EDPA NewsFlash

 

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Greetings!

 

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:
Huntsman Corp. breaks ground on $65 million McIntosh expansion (photos)
Lowndes County Economic Development Commission formed to bring jobs to the area
Alex City suffers new blow as Russell announces closure of decorations plant
Birmingham leads state in industrial employment, but Huntsville closing gap
Alabama earns Area Development's Golden Shovel Award
Alabama State Port Authority names new trade and development executive
Find out which Alabama metro enjoyed the best jobs growth over past year
Regions among nation's strongest banks, Bloomberg rankings say

 


Huntsman Corp. breaks ground on $65 million McIntosh expansion (photos)
By Kelli Dugan | kdugan@al.com 
on May 29, 2013 

McINTOSH, Alabama -Huntsman Corp. broke ground Wednesday on a roughly $65 million expansion of its McIntosh plant, expected to generate 150 construction-related jobs and create 25 permanent positions upon completion in 2014.

 

Peter Huntsman, the company's president and chief executive officer, said the move will more than double the facility's production capabilities of specialty epoxy resins and makes McIntosh part of a global economic revolution.

 

"The products that are going to be produced today - that are going to be coming out of this expansion - will be going into first-generation, carbon fiber planes (and) automobiles that will be built 20 years from now. We will be satisfying the engineering needs a generation from now," Huntsman told the crowd of several hundred employees, dignitaries and business leaders gathered for the ceremonial shoveling of red clay.

 

And although the McIntosh expansion represents only a fraction of the $3.5 billion the global company anticipates investing worldwide during the next 12 months, Huntsman said the project represents a long-term investment in innovation, cooperation and productivity the company simply cannot afford to bypass.



more...


 


Lowndes County Economic Development Commission formed to bring jobs to the area
By Bethany Wales 
May 29, 2013
 
LOWNDES CO., AL (WSFA) -A new strategy is taking shape to bring new jobs to Lowndes County. The Lowndes County Commission, seven municipalities and local business, announced the creation of the Lowndes County Economic Development Commission.

Lowndes County has one of the state's highest unemployment rates with 14% of its residents out of work. Lifelong resident Robert Harris, also Chairman of the Lowndes County Commission, is seeing a longtime vision of his become a reality.

 

"We have been working for several months to put together an organization bringing everybody to the table to work together to take Lowndes County forward," Harris says. "By pooling our resources and working together, we are sure to bring economic prosperity to our people.



more...

 



Alex City suffers new blow as Russell announces closure of decorations plant
By JoBeth Davis - 
By Bryan Henry - 
May 29, 2013

ALEXANDER CITY, AL (WSFA) -Employees of the Russell Athletic/Fruit of the Loom Mill, specifically the Decorations Plant, in Alexander City were greeted Wednesday morning with an unwelcome sight. Employees were handed a letter stating the facility will soon close with the first round of "employment separations" starting on or around July 29.

This same facility announced back in January that before March, the company would lay off nearly half of the work force at the Alex City location - nearly 200 people.

 

At the time, 390 people were listed as working at that location. 

 

Sr. Vice President of Manufacturing Operations, Jeff Thurman, wrote in the letter presented to employees, "As you all know, the competitiveness of the apparel market makes for a very difficult business environment and requires that we constantly seek ways to improve our overall competitiveness."

 

more...

 

[WSFA]


 


 

Birmingham leads state in industrial employment, but Huntsville closing gap

Alan Alexander

Editorial intern-Birmingham Business Journal

May 29, 2013

 

Birmingham is once again Alabama's highest ranked city in terms of industrial employment, but Huntsville's industrial sector is growing at a faster rate, according to a new report.

 

According to the 2013 Alabama Manufacturers Register, industrial employment in the Magic City rose by 1.6 percent to 31,647 between April 2012 and April 2013. In Huntsville, industrial employment rose by 5.6 percent to 26,858.

