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NetApp to add 460 jobs in RTP
Data storage firm NetApp plans to invest $75 million in its Research Triangle Park campus and add 460 jobs over the next four years. The company is eligible to receive up to $11.8 million in state incentives grants if it meets hiring and investment goals. The incentives package was approved by the state’s Economic Investment Committee this afternoon. NetApp chose RTP over Wichita, Kan., where it also has facilities. The expansion will increase NetApp’s research and development operations in RTP, where it already employs 1,450 people. The new jobs will pay an average annual salary of $103,043. Charlotte Observer
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Bank job cuts pressuring Charlotte’s credit rating
Ongoing job cuts at Bank of America and Wells Fargo are putting pressure on the city of Charlotte’s pristine credit rating, according to a report Monday from Moody’s Investors Service. Citing the large percentage of Charlotte’s workforce employed by its two big banks, the ratings agency said the city would need to continue “extreme fiscal discipline” to keep stable as cuts progress. Charlotte has had a perfect credit rating for 37 years, according to the city’s finance department. It has a Aaa rating from Moody’s and a AAA rating from both Standard & Poor’s Ratings Services and Fitch Ratings. Better credit ratings allow cities to borrow money more cheaply. Charlotte Observer
Submitted 1 years 364 days ago

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Florida ports eager to poach Savannah business
Mickey Mouse dissed Georgia last month. Most of the Magic Kingdom’s merchandise, including mouse ears, Duffy Bear pins and sequined Minnie Mouse skirts, will no longer come ashore through the port of Savannah. Walt Disney Co. decided that Jacksonville’s port will now handle three-fourths of the souvenirs imported from China, Thailand and Vietnam destined for theme parks and hotels in centra Florida. The Florida Chamber of Commerce hailed the “tremendous news” as “a major victory” for the state’s ports. As Savannah lobbies for final approval of a massive channel-deepening project, the Disney switch reflects the challenge posed by other southern ports spending big in a bid to capture some of the cargo business Savannah controls or hopes to get. At stake are billions of dollars in economic activity and thousands of jobs, both stretching all the way to metro Atlanta. Atlanta Journal-Constitution
Submitted 1 years 364 days ago

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Georgia ports log annual increase
Georgia's ports posted another record year in fiscal 2012, port officials eported Monday, due largely to big increases in raw material and automobile exports and imports. The port of Savannah moved nearly 3 million containers — up 1.9 percent from fiscal 2011. Savannah is the nation's fourth busiest container port and second largest on the East Coast after New York/New Jersey. So-called breakbulk cargo — kaolin clay, wood and paper products and other raw materials — surged 16 percent on increased demand from China and other manufacturing juggernauts, according to the Georgia Ports Authority (GPA). Atlanta Journal-Constitution
Submitted 1 years 364 days ago

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New Roofs Keep University of Arkansas On Top of the 'Green' World
If you look at a satellite map of Fayetteville next year, you're going to see a little more green. In addition to the football program's new practice field atop a parking deck, the University of Arkansas is adding some twists to its new architecture, including the Hillside Theater under construction: Budgeted at $14.6 million, the project on the campus of the University of Arkansas features a three-tiered roof design that will support trees, shrubbery, ornamental grasses and other plantings. The configuration reflects a design vision that melds topography with structure in a form tied together by man-manipulated greenery. Arkansas Business
Submitted 1 years 364 days ago

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Nashville's mass transit ridership soars
Bus and train ridership in the region has hit an all-time high, the Nashville Metropolitan Transit Authority announced Monday. The agency reported that combined ridership on MTA routes — and those operated by the Regional Transportation Authority of Middle Tennessee, including the Music City Star train service -- surpassed 10 million passenger trips in fiscal 2011-12. In a news release, the MTA said topping the 10 million-trip mark was a first. “This is a tremendous accomplishment not only for the Nashville MTA but also for the city of Nashville,” MTA Board Chairman Thomas O’Connell said in a statement. “Public transportation offers a choice that ensures freedom of mobility. We’re committed to making it the smart, comfortable, convenient choice for more people.” The Tennessean
Submitted 1 years 364 days ago

