X wants to keep cluster of AI systems in Atlanta, receives $10M tax break

Posted on by Michael Randle

Despite opposition from residents, a Fulton County agency changed course this week and approved a roughly $10 million tax break over the next decade for X Corp., owned by billionaire Elon Musk.

 

The social media platform formerly known as Twitter says it is investing $700 million into artificial intelligence systems at an existing Atlanta data center on Jefferson Street.

 

The Development Authority of Fulton County (DAFC) on Tuesday voted 6-2 to approve the request.

 

This week’s decision followed a previous vote in December when the agency failed to grant the tax break by a tie vote of 4-4. Since then, DAFC Chairman Marty Turpeau died following a brief illness. He had opposed the request.

 

On Tuesday, X Corp. representative Dhurv Batura said the company would invest in new AI equipment in Portland, Oregon unless it got an incentive in Atlanta.

 

“We’ve got close to $200 million of equipment coming through in the next several months,” Batura said, adding the company is freeing up space in Oregon, where it has an existing tax abatement. But X would prefer keep the cluster of computers in Atlanta, he said.

 

Atlanta Business Chronicle

Read More

Why Tennessee ranks among top ten states to start a business in 2024

Posted on by Michael Randle

Tennessee ranks in the top ten for the best states to start a business in 2024, according to a new ranking from WalletHub.

 

The state has seen an influx of new residents and new companies, and several cities in Tennessee rank high in sole proprietorship. When it comes to starting a business, there are several factors to consider, including supplies and labor costs, accessibility of debt financing and overall business environment and competition.

 

The Wallethub study focused on three main areas: business environment, access to resources and business costs. Each of those categories were evaluated based on metrics such as job growth, GDP growth, working-age population growth and office space affordability.

 

The Tennessean

Read More

Gov. Beshear: Belmark To Locate New Manufacturing Operation in Allen County With Nearly $99 Million Investment Creating 159 High-Wage Jobs

Posted on by Michael Randle

FRANKFORT, Ky. (Jan. 25, 2024) – Today, Gov. Andy Beshear highlighted the continued momentum of the state’s manufacturing sector as Belmark Inc. – a manufacturer of printed pressure sensitive labels, flexible packaging and folding cartons – will locate a new operation in Allen County with a nearly $99 million investment creating 159 well-paying Kentucky jobs.

“There has never been a better time to locate, expand and do business in Kentucky than right now,” said Gov. Beshear. “Quality companies choosing Kentucky time after time is a testament to what this great state has to offer. Belmark’s decision to locate its new facility in the commonwealth will bring quality jobs to Allen County and add continued growth to Kentucky’s manufacturing sector. I want to thank Belmark’s leadership, and we’re looking forward to their company’s success here in the commonwealth.”

Belmark’s investment will see the company locate a new operation on 25 acres in Allen County. The new 156,000-square-foot flexible packaging plant will allow the company to increase manufacturing capacity and capabilities to better serve its customer base throughout the United States. The operation will be the company’s first facility in the commonwealth, with construction expected to begin in June 2025 and be completed in 2026. The 159 full-time jobs created by the project will pay an average wage of almost $37 per hour, including benefits.

“Belmark is a growth-minded, market-leading provider of label and total packaging solutions,” said Karl Schmidt, Belmark president and CEO. “We continually reinvest in our people and business to ensure a thriving, dependable company and a vibrant culture that supports our customers and the local communities where we operate. We are excited to expand with a new location and continue our growth with our new Allen County family.”

Founded in 1977, Wisconsin-based Belmark manufactures pressure sensitive labels, flexible packaging and folding cartons for customers in a broad range of markets. After 46 years of business, the company now employs over 1,300 people across seven facilities in De Pere and Shawano, Wisconsin, as well as in Phoenix, Arizona. The company is committed to creativity, innovation and problem-solving to help serve its customer base and advance the packaging industry forward.

Allen County Judge/Executive Dennis Harper said he is excited about the job opportunities Belmark’s project is bringing: “I am truly honored that Belmark Inc. has selected the Allen Springs Industrial Park in Allen County for its new expansion. This will provide more opportunities for our citizens to stay in Allen County and provide for their families. We look forward to a long partnership.”

