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Birmingham suburb Mountain Brook listed as most affluent town in Alabama, one of the most affluent in the nation
Large metropolitan areas in the U.S. are generally accompanied by areas of affluence, usually found in the suburbs and recently released data shows that one Birmingham suburb was the most affluent town in the Alabama. Mountain Brook, who boasts a median income of $135,833, is the wealthiest town in the state, according to data gathered by Business Insider from the 2008-2012 American Community Survey. Hidden Hills, CA., and Chevy Chase, MD., topped the list, with both town’s median income listed as $250,000. Nebraska’s most affluent town, Gretna, was at the bottom of the list of 50, with a median income of $77,818. As we previously reported, Birmingham has gained national recognition for its affluence, ranking at No. 248 of 942 metro areas. Birmingham Business Journal
Submitted 3 days ago

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GreenTech: Production to start in Tunica, Miss. this year
Five years after the company first surfaced, GreenTech Automotive has finished buildings its manufacturing facility in Tunica. It may be just in time to fulfill the terms of a loan the Mississippi Development Authority made the company. In September 2011, the MDA loaned GreenTech $3 million, to help pay for site preparation work. The terms call for GreenTech to create a minimum of 350 jobs by the end of this year. Loan repayments would start after production begins. The loan would come to term within 10 years. "GTA has made significant progress toward our engineering, production, hiring and industry partnership goals in recent months," Charles Wang, GreenTech chairman and CEO, said in a press release. "We're eager to move into our new, permanent manufacturing home in Tunica and begin production there as soon as possible." Clarion-Ledger
Submitted 3 days ago

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Feds approve Cameron LNG exports from southwest Louisiana
The U.S. Energy Department has issued the final authorization to Cameron LNG LLC in southwest Louisiana to export liquefied natural gas to countries that do not have a Free Trade Agreement with the United States. The Cameron terminal in Hackberry has permission to export up to 1.7 billion cubic feet of LNG per day for 20 years. Separately, the Energy Department gave final approval to Florida-based Carib Energy LLC to export 4 million cubic feet per day. The Energy Department approves LNG exports to non-Free Trade Agreement countries, which include the more lucrative Asian markets, as long as those exports are “consistent with the public interest.” The Energy Department determined that the Cameron and Carib exports’ impact on the economy, energy security and the environment met that criteria. The Advocate
Submitted 3 days ago

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Celebrity chef Maneet Chauhan writes a love letter to Nashville
Executive chef Maneet Chauhan, one of the judges on Food Network's hit show "Chopped," was skeptical when her partners suggested Nashville as the location for her first restaurant. "STOP. Did I really just hear these words coming from my telephone? I immediately had about 101 questions racing through my mind," she wrote in a piece posted Wednesday on the Huffington Post's "Love Letters" travel blog. In the piece, she rattled off some of those questions: "First off, where on earth is Nashville anyway? Tennessee? Do people even eat Indian food there? How will I get ingredients?" But of course, we all know the end to this story. Chauhan, like a lot of people who visit Nashville, fell in love with the city. Her first restaurant, Chauhan Ale & Masala House, has plans to open later this year in the Gulch, near the 12th and Porter music venue. Nashville Business Journal
Submitted 3 days ago

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Big River must respond to Nucor
The Great Arkansas Steel War continues. According to a report in Arkansas Business, Big River Steel received an extension in federal court to respond to a lawsuit by Nucor Steel. Big River, the $1.3 billion steel manufacturing facility, is supposed to break ground in Osceola, Arkansas, on Sept. 22. But now it must respond to the complaint, which Nucor is hoping will stop construction of the facility, by Oct. 10. Nucor has two steel mills in Mississippi County, Arkansas, where Big River is planning its mill. Big River will produce steel for the automotive, oil and gas and electrical energy industries and was founded by John Correnti, a former Nucor president and CEO. The project is being funded through $1.5 billion in bonds from the city of Osceola and $125 million in bonds from the state of Arkansas. When it is completed, the project could employ 500 people. Memphis Business Journal
Submitted 3 days ago

