March 19, 2024 - Southern Business & Development

$230 million broadband project to give lift to Selma, Ala., Black Belt counties

Posted on March 19, 2024October 25, 2024 by Michael Randle

Major new investments aimed at expanding high-speed internet service across Alabama are poised to give many rural communities an important tool to better compete for job-creating projects and to fuel economic growth.

The latest evidence: Selma, Demopolis and 15 other cities in Alabama’s “Black Belt” region will soon be able to connect to a new lightning-fast fiber-optic network being rolled out by Meridiam, an infrastructure investment firm.

The firm announced this month it will develop, build and manage the network that will eventually enable fiber broadband to 53,000 households and businesses across more than 300 miles in Central Alabama. Private investment in the project will total $230 million.

MadeInAlabama.com

Clarksville, Tenn. the No. 4 city in the country for millennial homebuyers

Posted on March 19, 2024October 25, 2024 by Michael Randle

Millennials are flocking to this Middle Tennessee city.

The National Association of Realtors recently released a report analyzing the median age of homeowners in the nation’s 200 largest cities.

The report found the Midwest has the youngest homebuyers, at 39, with North Dakota leading the way with a median age of 34.

The report also analyzed the number of millennial and Gen Z residents who purchased a home in 2022 — one local city rose to the top.

Clarksville comes in at No. 4 for cities with the most millennial buyers, with a 67.3% share of buyers in that age bracket.

The report points to affordability and job opportunities as reasons the top cities are attractive to millennials.

Nashville Business Journal

More flights, bigger aircraft: Louisville Muhammad Ali International Airport preps for Kentucky Derby 150

Posted on March 19, 2024October 25, 2024 by Michael Randle

With 50 days and counting until the big race, Louisville Muhammad Ali International Airport (SDF) is gearing up for Kentucky Derby 150 with increased capacity on more flights, larger aircraft and additional nonstop service.

More than 34,000 arriving seats are scheduled for Wednesday, May 1, through Friday, May 3, with a combined 16 nonstop routes added specifically for Derby, according to a news release from the Louisville Regional Airport Authority (LRAA).

“Derby is always SDF’s busiest time of year, and this year is no exception,” said Dan Mann, executive director of LRAA. “Our team has been in constant communications with the airlines about the significant increases we can expect for the 150th anniversary and plans are in place for what we believe could be a record year for SDF.”

Louisville Business First

Braves games among MLB’s hottest tickets in 2024, says StubHub

Posted on March 19, 2024October 25, 2024 by Michael Randle

Atlanta Braves tickets are among the hottest in Major League Baseball this season.

The Braves have the third-highest demand for tickets in the majors, according to a report from StubHub, the international ticket buying and selling platform. StubHub analyzed ticket sales on the platform to determine demand going into the 2024 MLB season.

Sales for Braves tickets on StubHub are 34% higher compared with the same time last year, according to the report.

The Los Angeles Dodgers, with new star Shohei Ohtani, and the New York Yankees, MLB’s winningest franchise, are first and second, respectively, in ticket demand. The Philadelphia Phillies and Chicago Cubs round out the top five.

MLB sales on StubHub are up by more than 60% compared to the same time last year, according to StubHub.

Atlanta Business Chronicle

Demand for Atlanta retail space outpaces supply, per Colliers report

Posted on March 19, 2024October 25, 2024 by Michael Randle

From fast-food to fine dining and medical spas to pickleball, Atlanta is a top target for restaurants and retailers in expansion mode.

But there isn’t enough space to go around for everyone.

Approximately 3.4% of retail space in the metro area is vacant, a record low for the market and a continuation of the mismatch between supply and demand that has persisted for years, according to a fourth-quarter report from commercial real estate services firm Colliers International.

“It is the most competitive market I’ve ever seen in my career,” said Amy Fingerhut, who has worked in the commercial real estate industry for more than two decades.

Atlanta is appealing to retailers and restaurants for its strong population growth, cost of living, weather and relatively low minimum wages, said Fingerhut, senior vice president in CBRE’s Atlanta Retail Services Group.

Atlanta Business Chronicle

Third-part logistics provider FreezPak Logistics to establish new operation in Virginia

Posted on March 19, 2024October 25, 2024 by Michael Randle

Governor Glenn Youngkin today announced that FreezPak Logistics, LLC, a leading provider of full-service cold and dry storage services, is investing $77.5 million to construct a 245,000-square-foot cold storage facility in the City of Suffolk to serve the Mid-Atlantic region via The Port of Virginia. Virginia competed with Georgia and North Carolina for this project, which will create 80 new jobs.

