Texas employment forecast predicts 348,000 new jobs this year

The year is coming to a close, but Texas job growth isn’t finished yet. A new forecast from the Federal Reserve Bank of Dallas indicates Texas will end the year with over 348,000 new jobs, with almost 40,000 of those added last month alone.

The report from the Federal Reserve states that the bank’s forecast is based on “an average of four models that include projected national gross domestic product, oil futures prices and the Texas and U.S. leading indexes.”

The forecast estimates jobs will increase by 2.5% by the end of 2024, with 348,900 jobs added in the state this year. The forecast also has a confidence band of 2.3% to 2.7%. Employment in December 2024 is expected to hit 14.4 million jobs, with 3% growth expected for the remainder of the year. San Antonio Business Journal

Duracell eyes Georgia Tech’s Science Square for new R&D facility

One of the largest U.S. battery manufacturers is in talks to bring a research and development facility to a new $1 billion project at Georgia Tech, another sign Georgia is becoming a hub for battery technology. 

Chicago-based Duracell Inc. could bring 110 jobs to the life sciences district Science Square, said sources with knowledge of the deal. The Development Authority of Fulton County is expected to consider incentives to help lure the project to Atlanta during a meeting on Oct. 22. It’s listed on an agenda under the code name “Project Phoenix,” which sources confirmed is the potential deal with Duracell. Atlanta Business Chronicle

Raleigh company will move to Eastern NC, open new factory

Fertilizer startup Phinite is planning a $5.5 million manufacturing facility in Turkey, North Carolina, a small town that in the coming months will become the Raleigh company’s new headquarters.

Phinite is moving into a 69,000-square-foot facility that used to house Allen Canning Company. The site, vacant for a decade, was picked due to its proximity to Interstate 40 and railroads. The goal is to have sustainable, odorless fertilizer made from pig manure coming off the production lines next year.

The facility upfit is being supported by a state Building Reuse Grant worth $180,000. In the next 18 months, the company plans to hire 23 employees.

“Most of them will be in Sampson County with the processing facility,” CEO Jordan Phasey said. Triangle Business Journal

$6 million investment will create 43 new jobs in rural S.C.

COLUMBIA, S.C. – Maxwood Furniture, a manufacturer and distributer of solid wood furniture, today announced it is expanding its operations in Marion County. The company’s $6 million investment will create 43 new jobs.

Headquartered in Charleston County, Maxwood Furniture is a family-owned and -operated company that designs, manufactures and distributes solid wood furniture products. The company offers distinct product lines and custom furniture design for customers globally.

Maxwood Furniture will expand its existing distribution center located at 720 West Liberty St. in Marion.Operations are expected to be online in the third quarter of 2028. Individuals interested in joining the Maxwood Furniture team should email resumes to HR@maxwoodfurniture.com. South Carolina Department of Commerce

Atlanta office leasing rebounds as bigger deals return

More Atlanta companies are rekindling plans to lease office space, adding momentum to hopes for a sustained recovery in the local office property sector.

Some 2.2 million square feet was leased in Atlanta during the third quarter, a 29% increase year over year, according to commercial real estate services firm Savills US. Another report from Jones Lang LaSalle recorded eight deals of at least 90,000 square feet. Leasing activity is on course to outpace 2023, JLL said.CBRE reported only 1.5 million square feet of leasing activity, but said about three-fourths of the volume was generated by new deals. It highlights a slow recovery in tenant engagement, CBRE said. Atlanta Business Chronicle

Georgia Power lands federal grant to modernize its electric grid

Georgia Power, the state’s largest electric utility, will receive a $160 million federal grant to help fund transmission upgrades the company says will allow its system to better withstand extreme weather and allow for smoother integration of renewables, like solar.

The grant money announced Friday comes from the U.S. Department of Energy’s Grid Resilience and Innovation Partnerships Program, which was created by the Bipartisan Infrastructure Law passed in 2021. Georgia Power’s slice is part of a larger, $10.5 billion pot of funding set aside by the law to help modernize the country’s electric infrastructure.

