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Reshoring: By the Numbers
According to the Reshoring Initiative, in 2003 about 140,000 jobs were lost to offshoring. In 2014, for the first time in two decades, the U.S. realized a net gain of 10,000 reshored jobs. The vast majority of those jobs have returned from Asia, primarily China, though a significant number have returned from Mexico and other countries, writes Rich Regole, CEO of Accurate Forming, States that are the biggest winners thus far in terms of job increases are: IndustryWeek
Submitted 11 hours ago

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This Texas oilfield is messing with OPEC
Texas is once again making life difficult for OPEC. The Permian Basin of Texas and New Mexico has emerged as the new poster boy of the U.S. shale oil revolution. Land prices in the Permian have skyrocketed, drilling activity has tripled since last year and production there is poised to soar despite cheap oil prices. Some are even predicting this hotbed of shale activity could eventually surpass the colossal Ghawar field in Saudi Arabia as the world's biggest oilfield. CNN Money
Submitted 11 hours ago

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Houston tops nation in office vacancy
Houston has the highest office vacancy rate in the nation, pushing the metro area lower in a ranking of 46 major markets based on forward-looking economic factors, a new report showed. Houston's office vacancy, projected to reach 21.5 percent in 2017, contributed to a drop of 8 spots to No. 31 in Marcus & Millichap's 2017 National Office Property Index. In 2014, local office vacancy stood at 16.3 percent. Nationally, the vacancy rate is forecast to be 14.3 percent in 2017. The index ranks the markets based on 2017 projections on employment growth, vacancy levels, construction deliveries and rents. Houston Chronicle
Submitted 12 hours ago

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INSTITUTE INDEX: Trump budget cuts economic development funds to the South's most distressed regions
Rank of Appalachia and the Mississippi Delta among the poorest regions in the South: 1 Year in which Congress created the Appalachian Regional Commission (ARC) to promote economic development in the 13 states of Appalachia stretching from Mississippi to New York and encompassing parts of Alabama, Georgia, Kentucky, North Carolina, South Carolina, Tennessee, Virginia and West Virginia in the South: 1965 Federal funding provided to the ARC in fiscal year 2016: $146 million Facingsouth.com
Submitted 12 hours ago

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Trump’s Environmental Spending Cuts Could Cost Republican Districts Billions
President Donald Trump's cuts to environmental programs may face resistance from members of his own party due to an Obama administration practice that spread billions of dollars in contracts to Republican as well as Democratic congressional districts. A Bloomberg analysis of federal contract data shows that spending related to the environment reached 423 congressional districts in fiscal year 2016 and totaled $5.9 billion. Almost half that spending—47 percent—went to districts represented by Republicans. Bloomberg
Submitted 12 hours ago

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GE breaks ground on $40 million expansion that will create 100 new jobs
FLORENCE, SC -– GE Healthcare is expanding its Florence County operations by investing $40 million and creating 100 new jobs. GE Healthcare says they will be expanding production of MRI components to accommodate several new products in the company’s portfolio. The existing 500,000-square-foot facility in Florence specializes in designing, manufacturing and testing the superconducting magnet components of the system. Btw.com
Submitted 12 hours ago

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Here’s How Long It Will Take for Each State to Give Women Equal Pay
Florida may be the first state to close the gender wage gap. Women in Wyoming, however, may have to wait until year 2153 until they make as much as their male counterparts. That’s according to projections released by the Institute for Women’s Policy Research on Wednesday. Julie Anderson, a senior research associate with IWPR, used Census data to measure how wages for full-time, year-round working men and women have changed in each state since 1959. Then she used these historical trends to predict how much longer it will take to close the pay gap between the sexes. The answer, to say the least, is depressing. Fortune
Submitted 12 hours ago

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Sale of Asheboro Manufacturer Promises Big Investments, Jobs
ASHEBORO, N.C. - More than 100 new textile jobs could be heading to Randolph County as one Sri Lanka based company considers buying up an existing clothing manufacturer. The company MAS Capital is considering investing around $20 million over the next four years in Asheboro - by buying up Acme-McCrary Corporation, upgrading current facilities, and building new ones. If the deal goes through toward the end of March, Randolph County Economic Development Corporation President Bonnie Renfro says 133 jobs will be added, and 277 will be retained. Wfmnews2.com
Submitted 12 hours ago

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Atlantic Core Building Products to invest $3 million, bring 50 jobs to Chesapeake
Atlantic Core Building Products, a manufacturer of commercial construction materials, will invest $3 million to establish a manufacturing operation in Chesapeake, a project which will create 50 jobs. The company manufactures cold-formed steel framing, finishing, and accessories made of PVC for commercial and residential buildings. Atlantic Core’s products are installed in walls, ceilings, floors and roofs. The Virginian-Pilot
Submitted 12 hours ago

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Alabama Small Business Development Center has big impact
The Alabama program is an accredited member of America’s SBDC, the largest and most comprehensive business assistance network in the U.S. Nationally, SBDC Day is set for Wednesday. “Alabama fosters an environment that allows small business enterprises to put down roots and thrive,” said Greg Canfield, secretary of the Alabama Department of Commerce. “The Alabama SBDC Network leverages resources from Alabama’s higher education institutions and is a vital part of the state of Alabama’s support system to help small firms succeed. “Their programs for capital access, government contracting, and international trade are important for small business growth and help sustain the state’s entrepreneurial culture.” Madeinalabama.com
Submitted 12 hours ago

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Features & Opinion

 Randle Report - Business News in the South

For those who still languish over "losing to China" or believe that the economy is still in recession, wake up and smell the data. Economic development in the South was about as good as it gets in calendar year 2015 according to the data. And as for China, borrowing a quote from the late football coach Bear Bryant that he made in the half-time locker room down 15-0 to Georgia Tech in 1960, "We got 'em right where we want 'em." For those of you who don't know the rich history of Alabama Crimson Tide football, Bama scored all of its 16 points in the fourth quarter, kicking a field goal on the last play of the game to beat Tech 16-15.
 

 Randle Report - Business News in the South

 FEATURE  
By Mike Randle
Today, factories in the U.S. make twice as much product as they did in 1984. And they are doing it with one-third of the manufacturing workforce. In fact, the output of durable goods in 2015 was the highest in the nation's history. So, we do have a strong manufacturing base, at least in the South, much of the Midwest and parts of the West, and it is getting stronger because on a cost-basis, we can compete with any major manufacturing nation in the world.  
 

 Randle Report - Business News in the South

FEATURE     
The argument for or against a minimum wage hike continues between the reds and the blues, as well as within the economic development community in the South. Should we stay the course with a minimum wage under $8 an hour to better compete with Mexico, the South's biggest competitor for jobs, or set a minimum wage just over $10 an hour, a wage floor most centrists support? That $10 per hour is, according to the MIT Living Wage Calculator, about right in most states in the South for one adult to be able to cover basic expenses plus all relevant taxes.
 
 Randle Report - Business News in the South
Recent data from the Computing Technology Industry Association (Comp TIA) showed that the technology industry is one of the fastest growing job generators in the South and the nation. The report also indicated that technology job compensation is growing faster than any other sector.
 


 

 

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