Scottsville Mayor David Burch highlighted the company’s quality products and culture: “We are excited to welcome Belmark Inc. as an incredible partner. Their reputation of quality products and strong, caring culture will be a wonderful addition to our community.”

Adam Tabor, chairman of the Allen County-Scottsville Industrial Development Authority, is looking forward to a long and successful partnership between the company and community: “The announcement of Belmark Inc. is exciting news for Allen County-Scottsville. Belmark Inc. is a company with a strong community culture that produces exceptional value-added products. The Allen County-Scottsville Industrial Development Authority Inc. could not be more grateful and delighted to welcome Belmark Inc. to the great commonwealth of Kentucky, particularly Allen County-Scottsville.”

Paul Thompson, Tri-County Electric CEO, welcomed the company to the community and looked forward to supporting their success: “Belmark is a quality organization with a history of putting their employees first while focusing on the delivery of quality products. These attributes make their expansion into Allen County a perfect fit. Tri-County Electric welcomes them to our community and is excited to have the opportunity to support their continued success.”

John Bradley, Tennessee Valley Authority (TVA) senior vice president of economic development, noted the job opportunities and economic impact the investment will have: “TVA and Tri-County Electric congratulate Belmark on its decision to establish operations and create new job opportunities in Scottsville. We are proud to partner with Allen County-Scottsville Industrial Development Authority, Kentucky Cabinet for Economic Development, the city of Scottsville and Allen County to foster economic growth in the region and look forward to Belmark’s future business success here.”

Belmark’s investment and job creation build on the best four-year period for economic growth in state history.

Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling nearly $29.3 billion in announced investments, creating more than 51,700 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history.

Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling over $29.3 billion in announced investments, creating more than 51,700 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history.

The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.

Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Toyota’s $591 million investment in Scott County; and INFAC North America’s $53 million investment in Taylor County, among others.

The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.

Kentucky also secured rating increases from major credit rating agencies Fitch Ratings and S&P Global Ratings, and Moody’s Investors Service upgraded Kentucky’s credit outlook from stable to positive.

Site Selection magazine placed Kentucky first in the South Central region and top 5 nationally in its 2023 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.

Gov. Beshear announced a “Supply Kentucky” initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.

To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) on Thursday preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $2 million in tax incentives based on the company’s investment of $98.9 million and annual targets of:

  • Creation and maintenance of 159 Kentucky-resident, full-time jobs across 10 years; and
  • Paying an average hourly wage of $36.98, including benefits across those jobs.

Additionally, KEDFA approved Belmark for up to $500,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.

By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.

In addition, Belmark can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.

For more information on Belmark, visit belmark.com.

A detailed community profile for Allen County can be viewed here.

Read More

Myer Companies plans expansion project creating 26 jobs in Mobile County

Posted on by Michael Randle

MOBILE, Alabama — Myer Companies LLC plans to expand its Mobile County industrial operations with a new facility to house its coatings department, creating 26 jobs, according to the Mobile Chamber.

 

Myer, which offers engineering, fabrication, repair and other services to customers in several industries, plans to invest $2.6 million to construct a 10,000-square-foot steel building at its location on Blackburn Drive in Mobile County.

 

“With the latest and greatest technology and equipment, this new indoor paint and blast facility will allow our team to turn out finished products of unparalleled quality, and with the ability to do so in a very environmentally friendly way,” said Bradley Myer, chief development officer at Myer Companies.

 

“It’s an exciting day for the Myer team, and we can’t wait to see how this increase in capabilities and capacity can drive our entire organization forward,” he added.

 

 

Company representatives say the new facility will improve production by eliminating weather-related challenges in completing painting and blasting projects outdoors. At the same time, it will improve quality and open new markets and opportunities for growth.

 

“We applaud Myer on its dedication to excellence. This state-of-the-art facility not only symbolizes technological advancements but also a commitment to environmental responsibility.” Mobile Chamber President and CEO Bradley Byrne said.

 

The expansion’s 26 new full-time jobs are expected to be created over the next three years, according to the Mobile Chamber.

 

“Myer Marine’s new investment in its Mobile facility will not only create jobs and boost efficiency but also solidify the future of the company’s operations in Alabama’s Port City,” said Ellen McNair, Secretary of the Alabama Department of Commerce.