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Gov. Beshear Signs Bill Into Law Encouraging Major Investments in Kentucky's Auto Industry
FRANKFORT, Ky.– Governor Steve Beshear recently signed into law a bill designed to spur job creation and significant investments in Kentucky’s automotive and parts manufacturing facilities. “This legislation will open doors for significant investments in the automotive industry, which plays a vital role in Kentucky’s economy, employing more than 68,000 people in the Commonwealth,” Gov. Beshear said. “The success of the industry and the investments that result from this legislation will have far-reaching economic effects throughout all of Kentucky.” Filed by Rep. Larry Clark, of Louisville, House Bill 400 amends the 2007 Kentucky Jobs Retention Act (KJRA) to allow manufacturers engaged in automobile, automobile parts, or automobile supplies manufacturing to seek incentives regardless of location in the Commonwealth. Kentucky Cabinet for Economic Development
Submitted 1 years 364 days ago

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Automotive Supplier ZF to Expand in Northern Kentucky, Add More Than 60 Jobs
FRANKFORT, Ky. – Governor Steve Beshear today announced ZF Rubber & Plastics Hebron LLC will expand its Northern Kentucky manufacturing operation, adding more than 60 new jobs to its current full-time workforce of 206. The company’s $17.9 million investment will increase the existing Hebron facility by 52,000 square feet and allow for the purchase of new equipment to manufacture bushings, engine mounts, anti-vibration products and plastics components for the automotive industry. Kentucky Cabinet for Economic Development
Submitted 1 years 364 days ago

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Gov. Beshear Announces Hearthside Food Solutions to Expand Operations in London, Ky., Create 80 Jobs
FRANKFORT, Ky.– Governor Steve Beshear today announced Hearthside Food Solutions LLC plans to add a production line to its existing facility in London, creating 80 jobs and investing $1.4 million in the project. “It’s always exciting to see a company continue to invest in its Kentucky facility, increase jobs and help grow the economy here in the Commonwealth,” said Gov. Beshear. “We’re pleased to partner with Hearthside to help create 80 new jobs and further bolster Kentucky’s food and beverage industry as well as the local economy in London and the surrounding area.” Kentucky Cabinet for Economic Development
Submitted 1 years 364 days ago

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Report says a strong 2013 awaits Houston
WASHINGTON - Houston tops a list of cities expected to see an economic boost in the coming year, a report released last week by the U.S. Conference of Mayors concluded. The report projected Houston would be the largest of 50 metro areas expected have a growth rate of 3 percent or more in "gross metropolitan product," the local version of the gross domestic product. But Houston and other major metro areas also face the prospect of more growth than they can handle, according to mayors gathered for a meeting in Philadelphia. Houston Chronicle
Submitted 1 years 364 days ago

 

 

 

Features & Opinion

 Top Ten Places in the South for Relocating California Companies

In growth, companies find themselves in the dilemma of identifying capital to increase capacity and managing opportunity cost where capital may be deferred. This dilemma is amplified as capacity constraints drive a company to complete the site selection process for an expanding or new facility. 
 

 Randle Report - Business News in the South

 FEATURE  
By Dr. Glen Fenter
Desperation sometimes masks itself in acceptance. Such was the case for Takelia Carter of Marion, Ark. For Carter, the mother of six school-age children in a low paying job, desperation was normative existence. This was her life in Crittenden County, Ark., deep in the Delta where unfortunately one in four families lives well below the poverty level.
 

 Business News in the South - Randle Report

FEATURE     
By Mike Randle
There are numerous factors driving the new industrial revolution in the South. And it is a revolution, as this manufacturing surge that began in 2007 continues to break records year after year in the total number of large, capital intensive projects. One factor, of course, is that reshoring of facilities back to the U.S. continues to grow each year.
 
 Nashville Mayour Karl Dean

We try to change up the categories in our annual Ten Top 10s section, but we always include the "Ten People Who Made a Difference" category. This year though, we are honoring 12 and you will learn why by reading about this group of folks who have made a difference in the South. Here is our annual list that includes executives, economic developers and politicians who have made a difference in the South's economy.


 


 

 

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