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More furniture jobs for Mississippi
Another Mississippi furniture manufacturer is expanding and bringing jobs to the state. Newport Home Furnishings is investing $270,000 in an expansion that will create 45 new jobs for New Albany, Mississippi. Founded in 2013, the company manufactures upholstered furniture, including stationary and motion sofas, love seats, chairs and recliners. The Mississippi Development Authority, along with Glenfield Industrial Park in New Albany, the Appalachian Regional Commission, Union County and the City of New Albany provided assistance and infrastructure improvements for the project. “The state’s furniture manufacturers are key players in north Mississippi’s economy, and I appreciate the team at Newport Home Furnishings for further strengthening its roots in New Albany and creating new jobs,” Mississippi Gov. Phil Bryant said. Memphis Business Journal
Submitted 3 days ago

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U.S. Gets Unexpected Bounty From Slow Growth Abroad
The world’s pain is America’s gain. Weak economic growth in Europe and the rest of the world is leading to lower energy prices and interest rates in the U.S. Gasoline prices nationwide have dropped 24 cents per gallon since the start of June on ample oil supplies worldwide. The yield on 10-year U.S. Treasury notes, meanwhile, was 2.54 percent yesterday compared with 3.03 percent at the start of the year, dragged down by falling rates in Europe. “The U.S. looks golden,” said Allen Sinai, chief executive officer of Decision Economics Inc. in New York. He sees the economy expanding by about 3.5 percent in the year ending June 30, 2015, and the Standard & Poor’s 500 Index rising to 2,100 by the end of this year. The stock gauge was 1,995.69 (SPX) as of 4 p.m. in New York yesterday. Bloomberg
Submitted 3 days ago

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Will GE management positions move from Louisville to Charlotte?
A lot of questions have come up since General Electric Co. (NYSE: GE) announced plans to sell its Louisville-based GE Appliance division to Electrolux. We're not sure yet about the fate of Appliance Park and some of the manufacturing, design and engineering jobs there. But it looks like we could be seeing some management responsibilities move to Electrolux's U.S. headquarters in Charlotte, N.C. According to this story in The Charlotte Observer, Electrolux CEO Keith McLoughlin said on Monday that Charlotte will remain the combined company’s North American headquarters. GE Appliances headquarters is currently in Louisville. Business First
Submitted 3 days ago

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WSJ Survey: U.S. Looking Up, But Worries Loom Abroad
Economists aren’t that worried about the U.S. economy—it’s the rest of the world that’s getting worse. The Wall Street Journal’s monthly forecasting survey polled economists on whether their outlook for the world’s largest economies had improved or deteriorated. The survey of 48 economists—not all of whom answered every question—showed that a resounding majority believe things are likely to improve over the coming year, versus the first half of 2014, in the U.S. But their attitudes towards the eurozone, Japan and China were mixed. One-quarter of economists said their outlook for China had improved, versus nearly 40% that said it had deteriorated. The Wall Street Journal
Submitted 3 days ago

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Upstate SC auto suppliers scramble to keep up
DUNCAN, S.C. – Kyle Glover said it felt good to make the permanent payroll at the Draxlmaier Group auto parts plant in Duncan five months after being hired as a contract worker. “It’s a lot different when you have that Draxlmaier logo on your shirt,” the 23-year-old Lyman resident said Thursday while taking a break from assembling door panels for the BMW X3. Glover is one of 31 people that Draxlmaier recently elevated from contract worker, and the company needs to fill another 39 jobs in Duncan, most of them for skilled workers such as technicians, engineers and quality specialists, said spokesman Ralph Schwarz. With U.S. auto sales at a post-recession peak, Draxlmaier and other auto suppliers in the Upstate are scrambling to keep pace with growing workloads. Greenville News
Submitted 3 days ago

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Features & Opinion

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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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