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US manufacturing sector growth slows in August: ISM
The pace of growth in the U.S. manufacturing sector slowed in August to its weakest in over two years, according to an industry report, while construction spending in July climbed to its highest level in more than seven years. (Tweet this) The Institute for Supply Management (ISM) said its index of national factory activity fell to 51.1 from 52.7 the month before, marking the lowest reading since May 2013. The reading was shy of the expected 52.6, according to a Reuters poll of economists. A reading above 50 indicates expansion in the manufacturing sector. CNBC
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Dallas area ranks as top US metro area for small business jobs for 11th straight month in August
The Dallas area ranked as the No. 1 U.S. metro area for small business jobs for the 11th straight month in August, according to the latest Paychex/IHS Small Business Jobs Index released today. The local area posted the best growth rate of 1.4 percent and an index level of 105.23 for the 12 months through August. (See chart above.) The Houston area rebounded 0.56 percent to move back above 100 on the index, but it has declined 2.81 percent over the last 12 months, ranking No. 19. Dallas Morning News
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Dallas area ranked No. 3 for new jobs among all U.S. metros in July
For the third straight month, the Dallas-Fort Worth area ranked No. 3 among all U.S. metropolitan areas for the most new jobs as of July. The D-FW area added 121,700 seasonally unadjusted jobs through the last 12 months ended July 31, according to data released today by the U.S. Bureau of Labor Statistics. More than three-quarters of those jobs, or 94,300, were added in the East metro — in the Dallas-Plano-Irving area. The New York area added the most jobs (164,400) followed by the Los Angeles area (157,500). The top three metro areas have remained the same for the last three months. Dallas Morning News
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Research Triangle loses jobs in July and unemployment ticks up again
The Triangle area lost 5,300 jobs from June to July and the unemployment rate in the area again ticked upward. Triangle area figures match the statewide trend of increasing unemployment rates, something that has been happening for almost a year. In the Triangle, the unemployment rate is up more than a full percentage point since December. Triangle Business Journal
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Former Duke Energy CEO Jim Rogers says power companies doing it all wrong
The former CEO of Duke Energy — the country's biggest power company and an aggressive monopoly in Florida keen on preserving its control of the electricity market — now says that the way Duke and all big U.S. power companies operate is out of date. "It's very clear to me that the system of electric power we have in North America and Europe, which is now being instituted in much of China and India and elsewhere, is not sustainable for the future of the planet. So we're going to have to figure out something else, and soon." Tampa Bay Times
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Growing automotive cluster tightens S.C. industrial market
South Carolina’s industrial market recorded a net absorption of more than 1.7 million square feet of space in the second quarter of 2015, according to a commercial real estate report by Colliers International. The firm’s quarterly forecast added that the tightening of the industrial market drove up rental rates and appears to be sparking interested in speculative construction as tenants “seek move-in ready space.” Demand will likely grow in the wake of recent announcements of major investments by automotive manufacturers Volvo and Mercedes-Benz, which were announced during the first half of the year. GSA Business
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Garden & Gun magazine opens in Charleston, S.C.'s Cigar Factory
Eight years after launching a best-of-the-South magazine in a small Charleston office, Garden & Gun moved into a 26,000-square-foot refurbished space in the Cigar Factory Monday. “It’s an incredible space, and we are so proud of it,” said Rebecca Wesson Darwin, the magazine’s president and CEO, after snipping the ribbon inside the historic East Bay Street building. Garden & Gun signed a 10-year lease for the space with 16- to 18-foot ceilings, reclaimed wood from old stables at Churchill Downs and desk and offices scattered around a spacious gathering area. Post and Courier
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Kentucky state, local leaders kick off pioneering broadband-access initiative
More than 400 state and community leaders gathered at Hazard Community and Technical College Monday for the ceremonial launch of a project to build broadband Internet access throughout Kentucky. U.S. Rep. Harold Rogers called it “one of the most historic days Eastern Kentucky will have ever seen.” The other leading dignitary, Democratic Gov. Steve Beshear, stressed the bipartisan nature of the KentuckyWired broadband network — called I-Way in Eastern Kentucky. Business First
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Florida exports drop 9.9% in June
The latest international trade numbers show that $4.54 billion worth of goods left Florida for international markets in June, a decrease of 9.9 percent from May, according to Durham, N.H.-based e-forecasting.com. The June data is the most recent available. Exports of manufactured goods contributed significantly to the state's international trade, accounting for 75 percent of all state exports in June. Exports from state manufacturers decreased in June by 11.3 percent from the previous month to $3.41 billion. Orlando Business Journal
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The state of Louisiana oil and gas is 'not pretty' according to industry leader
The Louisiana oil and gas industry has hit record lows in several areas over the past year, and it's not clear when it will rebound, according to Don Briggs, president of the Louisiana Oil & Gas Association. "It's not a pretty picture," said Briggs of the current state of the oil and gas industry. "It's probably going to get a lot worse before it gets better." NOLA.com
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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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