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Tennessee Named '2013 State of the Year'
Tennessee is the “2013 State of the Year,” according to Business Facilities magazine, a national economic development publication.
Tennessee’s top five economic development projects created a total of 6,900 jobs, $3.2 billion in capital investment and included seven expansions and three new recruitments. The magazine picked the state after evaluating the top five projects for the number of jobs created and amount of capital invested from October 1, 2012 through October 31, 2013.
“A lot of hard work goes into keeping Tennessee competitive, and I want to thank Business Facilities for recognizing the efforts of so many people across the state,” Gov. Bill Haslam said. “We understand that jobs are created when someone is willing to risk capital, and we will continue working to make Tennessee a great place to invest.”
“Over the past year, Tennessee has experienced unprecedented amounts of momentum,” ECD Commissioner Bill Hagerty said. “The global companies that invested capital in our state and the number of jobs created demonstrate to the world that Tennessee not only provides a top-notch business environment, but also the ongoing support needed for success. I am extremely pleased by this award and look forward to another successful year.”
“Tennessee continues to impress us with its aggressive execution of a diversified growth strategy,” Business Facilities Editor in Chief Jack Rogers said. “The state has put in place a solid foundation for robust job creation for years to come.”
The top economic development projects for number of jobs created and amount of capital invested from Oct. 1, 2012 – Oct. 31, 2013 include the following.
Top Five Projects for Jobs
• Hankook Tire Co., Ltd (Montgomery County): 1,800 jobs
• ARAMARK (Davidson County): 1,500 jobs
• Nissan North America, Inc. (Rutherford County): 1,400 jobs
• Calsonic Kansei North America, Inc. (Bedford, Marshall and Rutherford counties): 1,200 jobs
• UBS (Davidson County): 1,000 jobs
Top Five Projects for Capital Investment
• Eastman Chemical Company (Sullivan County): $1.6 billion
• Hankook Tire Co., Ltd (Montgomery County): $800 million
• International Paper Company (Shelby County): $321 million
• Nike, Inc. (Shelby County): $276 million
• Alcoa, Inc. (Blount County): $275 million
Tennessee earned a number of accolades in 2013, including being named No. 1 in the nation for automotive manufacturing strength for an unprecedented four years in a row by Business Facilities. Tennessee was also ranked in the top five states with the best business climate by Site Selection. CEO respondents voted Tennessee the fourth best state in the U.S. for business in Chief Executive Magazine’s Annual Best & Worst States for Business Survey.
Tennessee joins Texas as the only multiple winner in the annual competition since the award was created in 2007. Runners-up in the 2013 competition were Utah, Texas, Louisiana, Georgia and Pennsylvania.
More Business News
Last Update on October 31, 2014 17:47 GMT
WASHINGTON (AP) -- U.S. consumers expect better economic growth and rising incomes in the coming months, pushing a measure of confidence to a seven-year high in October.
The University of Michigan says that its index of consumer sentiment rose to 86.9 from 84.6 in September. That's the highest since July 2007, five months before the Great Recession began. Still, the index regularly topped 90 before the downturn.
Richard Curtin, the survey's chief economist, says that almost six in ten of the respondents said the economy has improved recently, the highest proportion in more than 10 years.
The measure is the second this week to show consumer confidence has reached the highest level since the recession. Greater confidence and more hiring could lead to faster spending and healthier economic growth.
WASHINGTON (AP) -- U.S. consumer spending fell in September, the first decline since January, as shoppers took a breather after a big spending spree in August. Income growth posted the slowest gain this year.
The Commerce Department says consumer spending dropped 0.2 percent in September. Income edged up 0.2 percent in September, the smallest monthly gain since a flat reading last December.
The spending decline followed a big 0.5 percent increase in August. In September demand fell for durable goods such as autos and for nondurable goods, a drop that partially reflected falling prices for gasoline.
Spending is closely watched because it accounts for 70 percent of economic activity. Economists believe September will be a temporary pause as continued hiring gains pushing up spending and the overall economy in coming months.
NEW YORK (AP) -- The average price of gasoline in the U.S. hit $3 a gallon Friday, and should soon drop below the benchmark for the first time since December 2010.
The price at the pump fell 33 cents in October, thanks mainly to plunging oil prices, according to AAA.
Many exuberant drivers have taken to social media to post pictures of gas station signs with prices of $2.99 or lower. Drivers in South Carolina and Tennessee are paying the lowest prices, with an average of $2.75 a gallon.
Drivers in New York are paying the most in the continental U.S., at an average of $3.37. That's still 22 cents cheaper than a year ago.
Gasoline is cheaper than milk again. In September the national average price of milk was $3.73 per gallon.
NEW YORK (AP) -- Falling oil prices hardly seem to be bothering the two biggest U.S. oil companies, but things could get tougher in the coming months.
Exxon and Chevron leaned on strong performances from their refining operations to increase profits in the third quarter despite plummeting global oil prices.
The global price of oil fell 18 percent from the beginning of the quarter to the end, and it cost both companies. Revenue slipped at Exxon by 4 percent and at Chevron by 8 percent.
But low oil and natural gas prices make for low raw material costs -- and higher profit -- for refining and chemical operations, which turn oil and gas into fuels and chemicals. Profit at Exxon's refining and chemicals operations rose 38 percent compared with a year earlier, and Chevron's profit from its so-called downstream operations more than tripled.
Those results helped Exxon's overall earning rise 3 percent in the quarter to $8.07 billion. Chevron's earnings rose 13 percent to $5.59 billion.
NISSAN-AIR BAG RECALL
DETROIT (AP) -- Nissan says it's recalling more than 1,800 Infiniti SUVs in the U.S. for an air bag problem that could send shrapnel into the passenger compartment.
The recall covers the QX56 SUVs from 2013 and the QX80s from 2014. The company says inflators made by Takata Corp. were built with an incorrect outer baffle part. That can cause pressure to build up, and the inflators can rupture if driver's side air bags are deployed.
Nissan has no reports of injuries from the problem. It was discovered after General Motors recalled 33,000 Cruze compact cars for the same problem in June. The Infiniti recall is part of a larger global recall of 260,000 Nissans announced last week.
Takata says the recall is separate from another one affecting 8 million vehicles in the U.S.
FRANKFURT, Germany (AP) -- Inflation has crept higher in the 18 countries that use the euro but the rise to 0.4 percent in the year to October is unlikely to offer much relief to the European Central Bank as it tries to boost a weak economy.
The official figure released Friday was up from 0.3 percent the month before.
The European Central Bank is under pressure to give the eurozone another dose of stimulus measures in coming months because inflation is so low and growth so weak. There are fears the eurozone could even fall into outright deflation, a crippling downward price spiral.
Core inflation, a key measure because it excludes volatile food and energy prices, fell to 0.7 percent from 0.8 percent.
The bank's goal is to keep inflation just below 2 percent.
LONDON (AP) -- Royal Bank of Scotland, which is majority-owned by the U.K. government, has set aside 400 million pounds ($639 million) to cover potential fines arising from international investigations into alleged manipulation of foreign currency trading.
The total represents over half the 780 million pounds the bank earmarked for "conduct and litigation costs" in third-quarter earnings released Friday.
The results show the bank, which was bailed out by the government during the 2008 financial crisis, swung back to profit during the July-September period. Its net income of 896 million pounds follows an 828 million-pound loss last year.
CEO Ross McEwan says the bank knows it has "a long list of conduct and litigation issues to deal with and much, much more to do to restore our customers' trust in us."
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