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Houston and San Jose Are Leading U.S. Economic Growth
The metro areas that form the twin pillars of America's knowledge-energy economy continue to rise and prosper, according to new figures on economic growth released this week from the Bureau of Economic Analysis. According to the data, which measured economic output as gross domestic product (GDP), the energy hub of greater Houston showed the fastest growth in terms of economic output last year, while the Silicon Valley tech hub of greater San Jose came in second. The map below, from the BEA, shows the percent change in economic output across U.S. metros. While 173 metros had growth above the 1.7 percent average, a worrying 86 cities, or 23 percent of all U.S. metros, saw economic output decline in real terms. City Lab
Submitted 1 years 248 days ago

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SpaceX ready to launch construction of world’s first vertical rocket site near Brownsville, Texas
Space Exploration Technologies (SpaceX) will break ground on a site just outside Brownsville to launch its Falcon 9 rocket in the Rio Grande Valley. The Hawthorne, Calif.-based company already has launch sites at Vandenburg, Calif., and Cape Canaveral, Fla. But the one at Boca Chica Beach on the edge of the Gulf of Mexico and the Rio Grande will be the world’s first vertical rocket launch site. SpaceX spent the last three years exploring possible sites in Georgie, California, Virginia, Alaska, Puerto Rico and Florida before settling in on Brownsville. The Federal Aviation Administration gave the project the green light just this month. San Antonio Business Journal
Submitted 1 years 248 days ago

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Permian Basin region at epicenter of oil boom
The Permian Basin region of West Texas generated more than $137 billion of economic output in 2012, according to a study released by Texas Tech University and the Permian Basin Petroleum Association. The study also found that the Permian Basin, which extends south of Lubbock to just south of Midland and Odessa and westward into New Mexico, had the largest rig count of any region in the world. The region sustains more than 546,000 jobs. “This eye-popping data is only the latest evidence of what we already know,” said Taylor Consulting Inc. CEO Scott Wheeler. “West Texas is one of the hottest economic zones in the world right now.” San Antonio Business Journal
Submitted 1 years 248 days ago

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New $6B LNG export facility could be built in Galveston
A local company reportedly is considering building a $6 billion liquefied natural gas export facility on Pelican Island, north of Galveston Island. The Woodlands-based NextDecade is in the “final stages” of securing financing for the project, which would be on 185 acres on the northeast corner of Pelican Island, the Houston Chronicle reports. The Galveson Wharves trustees are expected to consider on Sept. 22 whether to lease the land to NextDecade. BP PLC (NYSE: BP) previously abandoned plans to build an LNG import facility at the site after it leased the land more than a decade ago, the Chronicle reports. Houston Business Journal
Submitted 1 years 248 days ago

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California triples tax credits for Hollywood filmmaking in the face of more competition
LOS ANGELES -- Gov. Jerry Brown headed to the cradle of the Hollywood film industry Thursday to sign legislation that more than triples the state's tax credit to $330 million a year for films and TV shows produced in California. Warren Beatty joined prop makers, producers and others in the entertainment industry to watch Brown ink Assembly Bill 1839 as he sat at a desk in the courtyard of Hollywood's historic Chinese Theatre. The law, which takes effect next year, increases the annual film and TV tax credit offered by California and eliminates a selection process producers complained is flawed and arbitrary. NOLA.com
Submitted 1 years 248 days ago

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California increasing film, TV incentives to compete with Louisiana, others
California is boosting the amount of tax credits it will offer to film and television productions in an effort to compete with the incentive programs of Louisiana and other states. For the 2015-16 fiscal year, which begins July 1, California will offer $230 million in tax credits, more than double the current $100 million. The number will increase to $330 million for the next four fiscal years. Louisiana eclipsed California in feature-film productions in 2013. Eighteen films were made primarily in Louisiana. Louisiana offered $236 million in tax credits in 2012, second in the nation behind New York, at $420 million. California also trailed Georgia and Florida in film incentives. Baton Rouge Advocate
Submitted 1 years 248 days ago

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Austin startup expert: Montgomery 'in movement'
Bijoy Goswami has seen all of this before. Ten years ago, the Austin, Texas, area was on the cusp of a tech startup revolution like the one that's now building momentum in the River Region. A decade later, the Austin area is a haven and magnet for tech businesses and entrepreneurs, feeding a diverse and modern social community. Goswami was at the center of the Austin movement, and he plans to share some of the lessons that came out of it during the third #revolutionMGM event Monday in Montgomery. "I think this thing goes much faster than even Austin," he said. "We were still learning these principles as we were executing them. You can learn from my mistakes. "You're not going from a standing start. You're already in movement." Montgomery Advertiser
Submitted 1 years 248 days ago

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Keeping Georgia No. 1 for business
At their annual meeting in Savannah last week, more than 700 members of the Georgia Economic Development Association celebrated a nearly unprecedented trifecta as Georgia was declared the No. 1 state in which to do business no fewer than three times this year — by CNBC, Site Selection Magazine and, most recently, by Area Development Magazine. Not surprisingly, statistics recently released by the governor’s office reflect that success. “In fiscal 2014, Georgia had 374 economic development announcements reflecting more than 28,000 new jobs and $5 billion in investment,” said Jennifer Nelson of the Georgia Department of Economic Development. Savannah Morning News
Submitted 1 years 248 days ago

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Georgia has highest unemployment rate in nation
Georgia is No. 1 — and not in a good way. The state’s unemployment rate in August — 8.1 percent — was the highest among all 50 states and the District of Columbia, according to a list released Friday by the U.S. Bureau of Labor Statistics. On Thursday, the state labor department reported that Georgia’s jobless rate jumped from 7.7 percent in July to 8.1 percent. In July, Georgia had the second worst jobless rate next to Mississippi. But Mississippi’s rate slipped to 7.9 percent in August. AJC.com
Submitted 1 years 248 days ago

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Numbers don't lie: Northern Virginia commercial real estate is hurting
We all know the litany of woes that have befallen the Washington area commercial real estate market: Base Realignment and Closure, the Great Recession, the new federal mandate for more efficient use of space. But its impact is most profoundly being felt in Northern Virginia, The Washington Post reports, with conditions as bad as they have been in a quarter of a century. The troubles are far out and close in. Western corridor Route 28 near Dulles Airport is home to 13 office buildings that sit completely empty, while the Rosslyn submarket on the banks of the Potomac River is struggling with 30 percent vacancy of its office space. At least one new building in Rosslyn, 1812 North Moore St., has no takers, and some of the old, empty properties may need to be put out of their misery. Washington Business Journal
Submitted 1 years 248 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 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     
According to Chinese theory, yin is a passive, negative force and yang is an active, positive force. Chinese philosophers believe that the opposing forces aren't really contradictory. Instead, they are interconnected and complimentary, interacting to create a balance in one's life. 
 
 Nashville Mayour Karl Dean
The Annie E. Casey Foundation's KIDS COUNT report was released in the summer quarter. I try to read it every time it comes out since I find it to be the best indicator of child poverty, a statistic everyone involved in economic development needs to be aware of. The Annie E. Casey Foundation is a charity that supports disadvantaged children. 
 


 

 

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