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Raleigh tops Charlotte in economic-growth ranking
The Raleigh metro area is No. 4 nationally in economic growth, based on a report issued this week by the Bureau of Economic Analysis. Charlotte ranks No. 6. The data measure economic output as gross domestic product, and Raleigh saw its economic output increase by 4.1 percent in 2013, as summarized here by The Atlantic's Richard Florida. Charlotte's output grew by 3.7 percent. The 10 fastest-growing metro areas are: 1. Houston; 2. San Jose, Calif.; 3. Denver; 4. Raleigh; 5. Oklahoma City; 6. Charlotte; 7. Indianapolis; 8. Columbus, Ohio; 9. San Antonio; 10. Riverside, Calif.
Submitted 1 years 307 days ago

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Study: Offshore oil, gas could yield 32,000 jobs in Virginia
Developing Virginia’s offshore gas and oil production would result in up to 32,000 new jobs and produce up to $526 million in royalty payments and $119 million in state and local taxes, according to a study released Wednesday by the Thomas Jefferson Institute for Public Policy. The study, conducted by Timothy J. Considine at the University of Wyoming’s School of Energy Resources, looked at the financial impact of offshore oil production along the Atlantic seaboard. “Here in Virginia, with the likelihood that the medium to high estimates for gas and oil production can be achieved, in 20 years we can see between 16,500 and 32,100 jobs created,” said Michael W. Thompson, the institute’s chairman and president. Richmond Times-Dispatch
Submitted 1 years 307 days ago

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From Virginia to all points west, a shortage of skilled trade workers
Virginia, Ohio, Wisconsin and Wyoming might have economic differences, but senators from these four states see a common problem that could choke off any recovery: a lack of workers in the skilled trades. In Virginia, the challenge is evident in shipbuilding and ship repair, where the average worker age is 55 and 18,000 will leave the industry by decade's end, according to one survey. In Ohio, the same story surfaces in manufacturing, where a tool-and-die maker called a legislative town hall to point out the graying of the work force. Daily Press
Submitted 1 years 307 days ago

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Airline Workers Win Big In Union Vote - In The South!
Airlines have been notoriously following the typical American capitalist business model of (literally) squeezing the customer into smaller and more uncomfortable seats, literally starving their customers, extorting cash for a bit more comfort on long trips, charging more for less – and then, to top things off, adding hidden fees. They notoriously have also been squeezing their employees, downgrading working conditions, demanding givebacks and fighting unionization. The squeeze on employees is finally turning around. Passenger service agents at American Airlines on Tuesday voted to be represented by a union. The vote was described as "overwhelming," with 86 percent voting in favor. Politico called this a historic win." According to the Communications Workers of America (CWA) this is "the largest labor organizing victory in the South in decades." Truth-Out
Submitted 1 years 307 days ago

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Why Wall Street is betting on infrastructure fixes
To understand what transportation will look like in 2039, follow the big money. Long-term investors who control tens of billions of dollars—private-equity firms, sovereign wealth funds, public pensions and the like—aren't betting on the proverbial jet pack of tomorrow. Instead, they hope to make substantial returns by focusing on more immediate—and boring—needs, like fixing bridges, redesigning airports and tweaking road and car technology. CNBC
Submitted 1 years 307 days ago

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Texas Invites More Toll Roads Despite Signs Of Resistance
Even as billions of dollars in toll road projects are in various stages of development across Texas, state leaders say their home is still a hot spot for new toll projects. That embrace was on full display this week at the International Bridge, Tunnel and Turnpike Association’s annual conference. “You have come to what I would suggest is the mecca of innovation on transportation infrastructure,” Gov. Rick Perry said in a keynote address at the toll road industry’s annual event. More than 900 people from 18 countries attended it, said Patrick Jones, the association’s executive director. keranews.org
Submitted 1 years 307 days ago

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SC Spends Most Money Per Mile On Highways
So there’s fresh data out this week from the Reason Foundation – numbers that should pour some cold water on talk of “funding shortages” with respect to the Palmetto State’s highway system. According to 2012 data compiled by the think tank, South Carolina ranks No. 1 in the nation in total disbursements per mile – and third nationally in capital and bridge disbursements per mile. When it comes to maintenance, South Carolina ranks fourth nationally in disbursements per mile. fitsnews.com
Submitted 1 years 307 days ago

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Income Tax Changes and Economic Growth
Policy makers and researchers have long been interested in how potential changes to the personal income tax system affect the size of the overall economy. Earlier this year, for example, Representative Dave Camp (R-MI) proposed a sweeping reform to the income tax system that would reduce rates, greatly pare back subsidies in the tax code, and maintain revenue- and distributional-neutrality. Brookings Institution
Submitted 1 years 307 days ago

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Odyssey Technical Solutions plans Texas HQ expansion project, more hiring
Odyssey Technical Solutions LLC plans to expand in Round Rock by building a new headquarters and hiring more workers. Austin Business Journal
Submitted 1 years 307 days ago

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Indian company plans 1,200 jobs in North Carolina
CARY, N.C. Indian information technology services company HCL Technologies said Thursday its American subsidiary will add about 1,200 jobs in North Carolina over the next five years by continuing to prepare not-fully-ready workers to fill the IT jobs. HCL America, part of the global IT outsourcing company that employs more than 90,000 people worldwide, said it will expand over the next five years in the Raleigh suburb of Cary, where it now employs about 800. Charlotte Observer
Submitted 1 years 307 days ago

 

 

 

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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