Posts by: Economic Development HQ

Financial Institutions To Invest In A Myriad Of Green Initiatives

Many financial institutions are preparing to invest in a variety of green initiatives.

Many equity firms, banks and pension funds are getting ready to invest in a myriad of initiatives such as sustainable development and biodiversity conservation. The Vice President of sustainable development at the World Bank elaborates on how across a variety industries, many in class companies understand how future profitability is linked to sustainable development and safeguarding the environment. Much of the leadership in regards to biological diversity was coming from many middle income families. Fossil carbon would ultimately be generated at some point. Vice President Kyte pinpoints that companies which are exposed to carbon emissions are not considered to be competitive. There are now many financial institutions which demonstrate concern for the environment.

The main reason why the World Bank increased investments was because of the success of India. The success of India was used as a guide to the rest of the world. The World Bank currently has an investment of approximately $23 billion dollars which also includes $23 million dollars in a variety of biodiversity projects.  The bank is distributing money to nearly 76 projects which are expected to be completed in a time frame of 5 years. Nearly 70 percent of the projects that the World Bank undertakes include sustainable development.

The urban population was starting to grow at a rapid pace which emphasized the need for investments in the urban infrastructure and expanding social safety measures for many poor individuals. Vice President Kyte finally pinpoints the global slowdown as the World Bank was cautious in managing many of the resources as the banks income was not as much as it was for the past year. It is positive news that many financial companies are deciding to invest in a myriad of green initiatives.

Many sustainable development projects will benefit from the newly allocated capital.

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West Virginia Economic Development Authority Receives Thumb’s Up In Audit

The Economic Development Authority in the state of West Virginia has received a thumb’s up in an audit that was recently conducted.

Liabilities decreased by approximately $25 million dollars over a time frame of 1 year. Much more money is available for businesses as they create brand new projects. An executive named David Warner states that many businesses are paying off loans at a quicker rate. Because more money is available, capital can be used to expand a variety of brand new projects. The Audit Manager named Joellen Lucas elaborates on the EDA is considered to be financially clean and received a top notch report.

The audit looked at a variety of financials from June 2011 to June 2012. Total net assets for the EDA increased by $3.5 million dollars as it reached $133 million dollars. Operating Revenues decreased by 4.56 percent as it was $10.2 million dollars. On the other hand, operating expenses increased to approximately 8.64 percent as it was $5.2 million dollars. $1 million dollars was left over in debts that are not collectible. The repayment of a $5.2 million loan was considered as a loss.

The Development Authority also approved a variety of other business loans such as:

  1. $3.7 million dollars to IMI Fabi as new equipment is bought for the Benwood facility. Nine jobs are expected to be created over a time frame of 3 years.
  2. Taylor Warehouse Services received a $2 million dollar loan to purchase Fourco Glass. Nearly 24 jobs will be created over a time frame of 3 years.
  3. $450,000 dollar loan was given to Preston Machine to purchase brand new equipment. 12 jobs are expected to be created over a time frame of 3 years.
  4. $910,000 dollars was given to Putnam Holding so that they can expand real estate. Nearly 20 jobs are expected to be created over the next 3 years.

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Lieutenant Governor of Illinois Pinpoints That Employment & Education Important To Economic Development

The Lieutenant Governor of Illinois states that linking employment and education is important to advancing economic development in the state.

Lt. Governor Sheila Simon states that the south suburbs are striving as economic development is being focused on. Governor Simon elaborates on how nearly a dozen education institutions work in synchronization to establish a strong foundation so that workers can be trained in a much more efficient manner. Governor Simon pinpoints that South Illinois has an advantage as they are working together to advance economic development in the region. The Governor wanted to link employers and educators as the workforce is better prepared.

