Economic Development

Slow Growth Rate Expected For The Rest of 2012

demeur.blogspot.com/

Between the months of April to June, the economy grew at a rate of 1.7 percent.

The growth rate indicates that the economy will stay weak for the rest of the year. The initial estimate was 1.5 percent and the stronger growth rate can be contributed to an increase in exports and much stronger consumer spending.

When looking at the past growth rates, it is still weak when compared to the 2 percent rate in the beginning of the year and the 4 percent rate for the fourth quarter in 2011.

Many economists predict that only modest improvements are expected for the rest of the year. The rate is expected to be subpar as it is expected to only grow at an average rate of 2 percent.

An economist for the RDQ elaborates on how the economy was very sluggish in the second quarter of 2012 and the upward revision does not mean much as the picture does not change at all. The government report looked at the GDP rate for the second time in the year. Gross Domestic Product included the construction of highways and the purchase of restaurants. During the end of the month, another report on GDP will be released.

The unemployment rate is expected to stay above 8 percent for the rest of the year. Many economists predict that the high unemployment rate and the weak economy will hurt President Obama as he is looking to get re-elected in the next election. The Republican candidate Mitt Romney is planning on pointing out the dismal growth in his next speech. An Economist named Robert Brusca elaborates on how the growth rate is positive news as the American economy moves forward. Consumer demand increased which ultimately drives approximately 70 percent of the GDP.

Overall, the growth rate may be low but America will maintain its resilience.

Read More

Commerce Sec. Blank Talks Insourcing at ED Forum

Dr. Rebecca Blank, Acting Secretary of the U.S. Department of Commerce, talked about insourcing and job creation at the Economic Development Forum in Washington, D.C.

Commerce Sec. Blank at Economic Development Forum in Washington DC

Commerce Sec. Blank at Economic Development Forum in Washington DC (Photo – commerce.gov)

The summit, attended by economic development leaders from around the country, was hosted yesterday by the U.S. Commerce Department’s SelectUSA initiative, in partnership with the White House Business Council and the International Economic Development Council (IEDC).

In a blog post she wrote on Commerce.gov after the ED summit, Dr. Blank laid out her thinking – “Both American and international firms are increasingly looking for opportunities to invest in the U.S. And businesses are not only choosing to bring jobs back, but they are also making decisions to expand here instead of shipping jobs overseas… I’m very optimistic about the extent to which we will continue to see growth in insourcing and foreign investment in the U.S…  For all of these reasons, and more, the business owners I’ve met with over the last several months increasingly say that they believe the U.S. is the best place for their next investment.”

This is not the first time Dr. Blank has talked about insourcing in her short three month tenure as Acting Secretary. In July, she talked about manufacturing and insourcing in remarks made at the Wilco Molding plant in St. Louis, Missouri.

Said Dr. Blank, “Many businesses are deciding to keep jobs here, bring jobs back, or set up operations in the U.S. for the first time. Some say they’re investing here because our financial industry has found a stronger footing than in other countries. Others cite our strong intellectual property protections or our stable legal and regulatory environment. Still others say it’s because we have the best universities, the strongest R&D, and the most robust supply chains. Others cite our strong outlook for expanded domestic energy and lower energy prices in the U.S… And frankly, I don’t care which reason they give—as long as they hire Americans, realizing that this country is the place to be for a business in the years to come.”

Rebecca M. Blank is currently both Acting Secretary of Commerce and Deputy Secretary of Commerce. She was appointed as the Acting Secretary in June after then-Secretary John Bryson resigned after taking a leave of absence in the wake of a hit and run car accident he was involved in which was apparently due to a seizure.

This is the second time Dr. Blank has been appointed as Acting Secretary. She held the post last year at this time when Secretary Gary Locke resigned after being appointed as the U.S. Ambassador for China.

In addition to being the Acting Secretary and Deputy Secretary of Commerce, Dr. Blank is also its COO overseeing management, policy and strategic planning for the department’s 12 bureaus, including the U.S. Economic Development Administration (EDA).