White House National Climate Advisor Ali Zaidi said in a statement last week that recent hurricanes have illuminated the urgent need for electricity infrastructure upgrades. In the immediate aftermath of Hurricane Helene’s pass through Georgia, more than 1.7 million electricity customers statewide, including those served by not-for-profit cooperatives, were left without power. “We need our grid better adapted to storms like hurricanes Helene and Milton and other extreme climate disasters like the wildfires out west,” Zaidi said. “We need our grid better wired to accelerate America’s manufacturing renaissance and leadership in artificial intelligence. We need our grid better able to bring online cheaper, cleaner power.” Atlanta Journal Constitution

Empty office space in Nashville to escalate amid massive dump of new supply

There could be a lot of empty office space in Nashville starting next year.

More than 2 million square feet of office space is set to deliver by the end of 2025, which is expected to increase overall vacancy across the market, according to JLL’s Q3 office report.

Office vacancy was just above 20% at the end of last quarter, which was slightly down from the same time last year. But that percentage will likely climb towards the end of this year and into the next.Asurion listed a three-floor sublease this quarter which caused Midtown to see its first increase in vacancy in a year-and-a-half, according to Cushman & Wakefield’s Q3 office report. AT&T also dropped three floors of office space in the “Batman Building” as part of a recent lease renewal. Nashville Business Journal

Georgia in talks to land battery manufacturing innovation center in Atlanta

Georgia leaders are attempting to recruit a battery manufacturer to open an innovation center in Atlanta, a deal that could involve a Fulton County agency granting the company hundreds of thousands of dollars in tax incentives.

The Georgia Department of Economic Development is trying to woo a “state-of-the-art global innovation center” with 110 workers by an undisclosed battery company, according to a Development Authority of Fulton County meeting agenda. The agency, rebranded as Develop Fulton and commonly known as DAFC, will consider whether to approve a nearly $870,000 tax break to the battery company during its scheduled Tuesday meeting.

Using the code name “Project Phoenix,” the innovation center recruitment effort is shrouded in mystery with few public details, but it would add another battery-related project to Georgia’s fast-growing e-mobility and electric vehicle sector. Atlanta Journal Constitution.

Anderson-Dubose Company to establish distribution center in Tennessee

NASHVILLE, Tenn. – Tennessee Gov. Bill Lee, Department of Economic and Community Development Commissioner Stuart C. McWhorter and The Anderson-DuBose Company officials announced today the company will invest nearly $40 million by locating its first operations in Tennessee.

Anderson-DuBose will locate a new distribution facility in Jefferson City, which will house 80 new jobs upon completion of the project.

This is the first location Anderson-DuBose will have in Tennessee. The company is a major distributor for McDonald’s, and this new facility is expected to support up to 450 restaurant locations throughout the region.

The Anderson-DuBose Company started in 1991 with the acquisition of a McDonald’s distribution center. Since then, the company has experienced significant growth globally.

Since 2020, TNECD has supported more than 50 economic development projects in East Tennessee, resulting in approximately 10,000 job commitments and more than $3 billion in capital investments. Tennessee Department of Economic & Community Development

Lockheed Martin in Marietta to build ‘hurricane hunter’ aircraft for NOAA

As hurricanes become more severe and dangerous, Lockheed Martin in Marietta will play a role in improving research for forecasts by building more advanced “hurricane hunter” aircraft.

The National Oceanic and Atmospheric Administration has tapped Lockheed Martin to build C-130J Super Hercules aircraft that will be specially-equipped as hurricane hunters to fly straight into storms with specialized instruments to gather data.
“Our climate is changing significantly. Severe weather is happening more frequently, and as a result, we need more capabilities,” said U.S. Deputy Commerce Secretary Don Graves, who toured the Lockheed Martin plant in Marietta on Tuesday. The research from hurricane hunter aircraft “gives us the ability to understand how these storms form, how they develop, and the impact that they have on communities.” Atlanta Journal Constitution