Winter 2010

Job Growth "Mostly Nonexistent"

Atlanta-based Garner Economics recently released a report that showed that while most economists agree that the worst of the recession is over, total job growth among the nation's 377 metropolitan areas is still "mostly nonexistent." As of December 2009, only four metros in the country had experienced 5-6 months of year-over-year total job growth during the second half of the year. Another four metros had four months of job growth over the same period. In all, 349 metros (93%) had experienced no total job growth in the second half of 2009.

U.S Metros with Four Months or More of Job Growth

Metro Kennewick-Pasco-Richland, WA McAllen-Edinburg-Mission, TX Sandusky, OH Lynchburg, VA Cumberland, MD-WV Hot Springs, AR Morgantown, WV St. Joseph, MO-KS

Months 6 6 6 5 4 4 4 4

Source: Garner Economics

Mass Layoff Events Slowing

In the fourth quarter of 2008, there were exactly 800 mass layoffs in the South. That number dropped to 425 in the fourth quarter of 2009. Mass layoff events are from establishments which have at least 50 initial claims for unemployment insurance filed against them during a five-week period.

Winter Quarter's Performance not so Hot

After a resurgent 2009 fourth quarter, total deals slowed in the South in the winter 2010 quarter (December 22-March 22). In the fall quarter, the top 10 projects in the South combined to create an announced total of 15,000 new jobs, the largest total since fall of 2004. But in the winter quarter, total jobs created by the 10-largest projects dropped to 6,743, the second-lowest total since the recession began in the fall of 2007.

Total Jobs Generated in the South by the 10-Largest Job Announcements

Quarter Winter 2010 Fall 2009 Summer 2009 Spring 2009 Winter 2009 Fall 2008 Summer 2008 Spring 2008 Winter 2008 Fall 2007

Total Jobs 6,743 15,250 7,574 9,850 7,700 5,331 13,213 9,111 7,750 9,198

Source: SB&D

Alliance Global Logistics Hub Ranks as Top Foreign Trade Zone

For the third consecutive year, Alliance Foreign Trade Zone No. 196 ranks as the top General Purpose Foreign-Trade Zone in the U.S. in terms of foreign goods admitted. The Alliance FTZ admitted $5.35 billion in foreign goods in 2009.

Top Five U.S. General Purpose FTZs

1. Fort Worth/Alliance (Tex.) 2. Newark (N.J.) 3. Harris County (Tex.) 4. Port Hueneme (Calif.) 5. El Paso (Tex.)

$5.35 Billion $4.06 Billion $3.77 Billion $3.06 Billion $1.20 Billion

Migration to the South Slows: Texas Big Winner, Florida Big Loser

The last state population figures published by the Census Bureau before the 2010 census count becomes available showed that migration flows to high-growth Southern states such as North Carolina, Florida and Georgia have slowed significantly since the recession began in late 2007. While two of those states continue to see growth in population, Florida, for the first time in decades, saw more people move out than move in over the last year. The Sunshine State joined Nevada and California, formerly three of the largest in-migration states in the U.S., as states that have lost population recently. Texas, on the other hand, saw nearly 500,000 new residents in 2009 alone, by far the largest growth total of any other Southern state. Other figures published recently by the Census Bureau showed that from 2000 to 2009 the South had a population growth rate of 13.1 while the Midwest's and Northeast's was 3.8 percent and 3.2 percent respectively. The West grew by 13.2 percent in the last decade. Finally, according to Atlas Van Lines' 2009 migration trends report, Washington, D.C. (Maryland, W. Va., and Northern Virginia) had the highest percentage of inbound population traffic and Connecticut and New Jersey were the two largest outbound states in 2009.

SB&D's Travels in the Winter Quarter Top Half-Million Mile Mark since 1992

In road travel alone, SB&D topped the half-million mile mark in the winter 2010 quarter with a visit to eastern North Carolina. SB&D visited the North Carolina Department of Commerce in Raleigh, Lillington-Harnett County, Fayetteville-Cumberland County, Jacksonville-Onslow County, New Bern-Craven County and economic developers in Kinston, N.C. among others.

