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.
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Last Update on January 23, 2015 18:19 GMT
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ATLANTIC CITY-WALL STREET
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Moody's Investors Service on Friday lowered Atlantic City's bond rating by six steps, from Ba1 to Caa1, which is deep into junk territory.
The move came a day after Gov. Chris Christie appointed corporate turnaround specialist Kevin Lavin as the city's emergency manager and Kevyn Orr, who helped Detroit through its bankruptcy filing, as his assistant.
Christie's executive order appointing the pair indicates a bankruptcy filing is possible to help reduce the city's debt, which Moody's calculated at $397 million.
The agency cited an increased risk of default, and "a rapid, dramatic change" in New Jersey's longstanding policy of preventing a default or bankruptcy of any of its local governments.
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The Fairfield, Connecticut-based company said it had profit of 51 cents per share. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 56 cents per share.
The results surpassed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 55 cents per share.
The industrial conglomerate posted revenue of $42 billion in the period, falling short of Street forecasts. Analysts expected $42.4 billion, according to Zacks.
GE shares have fallen nearly 4 percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. The stock has decreased almost 7 percent in the last 12 months.
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The Atlanta company hired more workers and boosted capacity at its facilities during the busy holiday season to avoid a repeat of 2013, when shippers struggled with a deluge of orders.
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The recall covers 18-inch Fortera HL tires made from Nov. 30 through Jan. 10. Goodyear Tire & Rubber Co. says the problem hasn't caused any crashes.
About 32,100 of the tires were made for the GM SUVs, which are produced at a factory near Lansing, Michigan. Another 16,400 were sold as replacement tires.
GM says the 18-inch tires are on about 30 percent of vehicles made at the plant, and the problem has not affected production.
Owners can have the tires replaced for free at any Goodyear store or authorized dealer.
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The latest indefinite layoffs will be at sites that build agricultural equipment.
Employees laid off until summer work at the company's seeding and cylinder factory in Moline. That location is going on an extended inventory adjustment shutdown.
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That's a drop of 0.2 percentage points from the year before.
The Labor Department says public-sector workers have the highest union membership rate at nearly 36 percent. That's more than five times higher than membership of private-sector workers at less than 7 percent.
Workers in education, training and library jobs and in protective service jobs have the highest unionization rate, at 35 percent.
Earnings were higher for union members last year, at $970 a week versus $763 a week for non-union members.
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One, slated for talks in September in New York, would establish sustainable development and poverty-cutting goals through 2030.
The other, to be negotiated in December in Paris, would set a legally binding climate pact whose focus is on more near-term emissions cuts from 2020.
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