Dr. Blank has been with the Dept. of Commerce since June 2009. Before that, she was a senior fellow at the Brookings Institution and dean of the Gerald R. Ford School of Public Policy at the University of Michigan.

Cuomo Unveils Path Through History for New York State

New York Governor Andrew M. Cuomo unveiled New York’s new “Path Through History,” a statewide roadmap that ties historically and culturally significant sites, locations and events throughout the Empire State.The announcement was made by the Governor at a conference at Empire State Plaza.

New York State - Path Through History

New York State – Path Through History (Photo – NY Governor’s Office)

At the conference, the Governor announced that the state will allocate $1 million to jumpstart ten regional heritage tourism marketing plans in partnership with the ten Regional Economic Development Councils (REDCs).

The Regional Councils will decide which regional workshops will receive $100,000 grants based on their proposal for marketing, planning and regional promotion activities. The workshop presentations can be seen here.

The chosen workgroups will then coordinate with local tourism entities to promote museums, historic sites, and other cultural institutions located throughout the entire state.

As a part of the new initiative, Governor Cuomo also unveiled proposed new Path Through History road signs to be installed on major state highways to direct travelers to historic sites in the area.

More than 200 new signs will highlight key moments in New York and American History and be placed between exits of major state roads. The full list of proposed signs categorized by theme (Civil Rights, revolution, U.S. Presidents, Native Americans, Women’s Rights, etc.) can be seen here.

To support these historic site signs, a second type of “Path Through History” promo signs will be placed at exits to direct motorists to the historic sites that correspond to the signage.

“From Mark Twain writing Huckleberry Finn in Elmira to John Coltrane’s one of a kind jazz being played on Long Island, we have done and seen it all in New York and now we are putting our state’s heritage on display for the world to enjoy,” said Governor Cuomo. “The regional tourism plans highlight the best our state has to offer and will give us a deeper appreciation of our past. I thank the Task Force for their hard work on this initiative and I encourage all New Yorkers and visitors to take advantage of these sites.”

“The Path Through History initiative is a creative way to attract visitors from across the state and beyond to visit the many historic sites in New York,” said Harold Holzer, senior vice president of the Metropolitan Museum of Art. “This will help bolster local economies while providing interesting destinations that played a part in New York’s rich history to New Yorkers and out-of-state tourists.”

Heritage tourism has a $5 billion annual impact on New York State’s economy.

Bloomberg-Tampa Economic Development Series Showcases Florida

On the sidelines of the Republican National Convention underway in Tampa Bay, Florida, the Host Committee has teamed up with Bloomberg to offer a CEO-based economic development series.The series got underway yesterday with a reception at the University of South Florida’s Center for Advanced Medical Learning and Simulation (CAMLS).

Tampa Bay Host Committee

Photo – Tampa Bay Host Committee

The lineup includes the CEOs of AT&T, Citi and The Coca-Cola Company, in addition to Florida Gov. Rick Scott, former Florida Gov. Jeb Bush and other policy makers and experts.

The all-star cast of headliners for the series that continues until Thursday, Aug 30, ensures that it is going to create a lot of mainstream buzz.

Several more national and global CEOs and senior management are expected to participate as panelists and audience members. They will be discussing economic issues ranging from international trade to the emerging workforce.

The series is a collaborative effort with several leading business groups, including the Florida Council of 100, the Florida Chamber of Commerce and the Associated Industries of Florida. The aim of the whole effort is apparently to sell Florida as “Open for Business” to CEOs attending the Republican National Convention.

“We are excited to use the platform of the Republican National Convention to showcase Florida and the entire Tampa Bay region as a premier location for business,” said Host Committee president and CEO Ken Jones. “It is a great honor to work with Bloomberg to bring such a phenomenal group of business leaders to the Tampa Bay area for this groundbreaking economic development series.”

“The Host Committee’s economic development series with Bloomberg is an opportunity to spotlight the key advantages of Florida’s business environment,” said Host Committee executive board member and CEO of URETEK Holdings Kathleen Shanahan.