Simon is currently in charge of reform initiatives as they are working hard to advance P-20 which aims to put college degrees in the hands of 60 percent of the working adults by the year 2025. The current rate is at approximately 41 percent. The state does have a head start on the rest but it will take some time to make the proper advancements. There is a high unemployment rate so there is room to grow according to Governor Simon. The Governor also states that there are nearly 100 to 150 thousand employment opportunities that are not filled. The majority of the jobs are not filled because the majority of workers do not have the proper skills.

The majority of manufacturing jobs require mathematical skills which a lot of potential employees lack. Math curriculum options will be proposed by the Lieutenant Governor. Many high school students in the state of Illinois are required to take approximately 3 years of math so that they can easily be prepared for college. A stronger pool of employees is needed so that suburban businesses can thrive. The chamber states that it is difficult to find qualified employees.

Overall, education and employment are going to be key factors to growing the state of Illinois and the local communities.

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De-Growth Can Lead To An Improvement In Sustainable Development

A World Watch senior fellow named Erik Assadourian has introduced a brand new concept in which economic de-growth can lead to an improvement in sustainable development.

Erik pinpointed the benefits of “economic de-growth” as overdeveloped economies redirect themselves from pursuing growth.

The Global Footprint Network elaborates on how the earth can only sustain about 1.7 billion people which ultimately undermines the biological and physical systems.

Erik states that over consumption in developing countries leads to negative human and environmental impacts.

The first concept that Erik pinpoints is that economic growth has a variety of ills that are attached. Erik states that economic growth and focusing on consumption leads to:

  1. Debt Burdens
  2. Long Working Hours
  3. An increase in Obesity
  4. Depending on Pharmaceuticals
  5. Social Isolation

Preventing climate change is becoming increasingly difficult and it will become impossible unless there are reductions in fossil fuel and consumption.

If warming does occur than it will lead to:

  1. Population Shifts
  2. Coastal Flooding
  3. Prolonged drought and the introduction of brand new diseases

The de-growth concept has gained traction over the past couple of years as new economic strategies are adopted. In countries such as France and Italy, de-growth parties have already been created.

There have already been efforts to promote de-growth such as shifting taxes, utilizing public goods, building transition towns and promoting healthier habits. Erik states that prosperity has to be redefined in regards to social connectedness, health and earning a wage which is livable. The ultimate goal is to establish an economic system which is stable and does not transcend the limits of earth. Equitable distribution is also proposed as industrialized countries need to ultimately curb over consumption. Poor countries also need to increase resource consumption to improve the quality of life.

Overall, economic de-growth is a strategy that can benefit the world as Erik pinpoints the benefits.

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Jobless Rate Drops to 5.8 Percent In Minnesota

The jobless rate has dropped down to 5.8 percent in the state of Minnesota.

Nearly 5,900 jobs were added in September as the unemployment rate dropped. The national unemployment rate also dropped for the month of September. The exact number of jobs dropped from nearly 2,000 to 700. The jobs report is positive as the overall economy improved. The Department of Economic Development and Employment reported that the August job numbers were much less than expected. Houses that started up also increased to approximately 15 percent. The drop in the jobless rate is good news for the entire state of Minnesota. Retail sales were also very healthy for the month of September as the national unemployment rate fell below 8 percent.

There is also bad news for the entire state of Minnesota. The loan debt ranking is nearly the third highest in the United States. The average debt is approximately $30,000 for each student. The AP also reports that the drought conditions are working against Minnesota as the water resources are decreasing. Conservative measures are now urged as outdoor irrigation is stopped. Water use per resident is also increasing in the state of Minnesota. The jobless rate will also serve as a factor in the recent elections that are coming up.

The state of Minnesota also has many blue collar workers which mean that the state has a tendency to lean towards the Democrat candidate. The only complication is that the catholic population is very high which will lead to people leaning towards Mitt Romney who is the Republican candidate. Gasoline prices are also rising in a rapid manner which will lead to family’s budgets being squeezed. The majority of people have to drive to the local shopping center and to work.

Overall, the state of Minnesota will benefit immensely from the decrease in the jobless rate.