 

“We look forward to seeing Myer continue to grow and thrive in Mobile,” she added.

 

Myer plans to break ground on the project in March and begin operations in December 2024.

 

“Myer Marine’s investment in Mobile will not only create new jobs but propel the company into many more years of growth and success,” Mobile Mayor Sandy Stimpson said. “We are proud to support this expansion and look forward to a bright future together.”

 

ECO MATERIALS

 

In addition, the Mobile Chamber announced Eco Material Technologies plans a project to produce supplementary cementitious material (SCM) using coal ash from electric power generation. A low-carbon alternative to cement, SCM is used in many construction projects like roads and bridges.

 

The project includes $45 million in capital investment and creates 25 new full-time jobs, according to the Chamber.

 

Operations are scheduled to begin in January 2026 along Highway 43 in North Mobile County.

 

MadeInAlabama.com

Read More

Report: Biden administration could delay LNG plants, including controversial Louisiana project

Posted on by Michael Randle

In a potential victory for environmental advocates, the Biden administration is apparently putting pressure on a federal agency to delay approvals of U.S. liquefied natural gas export terminals, particularly a controversial plant on the southwest Louisiana coast, amid calls from environmentalists to stymie LNG projects altogether, according to a New York Times report.

 

The White House has told the Department of Energy to broaden its review of CP2 LNG to consider its impact on climate change, the New York Times reported, citing anonymous sources. The newspaper also reported that any changes to CP2’s review process would be applied to other LNG projects in the U.S. regulatory pipeline.

 

Department of Energy officials did not immediately respond to a request for comment.

 

Officials from Venture Global LNG, the company behind CP2, said the White House was attempting to “force policymaking through leaks to the media.” NOLA.com

Read More

Amazon Web Services plans to invest $10 billion, creating 1,000 jobs to establish data center complexes in Mississippi

Posted on by Michael Randle

JACKSON, Miss. (Jan. 25, 2024) – Amazon Web Services, Inc. (AWS) is investing $10 billion to establish multiple data center complexes in two Madison County industrial parks. The project is a planned $10 billion corporate investment and will create at least 1,000 high-paying, high-tech jobs.

This investment by AWS is the single largest capital investment in Mississippi history and four times the size of the previous largest economic development project.

AWS is the world’s most comprehensive and broadly adopted cloud. These data centers will enable customers of all sizes and across all industries, such as healthcare, manufacturing, automotive, financial services, public sector, telecom, and more, to transform their businesses. Millions of customers—including the fastest-growing startups, largest enterprises, and leading government agencies—are using AWS to lower costs, become more agile and innovate faster. The new data centers will contain computer servers, data storage drives, networking equipment,and other forms of technology infrastructure used to power cloud computing.

Mississippi Major Economic Impact Authority funds will be used to assist with infrastructure needs, workforce training and site development.

QUOTES

“Mississippi has done it again. This record-shattering $10 billion private sector investment will not only create 1,000 high-tech, high-paying jobs for Mississippians, but it will result in our state remaining at the forefront of innovation. Mississippi is building a business climate that is ripe for further growth, especially in the technology sector. On top of that, we’re doing what it takes to prepare our workforce to take on these high-paying jobs of the future. There really is something special happening here in Mississippi, and the world is noticing.” – Gov. Tate Reeves

“MDA is proud to have been instrumental in the successful culmination of this transformative $10 billion project. This monumental win underscores Mississippi’s attractiveness for major investments and signifies a boost to our economic landscape. The high-quality, good-paying employment opportunities AWS is bringing to Madison County exemplifies our commitment to creating a stronger Mississippi and advancing the overall well-being of our communities. MDA is excited about the numerous positive impacts AWS will have on the state’s growth and prosperity, and we thank the AWS team for its well-placed confidence in our business climate and workforce.” – MDA Executive Director Bill Cork

Since 2011, AWS has invested more than $108 billion in its infrastructure across the United States to support customers of all kinds, and across all industries, in their digital transformation. Building on this, we are excited to expand our operations into Mississippi through this planned $10 billion investment, which will tap into the burgeoning tech sector across the state to create new, well-paying jobs and boost the state’s Gross Domestic Product each year. We look forward to delivering new workforce development opportunities and educational programs that support the next generation of talent across the Magnolia State.” – Roger Wehner, AWS Director of Economic Development