 

Birmingham has 586 manufacturers, accounting for more than 10 percent of the state's total of 5,476.

The report said Alabama's manufacturing sector is experiencing healthy growth. It added 2,411 industrial jobs over the 12-month period, bringing its total to 301,956.

 

more...

 

[Birmingham Business Journal]

 


 


 


Alabama earns Area Development's Golden Shovel Award
May 29, 2013

MONTGOMERY, Alabama - Governor Robert Bentley announced Wednesday that job creation success during the past year has earned Alabama the nation's top Gold Shovel Award from Area Development magazine.

 

 Alabama, Georgia, Texas, and Kansas were named the winners of the magazine's 2013 Gold Shovel Awards, presented annually to states that have achieved significant success in job creation and economic impact.

 

"It is rewarding that our work to make Alabama the best place to do business is being recognized by Area Development," Governor Bentley said. "My top priority is job creation. This award shows Accelerate Alabama, our state's strategic economic development plan, is working.  Accelerate Alabama is in its first year of implementation and is producing industry-leading results and creating job opportunities for Alabamians."

 

Area Development magazine's Annual Shovel Awards recognize state economic development agencies that drive significant job creation through innovative policies, infrastructure improvements, processes and promotions that attract new employers as well as investments in expanded facilities.

 

more...

 

[madeinalabama.com]

 

 


 


 



Alabama State Port Authority names new trade and development executive
By Kelli Dugan | kdugan@al.com 
on May 29, 2013 

MOBILE, Alabama - The Alabama State Port Authority has named Frank Fogarty vice president for trade and development.

 

"Mr. Fogarty's extensive management experience in the port industry will enhance and expand the foundations laid in business development at the port," said Jimmy Lyons, the port authority's director and chief executive officer.

 

With 38 years of professional experience in domestic and international trade, terminal operations and stevedoring in U.S. ports, Fogarty will lead the authority's international trade division and play a key role in sales and marketing initiatives.

 

A native Mobilian, Fogarty earned his bachelor's degree from the University of South Alabama and is a graduate of the University of Tennessee Executive Development Program.


more...

 

[al.com]

 

 


 


 

Find out which Alabama metro enjoyed the best jobs growth over past year
By Alex Walsh | awalsh@al.com 
on May 29, 2013 

The winner is Tuscaloosa. 

The home of the University of Alabama's main campus added 2,200 jobs between April 2013 and the same month a year ago, good for a 2.3 percent increase in total employment -- the best of any metro in the state over that time frame, according to data published by the Bureau of Labor Statistics. 

Florence-Muscle Shoals (+1,200 jobs) and Auburn-Opelika (+1,100 jobs) also saw total employment grow by at least 2 percent. Montgomery and Mobile each enjoyed a more than 1 percent bump in employment.

Four Alabama metros saw total employment decrease, including Huntsville, which lost nearly 1,000 jobs, a 0.4 percent drop in jobs. Anniston-Oxford, Dothan, and Gadsden also shrank.

Overall, the entire state of Alabama added 9,100 jobs, a 0.5 percent gain. 

more...


 


 

Regions among nation's strongest banks, Bloomberg rankings say
By Alex Walsh | awalsh@al.com 
on May 30, 2013 

BIRMINGHAM, Alabama -- Regions Financial is one of the strongest banks in the U.S. among those with more than $50 billion in assets, according to an analysis conducted by Bloomberg. The Birmingham-based bank ranked eighth overall.

The most important factor in Bloomberg's rankings was Tier 1 capital ratio, which measures a bank's ability to withstand unexpected losses. Regions' ratio of Tier 1 capital to risk-weighted assets is 12.0, ahead of other large U.S. banks including U.S. Bancorp, Fifth Third Bancorp, and Suntrust Banks.

Another strong point for Regions is that its portfolio of nonperforming assets is small relative to its total assets. Its nonperforming-to-total assets ratio is 1.6, a competitive ratio for the industry. 

more...


 

 





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