“FreezPak’s decision to locate in the City of Suffolk demonstrates that Virginia is a supply chain destination, and its new facility will allow it to serve the entire Mid-Atlantic region,” said Governor Glenn Youngkin. “All of FreezPak’s products will go through The Port of Virginia, a logistical advantage that will increase efficiency and increase its direct access to markets. This is a win for FreezPak, The Port of Virginia, and the Commonwealth.”

“FreezPak’s decision to locate in the Commonwealth is a recognition of Virginia’s strategic location, world-class infrastructure, and the immediate access The Port of Virginia provides the company to reach its core customers,” said Secretary of Commerce and Trade Caren Merrick. “We look forward to FreezPak’s growth and success in the City of Suffolk.”

VEDP

VW is reviving a storied American brand in South Carolina to sell electric SUVs

Posted on March 19, 2024October 25, 2024 by Michael Randle

When Volkswagen decided to relaunch the Scout SUV brand it took a very unusual step. It created a new subsidiary company to design, build and sell vehicles targeted, almost entirely, at a single market: the United States.

Its status as a subsidiary of Volkswagen Group, similar to Audi and Porsche, gives some indication of just how important this project is to VW. The revived and revamped Scout Motors will introduce its new brand of all-electric off-road-capable SUVs, kind of like Rivian.

But VW is banking on something Rivian doesn’t have, a backstory. An avid fanbase in America fondly remembers Scout. Here, it was one of the pioneering SUV brands, and its original models are collectibles today.

So, just as it’s doing with the Volkswagen ID. Buzz, an electric update of the classic hippie bus, VW is touching on nostalgia to reach a new generation of car buyers. This time, though, it’s an American thing. Germans wouldn’t understand. Or so you might think.

CNN Business

Greater Nashville area grew by 86 people a day in 2023, Chamber of Commerce says

Posted on March 19, 2024October 25, 2024 by Michael Randle

Nashville’s population surged in 2023 – by 86 people a day to be exact.

According to recent population estimates from the United States Census Bureau, the Nashville Metropolitan Statistical Area added a total of 31,554 to its population through natural population changes as well as more people coming from other parts of the country.

The Nashville MSA population, which includes Davidson, Murfreesboro and Franklin, is believed to be 2,102,573 per the July 1 Census Bureau estimate.

The Nashville Area Chamber of Commerce said Thursday that the addition of 31,554 people, compared to 2022’s 2,071,019 estimate, equates to about 86 people a day. The Tennessean

Economic Development Around the State of Georgia

Posted on March 19, 2024October 25, 2024 by Michael Randle

Italian EVs: Italian electric car manufacturer Imola Automotive USA is establishing a manufacturing plant on 195 acres in Fort Valley. The company plans to break ground by the third quarter of 2024 and open within 20 months, eventually employing 7,500 people.

Green Jet Fuel: LanzaJet Freedom Pines Fuels opened the world’s first alcohol-to-jet sustainable aviation fuel (SAF) production facility in Soperton. The $70 million facility, which will employ more than 250, will produce 10 million gallons a year of SAF and renewable diesel from low-carbon, sustainable and certified ethanol that meets U.S. and global standards.

Columbus Manufacturing: Semiconductor manufacturer Micromize is opening its headquarters and first manufacturing facility in Columbus. The company, which specializes in energy-efficient electronics for wearables and mobile devices, will bring 20 to 25 jobs to the area.

Georgia Trend

Industrial steel processor to locate operations to Hickory, N.C. with $30 million investment

Posted on March 19, 2024October 25, 2024 by Michael Randle

Steel Warehouse Company, a leading steel service center, will create 58 new jobs in Catawba County. The company will invest more than $30.5 million to locate a state-of-the-art facility in the City of Hickory.

“North Carolina’s reputation as the best state for business continues to attract industry leaders to operate in our state,” said Governor Cooper. “Our central East Coast location, affordability, and world-class workforce will greatly benefit Steel Warehouse in this next phase of growth in Hickory.”

Steel Warehouse Company, a family-owned steel solutions provider and service center, boasts a rich 75-year heritage in the steel industry. Possessing deep metallurgical and engineering expertise, the company is headquartered in Indiana and operates 15 locations across the United States, Mexico, and Brazil. Distributing over two million tons of coil, sheet, and plate annually in hot- and cold-rolled materials, Steel Warehouse caters to a diverse range of industries including aerospace, agriculture, automotive, construction, energy, and transportation. The company is renowned for its experience in managing inventory and providing just-in-time shipments, ensuring timely and efficient delivery to meet customer needs. The latest expansion in Hickory is set to be an innovative operation, featuring enhanced processing capabilities designed to bolster the region’s industrial supply chain.

EDPNC