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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


In this issue:
U.S. Chamber Chairman Ed Rust: Widening skills gap limiting economic recovery
ThyssenKrupp will get up to $280K from Bibb County
Alabama's economy might be ready to really grow, Philly Fed says.
Balch & Bingham founder selected for Alabama Lawyers' Hall of Fame



U.S. Chamber Chairman Ed Rust: Widening skills gap limiting economic recovery
Published: Tuesday, October 30, 2012
By Kelli Dugan | kdugan@al.com

MOBILE, Alabama - U.S. Chamber Chairman Ed Rust is not one to mince words, and his message Tuesday during the Mobile Area Chamber of Commerce's 2012 Free Enterprise luncheon put the business community on notice.


Economic recovery both nationally and at the state level is a lost cause unless "thoughtful, considerate" public policy closes the widening skills gap that's leaving millions of workers ill-equipped to compete in a global economy, Rust said.


"It we continue to kick the proverbial can down the road and fail to get our financial house in order," he said, that final kick could be the one that sends the economy over the "edge of the fiscal cliff."


Rust, who also serves as chief executive officer of State Farm Mutual, focused the majority of his comments on the the challenges the nation faces with the rise of a truly global economy while encouraging attendees to make the most of opportunities available to America's businesses and industries.










ThyssenKrupp will get up to $280K from Bibb County
Birmingham Business Journal
By Ryan Poe
Date: Tuesday, October 30, 2012


ThyssenKrupp Materials North America Inc. is getting up to $280,500 in incentives from Bibb County for a new plant.

The county is giving the Michigan-based company $100,000 in preparation work at the Woodstock site and $4,000 for every job it creates up to $100,000 after the initial hiring of 20 people in early 2013, according to the Birmingham Business Alliance.


The county will also chip in $80,500 as its part of a $428,000 Alabama Department of Transportation grant for road access improvements at the plant, the BBA said.

Besides those, the company will also get tax abatements and funding for training from the state, the development group said.


In return, ThyssenKrupp announced Sept. 25 that it would hire up to 45 people within five years and build a 100,000-square-foot, $13 million facility.


more ...



[Birmingham Business Journal]











Alabama's economy might be ready to really grow, Philly Fed says
Published: Tuesday, October 30, 2012
By Alex Walsh | awalsh@al.com 

Alabama's economy might be approaching a growth period.
At least that's what's suggested by data tracked by the Federal Reserve Bank of Philadelphia, which estimates state-by-state economic growth regularly.

The Philly Fed provides two estimates for economic growth. One is the coincident index, which looks at each state's economic performance in a historical context. By that measure,Alabama has been among the states with the slowest growing economies in the country over the past 20 years.

The Philly Fed's other estimator is its leading index, which attempts to predict future growth rather than quantify past gains or losses.

As of September, Alabama had the nation's sixth-highest leading index, new data show. Among southeastern states, only South Carolina -- which also has the nation's highest score on the index -- is expected to see faster growth.












Balch & Bingham founder selected for Alabama Lawyers' Hall of Fame
Published: Wednesday, October 31, 2012
By Dawn Kent | dkent@al.com 


BIRMINGHAM, Alabama -- William Logan Martin Jr., the founding partner of Balch & Bingham LLP, has been selected for induction into the
Alabama Lawyers' Hall of Fame.
The Birmingham-based law firm, which marks it 90th anniversary this month, has offices in Alabama, Florida, Georgia, Mississippi, and Washington D.C., with clients in 42 U.S. states and nine countries.

Martin began the law practice to which Balch & Bingham traces its roots. His accomplishments include serving in World War I, as well as a term as Alabama's Attorney General and time as a circuit court judge. 
When he began the practice, he primarily focused on the legal affairs of Alabama Power Co. where his brother, Thomas Martin, served as president and general counsel. The firm's work ranged from assisting Alabama Power with its development of massive hydropower projects to arguing constitutional questions of the New Deal era before Congress and the U.S. Supreme Court.

Martin died in 1959. 







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Enjoy the day, 

Val Walton
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