Here is today's summary of economic development news, a free service of the Economic Development Partnership of Alabama, representing Alabama's private sector investment in economic development. If you enjoy NewsFlash, thank an EDPA Partner.
Grant to bring new development along I-22 in Jasper
Published: Monday, March 12, 2012, 3:20 PM Updated: Monday, March 12, 2012, 3:23 PM
BIRMINGHAM, Alabama -- Gov. Robert Bentley said today he has approved a $300,000 grant that paves the way for a new Love's Travel Stop and Country Store to be built on Corridor X in Jasper, creating 80 jobs.
The Community Development Block Grant will be spent improving the two-lane Whitehouse Road that runs adjacent to Corridor X, also known as Interstate 22.
The road improvements give access to a 10-acre site where Love's plans to build a fueling station plaza on a 10-acre site with a convenience store and two fast-food restaurants.
"I-22 is beginning to live up to its promise of growth and new jobs for northwest Alabama," Bentley said in a statement. "Improving infrastructure along this route from Birmingham to Memphis will help area residents to receive the full benefit of the potential job growth that will come from increased commercial, retail and industrial development."
The improvements will not only benefit the Love's development, but also sites for future projects. Company officials estimate 5,000 vehicles a week will stop at the Loves location, providing a boost to local tax revenue, and attracting other businesses to the interchange.
PNC Bank: Conversion of RBC branches in Alabama, Southeast complete
Published: Monday, March 12, 2012, 10:00 AM Updated: Monday, March 12, 2012, 10:06 AM
BIRMINGHAM, Alabama -- The PNC Financial Services Group said today that it has completed converting more than 400 branches across Alabama and five other Southeastern states from RBC Bank to PNC Bank.
The Pittsburgh-based banking company said simultaneous closings and conversions were completed last Monday as the branches reopened as PNC Bank in Alabama, Florida, Georgia, North Carolina, South Carolina and Virginia. Some 900,000 customers were affected.
"The addition of RBC Bank is a great opportunity for PNC to expand in attractive Southeast markets and generate revenue growth," James E. Rohr, PNC's chairman and chief executive officer, said in a statement.
"The success of our recent acquisitions demonstrates that when we bring our innovative products and services to new markets we have the proven ability to win clients and increase efficiencies.
PNC is the nation's fifth largest bank, with more than 2,900 locations across 19 states and the District of Columbia. The RBC deal, which involved 78 branches in Alabama, including 17 in the Birmingham area, represents PNC's seventh successful acquisition in the past eight years.
Report: If federal sequestration trigger is pulled, Alabama would lose thousands of defense-aerospace jobs
Published: Monday, March 12, 2012, 9:02 AM Updated: Monday, March 12, 2012, 9:20 AM
HUNTSVILLE, Alabama -- The numbers are eye-opening:
That's how many defense-dependent jobs will be lost in Alabama and the amount in lost earnings by the state if the federal sequestration trigger is pulled, according to a recent report commissioned by the Aerospace Industries Association.
Sequestration is the $1 trillion in savings Congress is required to identify in the Budget Control Act of 2011. If Congress fails to make the cuts, it will result in an automatic $600 billion cut to the defense budget on top of $487 billion in reductions it is already planning.
As we all know, locally, the cuts also will impact NASA - and the Marshall Space Flight Center - as well as the Federal Aviation Administration.
The report by Deloitte, a consulting and auditing services company, is entitled: "The Aerospace and Defense Industry in the U.S: A financial and economic impact study."
He said there was a "simple objective" by the association in getting Deloitte to undertake the study.
"We wanted to show how significant our industry is to the economy," said Chip Sheller, vice president of communications for the AIA. "Sequestration will harm the economy and our national security."
"The data speak for itself. America's aerospace and defense industry is a sector that punches far above its weight," said AIA President/CEO Marion C. Blakey. "And it's not just the numbers, which are impressive by themselves - it's how this industry makes a difference in the lives of all Americans."
LINDSAY CHAPPELL FROM AUTOMOTIVE NEWS WILL ADDRESS ALABAMA AUTOMOTIVE MANUFACTURERS ASSOCIATION MEETING IN BIRMINGHAM
Event Will Focus on Supplier Development, With Presentation of Supplier of the Year Awards
The spring meeting of the Alabama Automotive Manufacturers Association will focus on supplier development, with presentations from officials with Honda, Hyundai, Mercedes and Toyota on company programs and best practices.
The meeting will be held March 20 and 21 at the Wynfrey Hotel in Birmingham and will conclude with the presentation of AAMA's annual Supplier of the Year awards during a luncheon on March 21.
Lindsay Chappell, longtime Mid-South Bureau Chief for Automotive News, will be the keynote speaker at the Supplier of the Year luncheon. As an auto industry reporter, Chappell has chronicled the North American rise of auto manufacturers and suppliers from Japan, Europe, Korea, and now China and India. He has closely tracked auto industry investment and growth in the South and Midwest.
AAMA is the statewide association that supports the growth and continuous improvement of Alabama's auto industry.
Registration for the March 20 and 21 meeting is available online at AAMA's website, www.aama.to
Please feel free to forward along to someone who can use it by clicking on the "I'd like to forward this to a contact" link below the green bar.
Note also, that you can now make changes to your e-mail address and contact information through the link at the bottom.
As always, if you have news or suggestions, please forward them along to me.
Enjoy the day,
Wendy Wallace Johnson