“We’re excited to welcome AWS to Mississippi. This project demonstrates that our state has the robust infrastructure, business-friendly environment and available talent supply needed for a high-tech industry to thrive. It also demonstrates that our company is providing the affordable, reliable and diverse power necessary to help our state recruit new industry. From construction through operation, it will create jobs, lead to ancillary business expansion and help our communities grow. We were proud to partner with the Mississippi Development Authority, the Governor’s Office, the Madison County Economic Development Authority and state leaders to bring this transformative opportunity to our state.” – Haley Fisackerly, President and CEO of Entergy Mississippi

“Today’s announcement is one for celebration and recognition of the tremendous economic momentum in Mississippi. Governor Reeves and his team have charted a course to growing opportunity for the people of this state, and this project will allow more Mississippians to thrive in the most cutting-edge jobs anywhere on this planet. We can’t wait to do our part to help make that a reality.” – AccelerateMS Executive Director Ryan Miller

About Mississippi Development Authority

Mississippi Development Authority is the state’s lead economic and community development agency. MDA focuses on new business recruitment, existing business expansion, workforce training, and tourism promotion. For more information, visit MDA’s website at mississippi.org.

Read More

Gov. Beshear Joins Tyson Foods for Grand Opening of $355 Million Facility in Bowling Green, Creating Nearly 450 Full-Time Jobs

Posted on by Michael Randle

BOWLING GREEN, Ky. (Jan. 25, 2024) – Today, Gov. Andy Beshear joined local officials and leaders from Tyson Foods for the grand opening of the company’s new, state-of-the-art food production facility at Bowling Green’s Kentucky Transpark. The $355 million plant will create nearly 450 full-time jobs and is among the largest investment, job-creation projects announced in Warren County.

“The economic success we’ve seen in Warren County in the last several years has been impressive,” said Gov. Beshear. “Tyson Foods has played a key role in Bowling Green’s economy for years, and today’s grand opening marks an exciting next chapter in the company’s long history serving the commonwealth. I want to thank Tyson Foods and its leadership for their continued belief in this great state and look forward to their continued success in Kentucky.”

Spanning 400,000 square feet, the facility is dedicated to producing popular Tyson Foods brands – Jimmy Dean and Wright Brand bacon – as well as bacon for food service. The plant is expected to output over two million pounds of bacon products each week, meeting escalating demand in retail and food service. Equipped with industry-leading technology, the advanced production facility features high-tech robotics for increased efficiency and workforce safety.

The nearly 450 new jobs created by the project will contribute to the local economy and workforce development. Tyson Foods has partnered with Western Kentucky University and Southcentral Kentucky Community and Technical College (SKYCTC) to establish training programs that will equip the workforce with the skills needed in modern food production.

“We are excited to partner with the state of Kentucky to create jobs, improve workforce skills and contribute to the community of Bowling Green and Warren County,” said Donnie King, president and CEO of Tyson Foods. “We are grateful for the partnerships that made our advanced new food production facility possible.”

Tyson Foods Inc. is one of the world’s largest food companies and a recognized leader in protein production. Founded in 1935 by John W. Tyson and grown under four generations of family leadership, the company has a broad portfolio of products and brands, including Tyson, Jimmy Dean, Hillshire Farm, Ball Park, Wright Brand, Aidells, ibp and State Fair. Tyson Foods innovates continually to make protein more sustainable and affordable, meeting customers’ needs worldwide. Headquartered in Springdale, Arkansas, the company employs approximately 139,000 team members.

Warren County Judge/Executive Doug Gorman expressed his excitement for the project becoming operational: “The opening of Tyson Foods’ state-of-the-art facility is a landmark event for Warren County. It’s a symbol of economic growth and community development, promising a brighter future for our residents.”

Bowling Green Mayor Todd Alcott noted the economic impact this project will bring to the area: “Tyson Foods’ decision to build this advanced facility here is a significant vote of confidence in our community. This plant not only brings new jobs but also reinforces Bowling Green’s reputation as a desirable location for leading global companies.”

