Clean technology sector gets tested in Georgia

Posted on by Michael Randle

In May, José Muñoz, president and global chief operating officer of Hyundai Motor Co., responded to market realties when he announced besides electric vehicles the company would consider making hybrid ones at its $7.5 billion plant near Savannah.

The EV market was entering a new phase, analysts said. Demand from early adopters of the new automotive technology had led to record sales.

But after peaking in 2022, demand was slowing. EV skeptics had to be won over, according to Cox Automotive.

About a week after Muñoz spoke about the shift in strategy, Cox released a report showing only 45% of consumers in the market for a new vehicle over the next year are considering an EV. That was down from 51% the year before.

The data was also a reminder of the stunning news earlier this year that Rivian was suspending construction of its Georgia plant east of Atlanta along Interstate 20 and shifting production to Normal, Illinois. There it would focus on an SUV with a more affordable $45,000 starting price. Atlanta Business Chronicle

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Qcells to receive federal support to build solar panel factory in Cartersville, Ga.

Posted on by Michael Randle

A massive industrial project in northwest Georgia is receiving a hefty financial boost from the federal government. 

The U.S. Department of Energy announced Thursday morning that it will extend a loan guarantee of up to $1.45 billion to Qcells, a South Korean-based manufacturer of solar energy technology, to support the building out of its solar panel manufacturing facility in Cartersville.

The facility will be the United States’ first fully integrated silicon-based solar manufacturing plant in more than ten years, per the Department of Energy. It will also be the largest factory producing ingots and wafers — key parts of the panel-manufacturing process — ever to be built in the U.S.

The plant first began producing solar panels earlier this year and is estimated to become fully operational in 2025. Atlanta Business Chronicle

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Eastman Aerospace Park Certified ‘Ready for Accelerated Development’

Posted on by Michael Randle

The Georgia Department of Economic Development (GDEcD), in cooperation with Dodge County-Eastman Development Authority (DCEDA), today announced that the Eastman Aerospace Park has earned a “Georgia Ready for Accelerated Development” (GRAD) certification with “Select” status. The site’s new “GRAD Select” status provides an additional seal of approval that makes it especially attractive for future industrial development.

“As suppliers in key industries such as automotive and aerospace seek to expand in Georgia or the Southeast, they are following major interstates, including I-16 and I-75, into central Georgia,” said GDEcD Commissioner Pat Wilson. “Communities such as Dodge County offer unique assets in terms of available sites, workforce development programs, and more that benefit manufacturers, and we applaud them for the preparation they have put into getting this site ready for business and job creation.”

The 70-acre Eastman Aerospace Park is located at 657 Airport Road in Eastman. The site is adjacent to the Heart of Georgia Regional Airport and centrally located within the state about an hour’s drive from Macon. Eastman is approximately a two-and-a-half-hour drive from the cities of Atlanta, Brunswick, or Savannah – home to Hartsfield-Jackson Atlanta International Airport, the Port of Brunswick, and the Port of Savannah, respectively. Georgia.org

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Airbus, Mobile celebrates 500th Alabama-made aircraft amid continued supply chain crunch

Posted on by Michael Randle

Supply chains for engines and aircraft components continues to frustrate airlines waiting on Airbus and Boeing to assemble their planes and deliver them to customers.

Airbus had to roll back its production ramp up expectations earlier this summer, despite a global order backlog of its A220 and A320-family of planes that is the equivalent of around 13 years. Boeing, itself, is struggling with a crisis for in-flight blowouts of its 737 Max.

But despite struggles with the global aerospace industry, the European-based company’s North American operations were in a celebratory mood on Thursday. During an event in Mobile, officials with the company and with the city and county expressed optimism toward continued growth while embracing a past that has seen the once-forgotten Brookley Aeroplex transformed into Alabama’s aerospace manufacturing hub. AL.com

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Frito-Lay distribution center to bring 50 jobs, $8 million investment to one of Alabama’s poorest cities

Posted on by Michael Randle

A new distribution center is expected to bring 50 new jobs to one of Alabama’s poorest cities by June 2025.

The announcement came Monday by the Mobile Chamber that Frito-Lay North America, a division of PepsiCo. Inc., is building a 25,000-square-foot distribution center in the northwestern part of Prichard.

“This development underscores the economic vitality of our region and the strategic advantages we offer for logistics and distribution operations,” said Mobile Chamber president and CEO Bradley Byrne in a statement.

“We are excited about the job opportunities and economy growth this will bring.” AL.com

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Amazon’s economic impact on Kentucky, Indiana

Posted on by Michael Randle

Amazon.com Inc. is a massive company — currently ranking No. 5 in market cap in the U.S. at over $1.7 trillion and annual revenue of more than $600 billion.