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Economic Development Important To Energy In The Future

Hillary Clinton elaborates on how economic development is pivotal to energy in the near future.

Energy is becoming increasingly more important in countries such as China and India. Hillary Clinton also stated that political stability is also important as energy thrives. The meeting was held at Georgetown University as policy guides would be sent to the U.S. Embassy. Reporting on energy issues and more outreach will be focused on the private sector. Hillary elaborated on how policy guides will be sent to nearly every U.S Embassy.

Energy issues will be focused upon as Hillary Clinton pinpointed three fundamental reasons:

  1. Energy is considered to be at the core of geopolitics as energy is a source of cooperation and conflict.
  2. Energy is also considered to power the economy as the environment needs to be managed.
  3. Energy is also important to political stability as nearly 1.3 billion people have the proper access to energy.

Hillary pinpointed that easy access to power will lead to new businesses starting up as incomes are increased as the global economy is strengthened. Hillary also stated that many developing countries are consuming energy at a faster rate compared to developed countries. Hillary states that India and China are having their energy needs increase at a much more rapid rate. The global supply of natural gas has increased as more opportunities are created for gas producers as the world’s dependence on oil decreases. Much higher levels of security are also needed as atomic plants are getting less secure. Hillary wants to hold the world to a much higher standard as countries make their borders much stricter. Hillary also wants the United States to do its part in conducting more research as more plants are built in a time frame that is realistic.

Overall, economic development will be pivotal as energy is developed currently and in the near future.

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Regional Chamber of Dallas Honor’s Economic and Job Creators

The regional chamber in the Dallas, Texas area has honored economic and job creators.

“Momentum Awards” were handed out to a variety of businesses and organizations which contributed to job growth and economic development.

The Chairman of the Dallas Regional Chamber elaborates on how the nine organizations have done their part to make a lasting impression on the community while also boosting the local economy.

The winners of the awards include:

  1. Southwest Airlines which received a total job growth award. Nearly 4,000 jobs were created through a redevelopment project and the Airtran acquisition.
  2. Golden Living received a relocation award. Nearly 100 jobs were created as the company relocated from Fort Smith to the region of Plano.
  3. Baylor Medical Center received a facility location award. Nearly $200 million dollars was spent while 500 jobs were created.
  4. Kohl’s Distribution Center received a facility location award. An e-commerce distribution center was created in DeSoto which ultimately created 400 full time jobs and 1,600 part time jobs.
  5. Bottle Rocket Apps received a percentage growth award. The company has efficiently doubled over the years while 78 jobs were added.
  6. The community catalyst award was handed out to Trinity Trust and the entire city of Dallas
  7. The Innovation Catalyst Award was handed out to the Development Center at the University of Texas.
  8. The education catalyst award was given out to Group Excellence. Mentoring organization for school students has grown to 500 people.
  9. Global Catalyst Award was handed out to the Worlds Affair Council

Economic development has been a large part of progress as many regions across the United States are currently struggling. The local government and the people are going to have to work in collaboration in order for progress to occur.

The economic development awards are well deserved as the organizations have made a positive impact on the Dallas region.

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Wisconsin Utilizes Art To Drive Economic Development

The state of Wisconsin is utilizing art to ultimately drive economic development.

Ground is expected to be broken as the $1.5 million dollar Houdini Plaza is opened. The plaza will be used for purposes such as small concerts, exhibits and a variety of other events. The region of Appleton has gone through a transformation as entertainment and art is now the focus of the town and the surrounding area. The Houdini Plaza will be located between Lawrence University and Fox Cities Performing Arts Center. Leaders across Wisconsin will gather at the Paper Valley Hotel where they will talk about utilizing art as an economic development tool. An Executive Director for Appleton Downtown elaborates on how people are looking for something unique and the focus on art will definitely boost business.

