. The unemployment rate moved up from 4.3 percent in March but remains well below the national rate of 5.0 percent. Separately, the Federal Reserve Bank of Dallas put the number at 10,700 jobs in April and said the state has now shown annualized job growth at 1.1 percent for 2016, after growing 1.3 percent in 2015. Star-Telegram
Submitted 1 hour ago

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Citi moves jobs to Tampa from Connecticut
Citigroup Inc.’s Tampa operations are in line for dozens of new jobs. The banking giant is transferring jobs from Hartford, Connecticut, said Kamran Mumtaz, a Citi spokesman, confirming a report in the Hartford Courant. “Approximately 150 employees are impacted, and the vast majority of the roles will be relocated to the Citi Service Center in Florida where we already have an established HR team,” Mumtaz said in an email to Tampa Bay Business Journal. “While this was a difficult decision, the new model will enable our HR Shared Services Regional Operations organization to leverage the benefits of being co-located with key clients and partners.” Tampa Business Journal
Submitted 1 hour ago

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Georgia Ports Authority antes up for new Jasper port
The Georgia Ports Authority took a significant step Monday toward building a new port in partnership with South Carolina. The authority’s board approved $7.5 million in state funding to help cover the costs of environmental studies for the proposed $5 billion Jasper Ocean Terminal Project Office (JPO). The three-year funding commitment matches what South Carolina officials already have put up for the environmental work. “The announcement today to fund three consecutive years of JPO expenses shows Georgia’s commitment to bringing this project forward as soon as possible,” newly elected board Chairman James Allgood said. Atlanta Business Chronicle
Submitted 2 hours ago

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Louisiana's Calcasieu Ship Channel cost is skyrocketing
The Calcasieu Ship Channel drives Southwest Louisiana’s oil, gas and chemical industries. That means it drives Southwest Louisiana’s economy, said Port of Lake Charles Director Bill Rase. “Our area has over $40 billion in projects under construction to date — I don’t think a lot of people recognize that — and there’s a lot more to come,” he said. “Every bit of this new growth depends upon the ship channel being here and at its authorized dimensions of 40 feet deep by 400 feet wide.” Without the ship channel, Rase said, “none of this exists.” Rase said 46 percent of the Lake Area metro economy depends on the health of the ship channel. By 2023, the projected economic expansion tied to the channel is forecast to increase channel-dependent local revenue by nearly 80 percent. American Press
Submitted 2 hours ago

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Texas Rangers, City of Arlington swinging for a $1B ballpark
The Texas Rangers and the City of Arlington are considering the development of a new $1 billion enclosed ballpark through a public-private partnership where the baseball club and the city would each pay for half of the sports complex. The deal is subject to city council approval and is slated for consideration at Tuesday's city council meeting. The public-private partnership would also need public buy in with a November election asking voters to extend an existing funding mechanism to publicly finance the project. Dallas Business Journal
Submitted 2 hours ago

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San Antonio metro area hits million-jobs milestone
The San Antonio metropolitan area hit a historic point in its economic evolution last month, with its total workforce count eclipsing 1 million jobs for the first time ever. In April, the San Antonio-New Braunfels area produced 1,001,700 jobs. That’s an increase of 25,400 jobs since April 2015, representing a growth rate of 2.6 percent, according to a new report from Workforce Solutions Alamo. San Antonio Business Journal
Submitted 2 hours ago

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Manufacturer signs big lease in Fort Worth for headquarters expansion
Fort Worth-based Quorum International, a manufacturer of light fixtures and accessories, has decided to expand its North Texas headquarters and distribution center within an industrial park to accommodate its growing business. The company has been a longtime tenant of Fort Worth's Railhead Industrial Park and decided to expand its operations by 101,000 square feet at 400 Railhead Rd., which brings its total footprint in North Texas to 305,000 square feet. Dallas Business Journal
Submitted 2 hours ago

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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     
According to Chinese theory, yin is a passive, negative force and yang is an active, positive force. Chinese philosophers believe that the opposing forces aren't really contradictory. Instead, they are interconnected and complimentary, interacting to create a balance in one's life. 
 
 Nashville Mayour Karl Dean
The Annie E. Casey Foundation's KIDS COUNT report was released in the summer quarter. I try to read it every time it comes out since I find it to be the best indicator of child poverty, a statistic everyone involved in economic development needs to be aware of. The Annie E. Casey Foundation is a charity that supports disadvantaged children. 
 


 

 

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