And it’s had a big impact on Kentucky and Indiana as well.

Recently, the company released its annual economic impact report. Here’s what it revealed about its investments in the two states:

Kentucky

  • $43 billion — invested in Kentucky since 2010, including infrastructure and compensation to employees
  • $39 billion — added into Kentucky’s Gross Domestic Product
  • 22,000 — full- and part-time jobs created in Kentucky (as of January)
  • 50,300 — indirect jobs supported on top of direct hires in the state (based on Input-Output methodology developed by the U.S. Bureau of Economic Analysis)
  • 3,000+ — independent sellers — most of which are small and medium-sized businesses — in Kentucky, selling in Amazon’s store.
  • Amazon’s main investments in Kentucky include: 11 fulfillment and sortation centers; five delivery stations; one Air Hub; two Whole Foods Market locations; four solar farms; and one on-site solar location. Louisville Business First
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Giarratana reveals new name, renderings of 60-story Nashville tower

Posted on by Michael Randle

Three years after announcing his most ambitious project to date, Tony Giarratana is rebranding his 60-story tower.

“Paramount” will be the name of what is slated to be Tennessee’s tallest tower.

After using “1010” as the working name since 2021, Giarratana unveiled the new name and renderings of his latest Church Street project as pre-sales begin for the tower’s condo units.

“We were drawn to the name ‘Paramount’ because the tower will be the tallest in Nashville’s skyline upon completion and because it evokes an overwhelmingly positive feeling,” Giarratana told the Business Journal.Paramount, which will rise at 1010 Church St., was conceived when Giarratana responded to a request for proposal (RFP) to renovate the downtown YMCA facility with the opportunity to redevelop a portion of the larger property. Giarratana paid $26 million for the 0.71-acre site in 2022. Nashville Business Journal

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A Pittsburgh-based pharmacy company plans to open distribution center in Collierville, Tenn.

Posted on by Michael Randle

A Pittsburgh-based pharmaceutical manufacturing firm plans to open a new Collierville distribution center in the early first quarter of 2025 and eventually bring 120 jobs to the town.

PANTHERx Rare Pharmacy, state and local leaders made the official announcement Wednesday during an event at Collierville Town Hall. Jamie Stitt, assistant commissioner of business and workforce development for the state of Tennessee, said PANTHERx Rare Pharmacy plans to make a $4 million capital investment in Collierville.

“This company will complement and enhance the healthcare industry here in Collierville and across the state of Tennessee,” Stitt said. “We are very blessed to have a company of this nature here.”

PANTHERx, which was founded in 2011, is a leading rare disease specialty pharmacy. The company provides pharmacy services and related pharmaceutical product distribution to customers across the country. The firm has more than 600 employees primarily in Western Pennsylvania, according to David Loschinskey, chief operating officer of PANTHERx.

This is the company’s first Tennessee’s facility, and PANTHERx projects it will dispense 600,000 prescriptions over the next five years from the Collierville site at 280 Moore Lane. Memphis Commercial Appeal

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Florida’s wages continue to grow despite national decrease

Posted on by Michael Randle

A new ADP report shows that wage growth has been rising in Florida over the past year, and the median salary continues to increase for workers who have stayed in their roles for a year or more.

The financial services website released its monthly job report highlighting the salaries of the same cohort of almost 10 million individual employees over 12 months. The data shows that workers in Florida who have stayed in their jobs for at least 12 months saw their wages rise by 4.8% compared to the same time last year, with a median annual salary of $52,000. 

Florida ranked No. 40 among the 50 states in median pay last month. Massachusetts had the highest level at $74,100, which is more than 40% higher than Florida. Orlando Business Journal

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TNECD Announces Approval of Proposal to Invest $813 million in Broadband Expansion

Posted on by Michael Randle
  • Tennessee’s receives approval on its initial proposal for $813 million in funding through the BEAD Program
  • TNECD introduces upcoming broadband infrastructure grant round for fall 2024

NASHVILLE, Tenn. – The Tennessee Department of Economic and Community Development (TNECD) announced today the approval of Tennessee’s initial proposal for the Bipartisan Infrastructure Law Broadband Equity, Access and Deployment (BEAD) Program.

The department has been allocated $813 million as part of its initial proposal for the BEAD Program, which the state will use to locate high-speed broadband internet to all remaining unserved and underserved residential and business locations in Tennessee by 2028. Receiving this approval by the U.S. Department of Commerce National Telecommunications and Information Administration (NTIA) allows TNECD to begin deploying the allocated funding.

“High-speed internet has become an essential part of daily life for all Tennesseans,” said Gov. Bill Lee. “This funding will allow us to make additional strategic investments to expand broadband infrastructure in rural areas and expand opportunity for success in education and the workplace.”

Tennessee Department of Economic and Community Development

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