July 8, 2024 - Southern Business & Development

Company plans to add 160 jobs in Lake Charles, La.

Posted on July 8, 2024October 25, 2024 by Michael Randle

A Port of Lake Charles company will invest $3.5 million in its facility over the next three years, a move that will result in 160 new jobs.

Process Service Specialists, a specialty industrial mechanical contractor, will make the updates to provide commercial and industrial steel, piping and comprehensive services to customers around the world, particularly in the semiconductor, solar panel, petrochemical and energy industries, officials with Louisiana Economic Development announced.

Average pay for the new jobs will be $100,000. LED also predicted over 300 indirect jobs as a result.

“This expansion is a powerful illustration of the ripple effect that manufacturing investments have on our state’s economy, resulting in more than 300 additional jobs that support the work being done at this new facility,” LED Secretary Susan B. Bourgeois said. “This project is a win, not only for 160 new PSS employees with the opportunity for ever-growing wages, but for the economic activity that will be stimulated across the city, parish and region.” Baton Rouge Advocate

Jeff Landry appears at controversial Louisiana plant, challenges federal rule on cancer risk

Posted on July 8, 2024October 25, 2024 by Michael Randle

Gov. Jeff Landry appeared at one of the country’s most controversial chemical plants on Monday to announce his administration’s legal challenge to a new federal rule aimed at reducing cancer risks, but which he says will unnecessarily hurt jobs and the economy.

The U.S. Environmental Protection Agency rule, announced by the Biden administration in April, would require major emissions reductions from plants up and down the Mississippi River and elsewhere in the state and nation.

The rule would cut emissions of six likely human carcinogens from 51 chemical plants and refineries in Louisiana and, across the nation, eliminate tens of thousands of tons of toxic and smog-forming air pollutants. The smog reductions alone would save nearly $770 million in health costs, federal regulators say.

Flanked by the state’s attorney general, environmental chief and others, however, Landry decried EPA’s application of the new rule on Denka Performance Elastomer, a Reserve chemical plant that has been the frequent focus of the Biden administration. He also detailed new legal action against the federal agency.

NOLA.com

Beshear visiting Japan, Korea to recruit more investment, jobs

Posted on July 8, 2024October 25, 2024 by Michael Randle

FRANKFORT, Ky. — Gov. Andy Beshear is taking an economic development trip later this week to Japan and the Republic of Korea to seek new jobs for the state. He will meet with leaders at companies with existing Kentucky operations as well as businesses considering future investment in the United States., The Governor will be joined by First Lady Britainy Beshear, Cabinet for Economic Development Secretary Jeff Noel, Transportation Cabinet Secretary Jim Gray and other members of the executive branch as Team Kentucky meets with companies and trade organizations to determine future investment and job-creation opportunities in the state.

The Kentucky delegation will meet with the Keidanren Committee on U.S. Affairs along with several existing Kentucky employers and potential prospects.

Gov. Beshear and Secretary Gray will also be meeting with the National Police Agency of the Republic of Korea to sign a Driver’s License Reciprocity Agreement. This agreement allows employees relocating to the United States for an extended period to have effective transportation to jobs and to ease their transition to the United States.

The visit comes after a record-breaking first term in economic development for Beshear, which included the highest private-sector investment figure of any administration in state history. Since the start of Beshear’s administration, 88 projects have been announced by companies based in Asia, representing nearly $13 billion investment and 13,000 new jobs.

Kentucky has nearly 540 internationally owned operations that employ more than 117,000 people statewide. The commonwealth is home to 200 Japanese-owned facilities that employ 47,000 people and seven Korean-owned facilities that employ 1,200 people.

“There is no better place to do business in the United States than right here in Kentucky, and this visit will allow us to share that message directly with business leaders in Japan and Korea,” Gov. Beshear said. “We look forward to meeting with existing employers and developing new relationships that will bring good jobs to the commonwealth.”

Team Kentucky’s economic development mission to Asia seeks to builds on the best four-year period for economic growth in state history.

During his four and a half years in office, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling nearly $32 billion in announced investments, creating more than 54,700 jobs.

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.

The announcements include 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 $1.3 billion investment in Scott County; and INFAC North America’s $53 million investment in Taylor County, among others.

The Governor’s administration has presided over 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.

In March, Site Selection magazine ranked Kentucky third nationally and first in the South Central economic development projects per capita in its 2023 Governor’s Cup rankings. In April, Site Selection placed Kentucky second in the South Central region and top 10 nationally in its 2024 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.

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.

Information on Kentucky’s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.

Hurricane Beryl makes landfall south of Houston area, knocking out power to around 2M

Posted on July 8, 2024October 25, 2024 by Michael Randle

The storm will weaken as it continues to moves inland, but strong winds and heavy rains are passing right through the greater Houston area this morning. In addition to hurricane, tropical storm and storm-surge warnings, there are also multiple flood watches and warnings across the area. The City of Houston Office of Emergency Management and other officials have warned residents to stay off roadways.

As of 5:59 a.m., Houston-based CenterPoint Energy Inc. (NYSE: CNP) reported 533,831 customers affected by 2,308 active outages. As of 6:38 a.m., that had shot up to 966,465 customers affected by 2,890 outages. Entergy Texas — which covers eastern portions of the Houston area to the Louisiana border and is thus less affected than CenterPoint’s coverage area currently — reported 18,412 affected customers as of 6:50 a.m.

Outages are expected to continue rising before Beryl moves out of the area later today.

Acting Gov. Dan Patrick added 81 counties to the state’s Hurricane Beryl Disaster Declaration on Saturday, July 6, as the storm track shifted north toward the Houston area. That brought the total to 121 counties. Patrick took on the acting role to lead Texas through the hurricane while Gov. Greg Abbott is overseas leading a week-long trip to Asia to meet with business and government leaders in Taiwan, South Korea and Japan.

Houston Business Journal