Ron Bunch, president and CEO of the Bowling Green Area Chamber of Commerce, expressed his enthusiasm for the project: “The grand opening of Tyson Foods’ facility is a landmark moment for Bowling Green. It’s more than just a new building; it’s a beacon of economic transformation and a testament to our community’s potential for growth and innovation.”

Tyson Foods’ investment and job creation build on the best four-year period for economic growth in state history.

Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling nearly $29.3 billion in announced investments, creating more than 51,700 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history.

The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.

Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Toyota’s $591 million investment in Scott County; and INFAC North America’s $53 million investment in Taylor County, among others.

The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.

Kentucky also secured rating increases from major credit rating agencies Fitch Ratings and S&P Global Ratings, and Moody’s Investors Service upgraded Kentucky’s credit outlook from stable to positive.

Site Selection magazine placed Kentucky first in the South Central region and top 5 nationally in its 2023 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.

Gov. Beshear announced a “Supply Kentucky” initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.

To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority in October 2021 preliminarily approved an incentive agreement with the company under the Kentucky Business Investment program.

Additionally, KEDFA approved Tyson Foods for further incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.

By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.

In addition, Tyson Foods can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.

For more information on Tyson Foods, visit TysonFoods.com.

A detailed community profile for Warren County can be viewed here.

Read More

Governor finalizes deal for second-largest economic development project in Mississippi history

Posted on by Michael Randle

Gov. Tate Reeves today signed legislation to finalize the second-largest economic development project in Mississippi history. The economic development project also represents the largest payroll commitment of any major project in state history.  “I was proud to sign legislation finalizing the largest payroll commitment of any major project, and second largest economic development project in Mississippi history,” said Governor Tate Reeves. “We’ve been laser-focused on attracting new companies and quality jobs to our state, and that’s what this project does. This is yet another massive win for Mississippi.”

A joint venture between Accelera by Cummins, the zero-emissions business unit of Cummins Inc., Daimler Trucks & Buses, and PACCAR, is locating advanced battery cell production operations in Marshall County. The company will manufacture battery cells for electric commercial vehicles and industrial applications, creating quality manufacturing jobs in the growing clean technology sector.

The project will include a $1.9 billion corporate capital investment and create 2,000 jobs. The average salary of these jobs is approximately $66,000. At $1.9 billion, it is the second largest capital investment in state history. The average annual salary expectations of the jobs are almost $20,000 more than the current average annual salary in the state.

MagnoliaStateLive

Read More

Georgia’s governor says more clean energy will be needed to fuel electric vehicle manufacturing

Posted on by Michael Randle

ATLANTA (AP) — Georgia, a capital for electric vehicle production, needs to increase its supply of electricity produced without burning fossil fuels in order to meet industries’ demand for clean energy, Gov. Brian Kemp told world business leaders Thursday.

Speaking as part of a panel focused on electric vehicles at the World Economic Forum in Davos, Switzerland, the Republican governor highlighted the construction of the Georgia Power’s two new nuclear reactors at Plant Vogtle, near Augusta — the country’s first new reactors in decades.

“We’ve done as much as anybody in the country … but we’re going to have to have more,” Kemp said, although he did not call for closing any current power plants that burn coal, natural gas or oil.

Associated Press

Read More

Defense giant Lockheed Martin leases 130K-plus square feet in Fort Worth

Posted on by Michael Randle

Defense and aerospace giant Lockheed Martin Corp. appears to be expanding in Fort Worth.

 

Lockheed Martin (NYSE: LMT) signed a lease for 136,165 square feet of industrial space at Fort West Commerce Center at 3101 NW Centre Drive in Northwest Fort Worth, according to Dallas-based real estate firm Holt Lunsford Commercial.

 

The newly built, three-building industrial park along Interstate 820 includes 531,601 square feet of space on about 32 acres.

 

The company said the new space will primarily be used as a storage facility.

 

The Maryland-based company has been pumping out aircraft from its Fort Worth factory about seven miles away at 1 Lockheed Blvd. since World War II.

 

The plant specializes in the production of the F-35 fighter aircraft and employs about 18,000 workers, according to a report last year from the U.S. Department of Energy.

 

A defense appropriations bill approved by the U.S. House in September included funding for production of 86 new F-35 aircraft out of the Fort Worth plant, according to the Fort Worth Star-Telegram.

 

Dallas Business Journal

Read More