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Pittsburgh Pipe plans to grow to 50 employees at new building
St. Louis, MO--Pittsburgh Pipe won the endorsement of a city board for 10 years of tax abatement on its new headquarters building at 2331 Hampton Avenue. The company plans to move its headquarters from Humboldt Avenue on the north St. Louis riverfront to the two-story office building, and the tax abatement will help offset the $550,000 renovation of the vacant, two-story building. It purchased the building for $675,000 a year ago. St. Louis Today
Submitted 16 hours ago

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Commentary: Enterprise Fund gives Texans’ money to their competitors
In 2013 and 2014, then-gubernatorial candidate Greg Abbott expressed skepticism about corporate welfare. His predecessor, Governor Rick Perry, had no such qualms. Perry had established the Texas Enterprise Fund (TEF) in 2003 to help attract out-of-state businesses by dispensing “economic development” incentives. It grew to become the largest closing fund of its kind in the country. But candidate Abbott wasn’t impressed. He repeatedly worried about corporate welfare cronyism, saying, “government should get out of the business of picking winners and losers.” However, when asked whether this meant he would discontinue the TEF—a program that does just that—the candidate did not directly answer. Austin American Statesman
Submitted 16 hours ago

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Tennessee ready to accommodate LG plant
Tennessee will be a perfect fit for LG Electronics' first production facility in the United States, its economic commissioner said, Wednesday. LG, a global home appliance and electronics heavyweight, announced last month that it will build a $250 million (281 billion won) washing machine plant in Clarksville, Tenn., expected to open in 2019. The facility is expected to create 600 new jobs. "It means a great deal to Tennessee that LG chose our state to invest $250 million in a state-of-the-art home appliance production facility that will provide 600 jobs to Tennesseans. We are proud to have LG in Tennessee," Bob Rolfe, the commissioner of the Tennessee Department of Economic and Community Development, said in an e-mail interview with The Korea Times. The Korea Times
Submitted 16 hours ago

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Murfreesboro Chik-fil-A Bringing 100 New Jobs
MURFREESBORO, Tenn. — Tomorrow, Local franchise business owner Beau Noblitt will open a new Chik-fil-A restaurant bringing nearly 100 new jobs to the Metro-Nashville Area. The restaurant is looking to hire more daytime shift employees. During tomorrow's grand opening, the community will have the opportunity to donate children's books for the Boys & girls Club of Rutherford County. Fox17.com
Submitted 16 hours ago

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Still in Our Fiber: S.C. Wool Facility Shows Textile Industry’s Persistence
Trevor Goodwin of Andrews, South Carolina, is using an overhead hook on a motorized track to pick up bulging cloth packages and maneuver them into position. He cuts and tears open the packages, which are full of raw wool — fleeces shorn from sheep in the Western U.S. In its raw state, the wool is speckled with twigs and dirt and drenched with lanolin, the natural oily wax that sheep produce to protect and waterproof their wool. In fact, the entire massive warehouse smells of lanolin — an earthy, comforting, animal smell, like putting your face in the fur of your favorite dog. Free-times.com
Submitted 16 hours ago

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North Carolina's HB2 repeal could mean 1,000-plus new Credit Suisse jobs in RTP, sources say
Multiple sources have confirmed that global financial services giant Credit Suisse Group AG (NYSE: CS) is evaluating a plan to move between 1,000 to 1,500 high-paying jobs among its operations in the Americas – specifically from the New York metro area – to Research Triangle Park. It’s even developed a real estate strategy for what could be the largest economic development announcement in the Triangle since MetLife committed to hiring 1,200 people in Cary for its technology hub that opened in 2015. Triangle Business Journal
Submitted 16 hours ago

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Over the past decade, Houston got bigger, richer — and poorer
If there's one thing Houston prizes, it's growth. Business and political leaders trumpet the area's rapid pace of adding jobs, and often predict Houston will supplant Chicago as America's third-largest city, as an economic powerhouse that's minted millionaires. Houston Chronicle
Submitted 16 hours ago

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Dallas Fed paints a rosy jobs picture in 2017
2017 is looking brighter with every passing month , according to the Dallas Federal Reserve. Economists raised their job growth projection last week from a healthy-but-unremarkable 1.9 percent ... Houston Chronicle
Submitted 16 hours ago

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Report Says Impact of Rural Hospitals Is Nearly $1 Billion
NASHVILLE, Tenn. (AP) — The Tennessee Hospital Association has released a report saying the impact of rural hospitals is nearly $1 billion to the state's economy. The association's Rural Impact Report credits the state's 61 rural hospitals with providing nearly 16,000 jobs. THA president and CEO Craig Becker said rural hospitals are often major economic engines in their communities and frequently the only options for people who need health care. The report says rural hospitals provided more than $292 million in uncompensated care in 2015. US News & World Report
Submitted 16 hours ago

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$10 billion petrochemical plant wins school district tax breaks
A $10 billion petrochemical complex north of Corpus Christi can move forward after a local school board faced down community opposition and unanimously approved millions of dollars in tax breaks sought by two of the world's biggest companies. The Gregory-Portland School Board, after more than four hours of debate and deliberation Tuesday night, voted 6-0, with one abstention, to approve tax abatements that would extend for more than 15 years, part of $460 million in tax breaks sought from local governing bodies by Exxon Mobil and Saudi Basic Industries Corp., or SABIC, a company owned by the government of Saudi Arabia. The San Patricio County Commissioners approved tax breaks on Monday. Houston Chronicle
Submitted 16 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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