“This series will put the business implications of government on full display and bring together CEOs and public sector officials to discuss what works—and what doesn’t work—when it comes to economic development here in Florida,” said Norman Pearlstine, chief content officer for Bloomberg L.P. and co-chairman of Bloomberg Government.

The series will wrap things up on Thursday with a closing panel on education that includes Jeb Bush, former Sec. of State Condoleezza Rice Rice and Rep. Eric Cantor.

Economic Development Awards Given Out In Lawrence Township, New Jersey

http://www.ltps.org/

Economic Development awards have been announced for the region of Lawrence Township, New Jersey.

The Township Growth and the Regional Chamber of Commerce in Mercer worked together to announce the award recipients.

The awards are given out to a variety of individuals, businesses and many civic groups who have enhanced the surrounding community.

Specific factors are taken into consideration such as:

  1. Job Growth
  2. Expanding the Tax Base
  3. Renovating structures which improve the quality of life for the surrounding community
  4. Participation of local activities which benefit the town

The CEO of the Chamber of Commerce is honored to be part of the organizations as they help to promote economic growth. The award for Economic and Community Development was given out to Womanspace. The Community Development Award is typically given out for special recognition on behalf of the local community. The New Large Business Award was given out to Celsion Corporation. The Large Business Award is typically given out to a new company that has achieved success. The New Small Business Award was given out to Buttons Creperie. The New Small Business Award is typically given out to a small employer who has contributed to the Lawrence Township.

The Business Service Award was given out to two recipients:

  1. Morgan Stanley
  2. St. Lawrence Rehabilitation Center

The Business Award is typically given out to companies that have made a contribution to the town’s business sector. The Residential Award was given out to PRD Management. The Residential Award is typically given out to an organization that restores a particular property. The New Building Award was given out to ASI Contractors Supply Incorporated. The New Building Award is given out to a new building/renovation project. The Environmental Award was given out to Bristol Myers Squibb.

Overall, the economic development awards help recognize businesses within the community.

Read More

Calgary ED Wants Scotland, Ireland to be Part of the Energy

Calgary Economic Development (CED) is taking its innovative “Be Part of the Energy” message to the United Kingdom and Ireland with job fairs in Glasgow and in Dublin. The campaign and slogan was launched last year to showcase Calgary, Alberta as a city, a center of business and a career destination.

Calgary Economic Development - Be Part of the Energy

Calgary Economic Development – Be Part of the Energy (Photo – CED)

Be Part of the Energy is a clever play on the fact that the energy sector in Calgary, Alberta and Canada is booming and attracting top-notch talent from the U.S., Europe and all parts of the world. At the same time, the slogan neatly promotes Calgary’s vibrancy as a place to live and work.

On the CED website, Mary Moran, vice-president of marketing and communications for CED, exhorts you to “explore Calgary’s energetic business community first and discover why so many Canadians love living and doing business here in Calgary. While its leading economic driver is the energy industry, there are many other key industries here as well. Calgary’s opportunities are diverse and plentiful; you are welcome to be part of the energy!”

Up until now, Be Part of the Energy was mainly being pushed by CED and Calgary mayor Naheed Nenshi within Canada. The job fairs in Scotland and Ireland from October 5-14, 2012 mark the first time the campaign goes international. Right now, they’re working on attracting companies to take along, who can then recruit candidates in Glasgow and Dublin. CED plans to take representatives from 30 companies.

CED says they chose Glasgow and Dublin because of the quantity and quality of workers looking for opportunities abroad. They conducted a demand and global labor supply study which identified Ireland and Scotland as having workers that were more likely to move to Alberta.

Moran points out that Saskatchewan went to Ireland earlier this year and had 12,000 attend their job fair and came out with 600 hired candidates. To ensure CED does just as well, they have been working with local partners to promote Calgary and Calgary companies in advance of the job fair in October.