The conference will include a downtown tour, speakers across the state and a variety of panel discussions. There have also been other communities which have utilized art for economic development purposes such as Cedarburg, Door County, Mineral Point and the region of Milwaukee. A two year economic impact report was also conducted in which nonprofit art organizations generated approximately $535 million dollars for the year. If profit arts are thrown into the mix, the impact is even greater.

Executive Vice President Maria Laanen states that economic impact has been incredible for the state of Wisconsin and the surrounding region. The Performing Arts Center brings in approximately 300,000 people a year while having an economic impact of nearly $14 million dollars. Appleton also holds a local farmers market with nearly 180 vendors. Octoberfest was also held in which nearly 130,000 people were drawn to the region of Appleton. Van Laanen states that the performing arts center does need to be scaled for the surrounding community.

Overall, the state of Wisconsin needs to be properly scaled to benefit the community of Appleton.

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IMF Cuts Global Economic Forecast

The IMF (International Monetary Fund) is planning to cut its global economic forecast.

The risk of the slowdown is extremely high as there are policy uncertainties in the United States and across Europe.

Global growth is expected to reach 3.3 percent for the year 2012.

For 2013, growth is expected to increase to about 3.6 percent. Estimates were also conducted in which there is a 15 percent chance of a recession occurring in the United States for the upcoming year.

There is also an 80 percent chance of a recession occurring in the region of Europe.

Growth in high income countries is also expected to decrease due to:

  1. Government spending cuts
  2. Market stress in finance
  3. High rate of unemployment
  4. Political uncertainty

Global trade is also expected to slow down over the years. Some of the countries that will suffer include India and China. The IMF elaborated on how uncertainty plagues the outlook as pro-growth policies have failed. The official outlook will be announced at a meeting in the region of Tokyo. The forecast will also be part of the economic outlook report. The IMF predicts that higher ranked economies such as Germany and the United States would have growth occur at 1.3 percent.

Economic growth for 2013 is only expected to increase about 0.2 percent. The IMF’s chief economist Oliver Blanchard states that uncertainty and a low growth rate will negatively affect economies that are developing and markets which are emerging. The IMF acknowledged the Federal Reserve, Bank of Japan and the European Central Bank for imposing policies that ultimately curbed an economic calamity from occurring. The recovery has been held back due to a high rate of unemployment and uncertainty in the political sector.

Overall, the negative global forecast is not good news for the United States and the rest of the world.

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Strongsville, Ohio Adds Approximately 600 Jobs The Past Year

The region of Strongsville, Ohio has added approximately 600 jobs for the past year.

The Economic Director of Strongsville states that approximately 2,000 jobs have been created throughout the recession. Director Painter pinpoints that the region of Strongsville continues to expand as more businesses are thriving. The job numbers only include what was created in the business parks.

Retail operation numbers are not included in the job report. Painter also elaborated on how 500,000 square feet of space is being used for manufacturing and high tech operations. Sustainable wages are ultimately provided to many struggling families in the area of Strongsville.

The job numbers are also a little bit inflated as Vitamix Corporation added a second manufacturing facility which hired approximately 300 workers. 175,000 square feet of space is also be utilized by Vitamix. Adding 300 jobs is outstanding in the current struggling economy according to Painter.

Some of the important projects which were highlighted include:

  1. Cleveland’s HVAC wholesaler Wadsworth Northeast taking control of the Unlimited Building
  2. Metal fabrication company called Republic Anode relocating to the Terrell Manufacturing Building
  3. Bearings Manufacturing Company renovating nearly 30,000 square feet of a metals building

Painter states that his main job duties include keeping businesses in Strongsville while also attracting brand new businesses to the region. Painter spoke to a room of employees and executives where he described a Business Retention and Expansion Survey. The survey displayed that nearly 97 percent of the businesses rated Strongsville as an ideal location for conducting business. Painter addressed the entire room as he states “I can’t begin to tell you how much of a selling point you all are”. The room was mostly filled with employees and local business owners.

Overall, the creation of jobs is important in an economy that is currently struggling. More states and regions need to continue creating jobs.

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