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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:
Jobs report shows steady growth as U.S. added 195K jobs in June
Bessemer city council approves additional incentives for auto-parts maker Intertec
Not just the 'Black Hawk Down' guy: Huntsville businessman Mike Durant named Vetrepreneur of the Year
Angel investment network provides $2.5 million in first half 2013
Alabama among 10 states to show small business employment growth in June
Montgomery dedicates Wright Brothers Park

 


 

Jobs report shows steady growth as U.S. added 195K jobs in June

By Howard Schneider and Ylan Q. Mui

July 5, 2013

 

The U.S. economy added 195,000 jobs in June, continuing a steady expansion as private hiring across a broad spectrum of businesses offset small declines in federal government employment and manufacturing.

 

The number beat analysts' forecasts, and while not enough to push down the 7.6 percent unemployment rate may stoke expectations that the Federal Reserve will begin reducing its support for U.S. financial markets this fall. The timing of any Fed "tapering" of its monthly asset purchases has become a key issue in the debate over domestic and global economic policy and is tied closely to growth in the U.S. economy and progress on reducing the unemployment rate.

 

Interest rates on U.S. Treasury bonds headed higher as a result, as investors bet the Fed will follow through on its tapering plans, pull back its asset purchases - and push rates up as a result.

 

Stock investors, to the contrary, were buoyed by the evidence of steady growth. Major U.S. stock markets all opened higher, with the Dow Jones industrial average adding nearly a full percentage point in initial trading.

Along with the healthy addition of jobs in June, the Labor Department revised by an additional 70,000 jobs its previous employment estimates for April and May.

 

more...

 

[Washington Post]

 

 

 

 


 

Bessemer city council approves additional incentives for auto-parts maker Intertec

on July 04, 2013 


BESSEMER, Alabama -- The Bessemer City Council voted Tuesday to authorize Mayor Kenneth Gulley to execute a project agreement between the city, the state of Alabama andauto-parts manufacturer Intertec Systems for economic incentives.

 

The council approved the agreement unanimously as part of its consent agenda.

 

The council voted in February to approve tax incentives for Intertec, a maker of instrument panels and glove boxes based in Plymouth, Mich.

 

However, in addition to granting the tax abatements, the council authorized Gulley at that time to negotiate with state development officials on a further project agreement.

 
more...


 

 


 

Not just the 'Black Hawk Down' guy: Huntsville businessman Mike Durant named Vetrepreneur of the Year
on July 04, 2013

HUNTSVILLE, Alabama - You may not recognize him when you see him on the street, but you might remember a desperate helicopter pilot shouting, "Mike Durant, we won't leave you behind," in the Oscar-winning 2001 film "Black Hawk Down."  

 

Durant, who co-owns and operates Pinnacle Solutions in Huntsville, sustained grave injuries after being shot down by a rocket-propelled grenade during combat in Mogadishu, Somalia in the fall of 1993. Following the crash, Durant was attacked by a street mob and held prisoner for 11 days by a Somali warlord.

 

During Durant's captivity, the captors released a video of the now 51-year-old New Hampshire native, who later became what National Veteran-Owned Business Association writer Len Vermillion described as "the face of what would become perhaps the most infamous U.S. battle since the Vietnam War."

 

Durant, a Distinguished Service Medal and Purple Heart recipient, was recently named the NaVOBA's 2013 Vetrepreneur of the Year for his success in co-founding a Huntsville aviation simulation and training company.


more...

 

 

 

 

 

 


Angel investment network provides $2.5 million in first half 2013
on July 03, 2013 

MOBILE, Alabama - The Angel Investor Management Group recently closed its third deal of the year, bringing the statewide investment engine's year-to-date total to nearly $2.5 million, or only slightly less than the $2.9 million provided in 2012.

 

"We've got local capital to deploy to local companies if they'll step up," said Bo Megginson, executive director of the Mobile-based Gulf Coast Angel Network, founded to identify and pursue investment opportunities among high-growth and high-revenue  businesses capable of delivering a three- to 10-time return-on-investment within three to seven years.

 

The Mobile network is one of four independent regional hubs - alongside Auburn, Huntsville and Birmingham - that comprise the statewide organization founded by Atmore native, serial entrepreneur and independent angel investor Jim Corman.


more...

 


Alabama among 10 states to show small business employment growth in June
on July 03, 201

HUNTSVILLE, Alabama - Alabama was among only 10 of 36 states that showed small business employment growth in June, while 25 states experienced declines and one stayed flat, according to the Intuit Small Business Employment and Revenue Indexes report released Monday.  


The Intuit Small Business Employment Index is based on data from 150,000 small businesses in 36 states. Although job growth is slow, Alabama's employment gains increased 0.01 percent, while New York state jumped 0.05 percent and Kansas dropped 0.16 percent last month. 

 

"The gains in small business employment this month are not as large as last month," said Susan Woodward, Intuit economist. "However, this month's gains, paired with the upward revisions for the previous several months, add up to the biggest gains we have seen in small business employment since the recovery began."



more...



 


Montgomery dedicates Wright Brothers Park
Written by Kala Kachmar
July 3, 2013

On Tuesday, hundreds of people gathered below a 42-foot, 7,000-pound full-scale steel replica of the first Wright brothers flyer for the dedication of the newly-renovated Wright Brothers Park.

The flyer is perched upright - as if it's about to take off - above a bluff that overlooks the Alabama River.

"This flyer is ready to take off, much like Montgomery is," said Montgomery Mayor Todd Strange. "This is the heart and soul of our city."

 

The park was named after the Wright brothers to celebrate the city's history of aviation and to pay tribute to Maxwell and Gunter Air Force bases. The Wright brothers opened the nation's first civilian flying school in Montgomery in 1910. In 1922, the former location of the flight school became Maxwell Field.

 

"The city has been well recognized as the birthplace of the Civil War and civil rights," said Development Director Chad Emerson. "We hadn't fully realized the value of being the birthplace of civil aviation.



more...

[Montgomery Advertiser]



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