After the companies that will be coming have been introduced to prospective candidates in Ireland and Scotland, the CED will have information about each company on its site so that candidates can prescreen and shortlist companies they like. If this strategy works, CED plans to take the Be Part of the Energy campaign, their promotion of Calgary, and job openings in Alberta to other parts of the world.

RNC Site Selection and Economic Benefits For Tampa

After Isaac blew away the Republican National Convention schedule for Monday, August 27, 2012, questions were raised about who decided to hold the GOP convention in Florida during hurricane season. Turns out that there was an intensive site selection process and the eventuality of a hurricane was factored into the decision before Tampa was selected.

Republican National Convention in Tampa Bay

Republican National Convention in Tampa Bay (Photo – 2012tampa.com)

The process began in Jan 2010, when Tampa Bay and Company, which is the visitors bureau for Hillsborough County, submitted an inch-thick bid to the RNC to host the 2012 convention.

Competing bids were submitted by Phoenix and Salt Lake City. The decision to select Tampa over Phoenix and Salt Lake City was made by the RNC site selection panel and ratified by the full committee – after they discussed the eventuality of a hurricane.

Tampa won based on its plan for transportation and hotel stay arrangements over four days. Apart from the 2,286 delegates and 2,125 alternate delegates from all 50 states, DC and five territories, Tampa is hosting 15,000 credentialed media members. All put together, 50,000 people are going to be in Tampa for the convention.

For Tampa, the direct spending associated with the convention works out to $175 million in economic impact for the Greater Tampa Bay area. This is more than the $153 million impact of the 2008 Republican National Convention for the Minneapolis-St. Paul area or the $133.5 million on Denver on account of the Democratic National Convention.

But more important is what it means for development in Tampa over the long term. The Tampa Bay Host Committee has used this opportunity to implement sustainable improvements in transportation, communications and security.

Tampa Bay and Company spokesman Travis Claytor said that they were aiming to provide a sustained economic boost for the entire Tampa Bay area not only from a tourism industry standpoint but also from a business development and relocation standpoint.

With this point of view, they devised transportation proposals for the convention that could be sustained afterwards, including research to create car pools, van pools and park-and-ride lot areas for local employees and things such as direct links from the airport to the Pinellas beaches, downtown and elsewhere.

Isaac or not, Tampa and Florida are about to reap economic benefits from the Republican National Convention which Tampa officials say will be of a category somewhere between hosting the Olympics and the Super Bowl.

Economic Development Commission in Albany To Focus On Job Creation/Industry Retention

www.mysouthwestga.com/

The economic development commission in the region of Albany, Georgia is planning to focus upon job creation and the retention of important industry.

The three “R’s” of economic development will be utilized such as retention, renewal and recruitment. The Executive Director of the EDC whose name is Ted Clem elaborates on how the education system utilizes three “R’s” such as riting, reading and rithmatic.

As the strategic plan was created, the three “R’s” of economic development were kept in mind as a back to basic approach was implemented. The development corporation is considered to be an insular organization.

A particular avenue to get the community involved has not been implemented. The plan is to get the community to be much more community driven so that important ideas can be imposed. The President of the Development Commission is currently looking for some business people who can utilize their skills to better assist the community. A Site Consultant with Georgia Power recommended a Strategic Plan which is composed by all the stakeholders. The EDC staff and Ted Clem invited nearly 100 government, education and business representatives to assist with developing the Strategic Plan. The Director of Marketing for the EDC elaborates on how she tried to reach out towards particular leaders who were having a pivotal impact on economic development.

A group of 40 professional individuals took part in the gathering and excellent insights were recommended. An analysis session was held in which the SWOT (Strength, Weakness, Opportunity and Threat) were discussed. Clem states that the Development Commission did not go in with a “Pollyanna Approach”. Clem wanted to come up with a way in which weaknesses within the commission can be turned into strengths.

Particular strengths in Albany were pointed out such as:

  1. Quality of Life
  2. Business Climate
  3. Labor Force
  4. Location

Overall, the economic development commission is going to make a positive impact on Albany and the local community.