Economic development in eastern and southeastern North Carolina is supported by a large military presence and the related aerospace industry as it is home to Fort Bragg, Camp Lejeune and the base at Cherry Point. SB&D’s publisher Mike Randle was a guest speaker at a meeting of the members of North Carolina's Southeast, the regional economic development organization based in Elizabethtown, N.C.

Also in the winter quarter, SB&D was invited by Louisiana Economic Development to attend the Sugar Bowl in the Governor's box at the Superdome. A great time was had by all and a better time bestowed New Orleans a few weeks later when the Saints won the Super Bowl. We would like to thank North Carolina's Southeast and all of the organizations in southeast and eastern North Carolina as well as Louisiana Economic Development for hosting SB&D in the winter quarter. For more information about Southern Business & Development, go to www.SB-D.com.

Southern Towns Named Finalists for American Main Street Award

Columbus, Miss., Fairmont, W.Va., Fort Pierce, Fla. and Lee's Summit, Mo. are four of only 10 Main Street communities in the nation that have been selected as semifinalists for the 2010 Great American Main Street Award. Columbus is one of the original Main Street programs in Mississippi and leads the state in downtown upper-floor housing. Columbus and the other 10 semifinalist communities have helped create more than 1,100 new businesses and nearly 4,800 new jobs, rehabbed more than 950 buildings and decreased their vacancy rates by an average of 31 percent. A national jury composed of former award winners, community development professionals, representatives from government and others involved in historic preservation will evaluate the semifinalists and select five winners on May 4, 2010 during the National Main Streets Conference in Oklahoma City.

Louisiana Experiences Third Consecutive Year of Population In-Migration

The U.S. Census Bureau recently released population figures indicating that Louisiana experienced its third consecutive year of more people moving into the state than moving out. Prior to this three-year run, Louisiana had gone more than two decades without seeing a single year of net population in-migration. From July 2008 to July 2009, 18,100 more people moved into Louisiana than moved out. The Census count showed that the state's population increased by 40,600 from July 2008 to July 2009.

TVA Assists in $4.2 Billion in Investment, 26,000 New Jobs in 2009

According to the Tennessee Valley Authority (TVA), the nation's largest public power utility assisted in creating 26,000 jobs and $4.2 billion in capital investments in the Tennessee Valley in 2009. TVA provides power to large industries and 157 power distributors that serve approximately nine million customers in seven Southern states.

Broadband Awards for Southern States

In the winter quarter, Rural Telephone Service Co. and its wholly-owned subsidiary, Nex-Tech, was awarded more than $101 million in Recovery Act funding for broadband Internet infrastructure improvements in central and western Kansas. The funds will be used to enable the development of broadband services in a 4,600 square-mile region of Kansas that's 99.5 percent unserved or underserved. Also, a new fiber network is set for North Georgia and North Florida. A 260-mile high-speed, $41 million Internet network that is being funded primarily by the federal stimulus program will link Atlanta and North Georgia with North Carolina. The project, announced in December, will reach 42,000 households and almost 10,000 businesses and connect 245 schools, universities, hospitals and government facilities in the region. About 1,000 jobs will be created during the construction of the new network. Lastly, a 14-county region in rural North Florida has been awarded $30 million by the federal stimulus to enable and enhance real access to broadband and high-speed connectivity. 

Memphis Ranked No. 1 in "Real Estate Steals"

U.S. News & World Report recently ranked Memphis as the No. 1 U.S. metro for "real estate steals." The magazine partnered with Moody's Economy.com to evaluate the nation's 384 metro areas and studied average and quarterly price-to-income data to come up with a list of the top 10 cities for great deals on home buying. Other markets in the South making the top 10 included Washington, D.C. (4th), Mobile, Ala. (5th), Fayetteville, N.C. (7th) and Fort Worth (9th).

Raleigh Named Most Wired

In the late winter quarter, Forbes magazine named Raleigh, N.C. the most wired city based on broadband penetration, broadband access and the prevalence of Wi-Fi hot spots. Atlanta placed second followed by Seattle, San Francisco and Washington, D.C. 

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