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New Orleans economic rise gets attention from Federal Reserve publication
The post-Hurricane Katrina revival of New Orleans is the cover story for the latest edition of EconSouth, the quarterly economics magazine produced by the Federal Reserve Bank of Atlanta, which is the central bank for the region including New Orleans. The article, called "The Big Busy," assembles a selection of encouraging statistics about New Orleans from recent years. It cites average weekly wages jumping 19 percent in the city from 2004 through 2012 when it hit $992, far surpassing the national rise of 1 percent. It describes the city roughly reaching the national average for residents age 25 to 34 with bachelor's degrees, at 29 percent of that population. Overall economic production of the metropolitan area, the Fed article says, rose 3.9 percent from 2008 to 2011, beating the United States as a whole and its showing of less than 1 percent. Times-Picayune
Submitted 1 years 271 days ago

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Long-term job growth expected in Northwest Florida region
SANDESTIN — Potential suppliers for Airbus’ new assembly plant under construction in Mobile should expect a long buildup of bringing those jobs to the region. Michelle Hurdle, director of economics and community development for Airbus America, was one of the guest speakers at Monday’s Gulf Power Economic Symposium. Construction on Airbus’ Mobile plant is now well underway. The Airbus campus will initially include eight buildings, and the airliners will begin to be assembled before everything is completed. The facility is expected to start production in 2015, with the first aircraft rolling out in January 2016. Northwest Florida Daily News
Submitted 1 years 271 days ago

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From Germany to Alabama: Former Gov. Jim Folsom Jr. talks about bringing home Mercedes-Benz
In September 1993, then-Alabama Gov. Jim Folsom Jr. was attending a meeting of the Southern Governors Association in Richmond, Va., when he got a phone call that would change the course of the state's economy and send a shock through the international business community. German luxury automaker Mercedes-Benz was expected to make a decision on a site for its first U.S. manufacturing plant any day. On that day, Folsom was sitting on a panel with the governors of South Carolina, North Carolina and Tennessee, all states that also were finalists for the project. "They were on pins and needles just like I was and were checking with an aide every 30 minutes trying to figure out what was going on," Folsom recalled during an interview last week. AL.com
Submitted 1 years 271 days ago

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Future hazy for HCA's $260 million midtown Nashville development


Submitted 1 years 271 days ago

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Volkswagen labor leader to visit Chattanooga to discuss UAW
The head of Volkswagen’s global works council is slated to visit Chattanooga’s Volkswagen plant to meet with workers and talk about the United Auto Workers organizing efforts. Bernd Osterloh, who also sits on Volkswagen’s supervisory board, is slated to take part in discussions about the potential set-up of a works council labor board at the factory, according to the automaker. Reuters first reported the visit. Earlier, Osterloh had told German media that he wanted to talk to some Tennessee Republicans about their opposition to UAW representation at the plant. It isn’t known if he will meet with any of them while in Tennessee. Chattanooga Times Free Press
Submitted 1 years 271 days ago

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Hino to expand in Marion, Ark., add 200 jobs
The Arkansas Economic Development Commission announced Tuesday that Hino Motors Manufacturing U.S.A. will expand its Marion plant, creating 200 new jobs. The $55 million addition will help the company make more axles, knuckles and suspension components for Toyota’s Tacoma, Tundra and Sequoia models, the commission said in a statement. “Hino appreciates the support it received from the City of Marion and the Arkansas Economic Development Commission to help facilitate these projects,” Hino General Manager Ed Rowlett said. Arkansas Democrat-Gazette
Submitted 1 years 271 days ago

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Communities in Arkansas feel impact of Fayetteville Shale drilling slump
CLINTON, Ark. — When natural gas drilling activity in the Fayetteville Shale play was at its peak a few years ago, Joe’s Pizza on U.S. 65 in Greenbrier would fill up with rig workers around noon. “We were just covered up literally every day from them coming in and eating lunch,” owner Joe Carter said last week. “We still get a few of them, but not near what we had, so we’ve reduced our staff. We’ve cut three people out, probably, since (the gas drillers) moved out.” About 30 miles north of Joe’s Pizza on U.S. 65 sits a stretch of tree-covered land in Clinton that Chuck Patel, owner of the Super 8 Motel in Clinton, bought during the drilling boom with the intention of building a new motel there. Those plans are now on hold. Arkansas News Bureau
Submitted 1 years 271 days ago

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Texas manufacturing activity accelerates in September
Factory activity in Texas picked up some more steam in September, helping lift the manufacturing sector’s outlook on current business conditions to its highest point in 19 months, according to a report published Monday by the Federal Reserve Bank of Dallas. The state production index, a key measure of factory activity in Texas, rose to 11.5 in September from 7.3 the prior month, according to the Dallas Fed’s monthly Texas Manufacturing Outlook Survey. Austin American-Statesman
Submitted 1 years 271 days ago

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Kemper delay could cost Mississippi Power $133 million
JACKSON -- If Mississippi Power Co. misses a May deadline to complete construction of a $4.3 billion power plant in Kemper County, it will be forced to repay $133 million in federal tax credits.However, the company says that because of accounting rules, it wouldn't write the amount off from profit and wouldn't add it to the $990 million in overruns it's already written off. Biloxi Sun-Herald
Submitted 1 years 272 days ago

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North Carolina Governor Assails Suit on Voting Laws
Gov. Pat McCrory of North Carolina pushed back hard against the Obama administration on Monday, saying that a lawsuit by the Justice Department over the state’s restrictive voter identification laws was a politically influenced overreach. “I thinks it’s obviously influenced by national politics, since the Justice Department ignores similar laws in other blue states throughout the United States of America,” he said in a terse news conference that lasted less than five minutes and presented no opportunity for questions. Mr. McCrory, a Republican, said he had to leave to tend to the implementation of the Affordable Care Act and the possible shutdown of the federal government. The New York Times
Submitted 1 years 272 days ago

 

 

 

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 Stacy Randle
Demographer Wendell Cox recently analyzed the largest gains in holders of bachelor's and post-graduate degrees between 2007 and 2012 in the 51 metro regions in the U.S. of 1 million residents or more. The results were published in Forbes magazine and the South dominated the ranking.
 

 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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