Read More

Michigan Economic Development Corporation Approves $1.5 Million Strategic Fund

www.grandriverconnection.com/

The Economic Development Corporation in the state of Michigan has approved a Strategic Fund in the amount of $1.5 million dollars as a manufacturing plant will be established in the region.

The brand new manufacturing plant will generate approximately $10 million dollars in private investments. 225 brand new jobs are expected to be created as well. Many of the public officials in Battle Creek approved the new plant that is going to be established. An economic development president named Michael Finney elaborates on how opening the brand new facility in the Battle Creek area will ultimately strengthen the presence in Michigan. More jobs will also be created for years to come.

Michael Finney sent out a written statement about how their will be great opportunities for the state of Michigan as the business climate is improved. Janesville Acoustics is the company that is expanding its facilities and it is one of the largest producers of thermal fiber insulation. Nearly $10 million dollars will be invested to open the brand new 250,000 square foot facility. The building will help to manufacture felt parts for many trucks and cars. The President of Janesville Acoustics elaborates on how the team worked extremely hard to find and establish the production facility.

The correct combination of infrastructure and a skilled workforce has led to a larger base of automotive customers. Tax abatements are ultimately going to be approved as they are a significant source of incentives for Janesville as they begin the process of establishing the brand new facility. A City Manager for Battle Creek pinpoints how he is delighted that the company will establish itself as the economic base is improved. Growth and investment will continue to be supported as productive relationships are slowly built up in Battle Creek.

Overall, the development corporation has made a wise move as more jobs will be created in the process.

Read More

USDA Announces Rural Economic Development Funding for Six States

Agriculture Secretary Tom Vilsack has announced yet another round of grants and loans to help spur economic development and create or save jobs in six states.

USDA Rural Development

USDA Rural Development (photo – usda.gov)

This time, the U.S. department of Agriculture (USDA) is handing out $3.6 million under the Rural Economic Development Loan and Grant program (REDLG) to recipients in Iowa, Kansas, Mississippi, North Carolina, Oklahoma and South Dakota.

These are zero-interest loans provided by the USDA to local utilities which in turn are supposed to pass the funds through to local businesses for projects to create and retain employment in rural areas.

The two biggest recipients are the Brunswick Electric Membership Corporation in North Carolina and the South Mississippi Electric Power Association in Mississippi. Brunswick is getting a million dollars to fund the Rural Consumer Services Corporation, which will then utilize the funds as working capital to complete energy efficiency improvements. The project will create nine new jobs and save three existing ones.

The South Mississippi Electric Power Association is also getting a million, which they will use to purchase machinery and equipment and finance the construction of an industrial peanut-buying facility in Clarksdale.

The $800,000 being provided to two Iowa companies are set to create 76 jobs. The Hawkeye Tri-County Electric Cooperative gets a $500,000 loan to help fund a 13,000-head-per-year beef slaughtering plant in Lime Springs which will create 41 new jobs. The Laurens Municipal Light & Power Plant gets a $300,000 grant, to which they will add $60,000 to create a $360,000 revolving loan fund. The first loan goes to the Laurens Care Center for renovations that will save 35 jobs.

The Ark Valley Electric Cooperative Association, Inc. in Reno, Kansas is going to the mat to purchase and save the only grocery store in Haven, KS and the nine associated jobs. They are getting a $160,000 REDLG loan.

The Caddo Electric Cooperative, Inc. in Oklahoma is getting a $400,000 loan to help Kimball and Company, LLC expand a veterinary clinic and create or save 18 jobs.

The Dakota Energy Cooperative, Inc. in South Dakota is getting a $300,000 grant to build a commercial building in Huron, SD. This building is a project for the Greater Huron Development Corp., which estimates that the project will enable retention of 10 jobs.

The USDA Rural Development division has an active portfolio of more than $172 billion in loans and loan guarantees. Their programs for the current fiscal year alone amount to $20 billion in loans, loan guarantees and grants.

More information about the USDA Rural development loans and grants can be found on the usda.gov website.

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68  Scroll to top