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Work begins on $29M Oxford Pharmaceuticals facility in Birmingham
Oxford Pharmaceuticals has broken ground on its new $29 million, 120,000-square-foot building off Lakeshore Parkway. The company announced it was establishing its first North American presence by expanding to Birmingham last fall in a deal that many Birmingham leaders said was a big win for the city's growing pharma and biotech industries. Birmingham Business Journal
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Almost there: Downtown Louisville bridge four months from completion
Four more months, Louisvillians. That's when work is slated to finish on the new Downtown Crossing connecting Louisville to Jeffersonville. Ohio River Bridges Project officials said Thursday morning that they are moving quickly to meet deadlines and finish the bridge by December so it can be opened to two-way traffic by January. Officials with the Kentucky Transportation Cabinet and Chicago-based Walsh Construction Co. took media on a tour of the unfinished bridge deck this morning. Business First
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Incentives necessary, appropriate to lure Alabama jobs
Since the 1930s, incentives have been a part of the U.S. site selection equation. While incentives are only one component of a company's location decision, the subject has caused much debate about whether a government should be using incentives and inducements to attract major employers to their state. Based on the economic, social and moral impact of new quality jobs and taxes, the resounding answer is "yes." AL.com
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Incentives don't make sense, economically or morally
A Mercedes automotive parts supplier is coming to T-Town. Unlike Santa Claus, however, its gifts aren't free. Economic incentive deals, like this $27 million going to Samvardhana Motherson Group — on the heels of the $80 million deal to bring a Google data center to Stevenson, come on the backs of Alabama's already burdened taxpayers. AL.com
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Chinese Build U.S. Factories, Bringing Tensions Along With Jobs
When Chen Mingxu was a boy, U.S. businessmen poured into rural China, welcomed with tax breaks and steamed turtle. Thirty years later, in a kind of reverse migration, Chen finds himself in southwestern Alabama smiling wanly over bacon-wrapped meatloaf and banana pudding. Chen, who employs about 200 locals, manages the first U.S. factory built by Golden Dragon Precise Copper Tube Group Inc. with a $120-million investment in Wilcox, one of the poorest counties in Alabama. The state coughed up around $20 million, outbidding dozens of other cities and states hoping for the jobs and investments. Bloomberg
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Drillers Unleash ‘Super-Size’ Natural Gas Output
The U.S. may have far more natural gas than anyone imagined, all reachable at a profit even with today’s bargain-basement prices. Experimental wells in Louisiana by explorers including Comstock Resources Inc. and Chesapeake Energy Inc. are proving highly lucrative thanks to modern drilling techniques and the sheer volume of fossil fuels that can be coaxed out of the ground. The trick is applying supersize versions of the horizontal-drilling and fracking techniques that worked successfully elsewhere to an area that hasn’t seen this approach yet. The Wall Street Journal
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U.S. Auto Sales Pace Accelerates
U.S. car and truck buyers veered around a jittery stock market in August and snapped up vehicles at the fastest sales pace in 10 years, lured by financing incentives, low fuel prices and optimism toward the economy. The seasonally adjusted annual rate of sales for light vehicles rose to 17.8 million compared with 17.3 million a year earlier and was the highest since July 2005, according to researcher Autodata Corp. August was the fourth consecutive month that adjusted sales remained above the 17 million mark. The Wall Street Journal
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FPL ranks among the top ten utilities for economic development again
For the third time in consecutive years, Site Selection magazine has recognized Florida Power & Light Company on its list of "Top 10 Utilities in Economic Development" for 2015. "There is a reason that companies such as Hertz, Northrop Grumman and Univision have all relocated or expanded in Florida within the past five years," said Eric Silagy, president and CEO of FPL. "We understand that special electric rates and incentives are integral parts of economic development projects that are tied to state and local communities. We're honored to be recognized again, however, economic development is a team effort. Our partners, including local economic development agencies, Enterprise Florida, the legislature and Governor Scott, work hard to provide us the needed support to complement efforts that create hundreds of jobs across the Sunshine State." Marketwatch
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The United Slang of America
Welcome to the United Slang of America. In order to create the map above, we used a layered, multistep approach. First, we called up some linguists who helped us make an initial list of unique words that are in one way or another associated with a particular state. That got us off to a coruscant start (linguists!). Next we researched online message board discussions about zany terms that have gained popularity in different states. We also surveyed friends and colleagues on the words they most associate with their home states and polled Slate readers on Facebook. Ultimately, we built up groupings of anywhere from five to 10 viable options for each state and then, well, argued a lot. The competition was fierce, the results certain to be controversial. Slate
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Tech Companies Ordered To Pay Employees $415 Million For Working Together To Lower Wages
A U.S. District Court finalized a $415 million wage settlement for tech workers Wednesday after four-years of litigation. Nearly 65,000 employees for Adobe, Apple, Google, and Intel filed a class-action antitrust lawsuit in 2011 after the government uncovered emails between Apple co-founder and CEO Steve Jobs, former Google CEO Eric Schmidt, and other executives that showed companies conspired to not poach one another’s employees in an effort to keep salaries low and reduce turnover. Think Progress
Submitted yesterday

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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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