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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:
Study: Regions responsible for 1 in 84 Alabama jobs, 1 percent of GDP (document)
Guntersville Municipal Airport receives $6.3 million in funding for ongoing airport expansion project
IP closure: What's next?
Alabama Launchpad helps start-up businesses (video)
Regions economic development efforts hit the ground running
Home-building company to acquire Russellville facility
Recent trips deal with jobs creation and protection
Alternative fuel company opens in Pell City
Report: Mobile posts 11th fastest-growing income in nation

 


 

Study: Regions responsible for 1 in 84 Alabama jobs, 1 percent of GDP (document) 
on October 23, 2013

BIRMINGHAM, Alabama - Regions Financial Corp.(NYSE: RF), the lone Fortune 500 company still headquartered in Alabama, had an economic impact on the state valued at $3.3 billion last year, not including loans, an impact analysis has found.

 

The analysis, done at Regions' request by consulting firm Tripp Umbach, determined that the company supported 21,779 jobs in Alabama, including directly supporting 11,134 and indirectly supporting 10,645.

 

"This means that in Alabama, nearly one in every 84 jobs across all industries are a result of the business operations of Regions," the banking company said in a statement accompanying the report.


more...

 

[al.com]

 

 

 


Guntersville Municipal Airport receives $6.3 million in funding for ongoing airport expansion project

on October 23, 2013 

 

GUNTERSVILLE, Alabama - The Guntersville Municipal Airport - Joe Starnes Field announced Wednesday it has been awarded nearly $6.3 million in funding for its airport expansion project, which includes realigning and extending the runway.

 

Officials will hold a groundbreaking ceremony for the project at 3 p.m. Friday on 20524 U.S. 431 in Guntersville. Grant DeMuth, director of economic development for the city of Guntersville, said a $5 million federal Department of Transportation discretionary grant was made possible by support from Sen. Richard Shelby, R-Tuscaloosa, Sen. Jeff Sessions, R-Mobile, and U.S. Rep. Robert Aderholt, R-Haleyville.

 

Additional funding from the Federal Aviation Administration brought the total amount of funding to almost $6.3 million. More than $6 million has already been spent on the expansion, including the initial engineering and land acquisition phase.

 

more...

 

[al.com]

 

 

 


IP closure: What's next?

By Meredith Qualls Staff Writer

Oct. 24, 2013

 

MOULTON - The Lawrence County Commission has appointed a committee to study the effects of the International Paper closure in Courtland.

 

"There are so many questions that are coming up regarding the IP situation," Commissioner Bobby Burch said Wednesday. "We need to get a better understanding of the situation simply because we've never been there before."

 

IP announced in September that the mill will close by the end of March 2014, displacing 1,096 IP workers and impacting about 5,400 loggers in Alabama, Mississippi and Tennessee.The mill was built in 1971, and is Lawrence County's largest employer.

 

 

more...

 

[Decatur Daily]

 

 

 


 

Alabama Launchpad helps start-up businesses (video)
By Edward Burch
Posted: Oct 23, 2013 

BIRMINGHAM - AL -Two ingredients needed to start a business. Hard work and capital.

As the entrepreneur, you provide the hard work. But, Alabama Launchpad may be able to help provide part of the funding.

 

The start-ups accepted for the Alabama Launchpad competition pitch their businesses before a panel of judges. Those selected for the final round will compete for a share of $100,000 in investment funding.

 

The idea is to help provide start-ups that have a solid business model the resources they need to take that next step forward.

 

Greg Sheek, program director for Alabama Launchpad says what started out as a contest for business planning and writing, has evolved into a program that's awarded more than $1 million to start-ups.

 

more...

 

[abc3340.com]

 

 

 

 


 

 


Regions economic development efforts hit the ground running
 
 Brent Godwin Online editor-Birmingham Business Journal
Oct 23, 2013

Expect to start hearing a familiar name popping up when it comes to bringing economic development projects to Alabama and Birmingham: Regions Bank.

Regions, which recently named Jeff Rabrenas its senior vice president of economic development, is already $750 million into a $1 billion economic development loan pool that was announced in February.

 

"Our loan pool is there to help potential businesses, and with the goal of creating jobs for Alabama. So far, we've helped add nearly 1,600 jobs," Rabren said.

 

more...

 

[Birmingham Business Journal]

 

 

 


Home-building company to acquire Russellville facility

By Wayne Smith Staff Writer | 

Posted: Thursday, October 24, 2013 

 

RUSSELLVILLE - Southern Energy Homes finalized plans to acquire a manufactured-home-building facility in the city's industrial park.

 

The company has more than 200 employees at its Double Springs operations. It plans to close that facility and transfer its current employees to Russellville, according to officials.

 

Plant manager David Brewer said plans call for an expansion, but he declined to comment on how many additional employees the plant may add or a time frame for when the facility would be in operation.

 

The Russellville facility will provide 176,000 square feet of production space, in addition to a 21,000-square-foot frame shop that sits adjacent on the 27-acre property.


more...

 


 Recent trips deal with jobs creation and protection

By Lance Griffin

Oct. 23, 2013

 

While Dothan's commissioners and city manager were in Washington on Monday trying to protect area jobs from another round of potential federal budget cuts, Dothan's mayor was wrapping up a trip to China in hopes of creating more jobs.

 

Groggy and jetlagged, Dothan Mayor Mike Schmitz returned to the Circle City early Tuesday morning with scant time left before he was scheduled to meet with an auto parts manufacturer interested in locating a plant in the Southeast.

 

The auto parts manufacturer is one of a handful of companies that have Dothan on a short list for possible expansion/location. Some originated from Schmitz's two trips to China and others have been forged through ongoing relationships.

 

"It's an exciting time but we have to be cautious," Schmitz said Wednesday. "It is good that we are being considered but we also have to understand that, at this point, what we are working on is ongoing relationships."

 
more...

[Dothan Eagle]
 

 

 

 

 

 

 

 

 

 


 

Alternative fuel company opens in Pell City
By David Atchison
Oct 23, 2013 | 
 
A company that specializes in the modifications of vehicles, offering customers a more cost effective way of driving with alternative fuels, officially opened its doors this week in Pell City. 

"The City of Pell City welcomes Phoenix Energy in their new location on Lewis Lake Lane," said Pell City Mayor Joe Funderburg.

The company relocated from Birmingham to Pell City with an initial capital investment of $550,000.

Operations Director Matt Hyde said Phoenix Energy started out with just two people, Hyde and his father Ken Hyde, who serves as the president of Phoenix Energy. 

The company now employs 13 people, and Hyde expects continued growth for the company as it settles into Pell City.  

more...

 


Report: Mobile posts 11th fastest-growing income in nation

on October 23, 2013
 

MOBILE, Alabama - With a 14.2 percent increase in median earnings between 2007 and 2011, Mobile ranks 11th nationally among NerdWallet's cities with the fastest-growing incomes.

 

The report, released Tuesday, examined U.S. Census Bureau data for median earnings from 483 cities across the nation, and Mobile's figures increased from $23,121 in 2007 to $26,415 in 2011.

 

"A city that demonstrates yearly growth in the earnings of its workers provides a reassurance of its economic health and presents an opportunity for more growth in the future. Cities with significant median personal income growth over a longer period send a signal that the local economy is in an upward trend," the consumer finance website's report states.


more...

 

[al.com]



 




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