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Tampa Bay: Reaching New Heights
September 01, 2006
Nearly 4 million residents, a labor force exceeding 1.9 million and the presence of some 150,000 businesses give Florida's Tampa Bay region significant economic clout. Here, where residents enjoy both a sunny lifestyle and a robust economy, the combined forces of ongoing government cooperation, workforce excellence, educational opportunity, superior transportation and reasonable business costs are helping to ensure exponential growth among both established and emerging businesses in key economic sectors.
"Our employment growth and our economic vitality have been strong and continue to be so," says Stuart Rogel, president and CEO of the Tampa Bay Partnership economic development group.
This cycle of ongoing success means the area is a top-tier choice for life sciences, financial and professional services, information technology, manufacturing, marine technology, defense and aviation industries.
Key sector growth
The area's reliable labor force was a prime consideration for Countrywide Home Loans, the mortgagebanking arm of residential lending giant Countrywide Financial Corp., when it chose Tampa West Industrial Park for its new financial services center.
"We have found a dynamic and friendly business climate, a booming financial services industry, a skilled workforce and a prime location that meets our needs," says Angelo Mozilo, CEO of Countrywide Financial. The company's investment of $20 million in a campus that includes two buildings and 230,000 square feet will mean 1,000 new mortgage processing and IT jobs for the region.
Other Bay Area financial services firms include MetLife, Progressive Insurance, JPMorgan Chase, Citigroup, St. Petersburgbased Raymond James, State Farm and Depository Trust and Clearing Corp. Accounting and consulting firm PricewaterhouseCoopers plans to add more than 300 employees in Tampa by 2008, bringing its total employment to 2,000.
MetLife is also expanding, constructing a 115,000-square-foot, four-story office building at Highwoods Preserve in Hillsborough County. This is in addition to two 150,000-square-foot
Northeast: Solid Past, Vibrant Future
September 01, 2006
Annandale Millwork President Rob Frogale knew having a presence in Florida-- with its bustling real estate market--was a must for his growing manufacturing company, which produces wall panels, roof trusses, floor systems, custom millwork, doors and windows.
But it was a visit to Northeast Florida for the Super Bowl in January 2005 that sealed the deal. Frogale liked what he saw on that trip so much that a year later, Winchester, Va.-based Annandale Millwork chose Yulee in Nassau County as the site for its new Southeast manufacturing facility.
With its 150-year-old lighthouse, Civil War fort state park and 50-block Victorian- era National Historic District, Nassau County is steeped in a past dating back more than 400 years. For Frogale, however, this place is all about the future.
Annandale invested approximately $2.8 million to upgrade 60,000 square feet in the former S&G Packaging Facility. The county agreed to kick in $249,600 as its share of a Florida Qualified Target Industry Tax Refund.
While Frogale remains based at his company's Winchester plant, he flies into Northeast Florida at least once a month. He has bought a second home on Amelia Island, where he plays golf on the weekends and takes in some fishing.
"I consider myself lucky," he says. "Northeast Florida is a great place to be."
The financial services, manufacturing, and shipping sectors are finding new avenues for success in Florida's Northeast region.
Frogale and others like him are discoveringa simple truth: When it comes to business and pleasure, few places are better than Northeast Florida. This region, consisting of seven counties, four of which border the Atlantic Ocean, offers a little bit of everything--from refreshing ocean waters and tranquil inland forests to world-class performing arts venues and the bone-crush-ing play of the National Football League's Jacksonville Jaguars.
Economic development activity for the entire region is largely coordinated through an umbrella agency-- Cornerstone Regional Development Partnership. Its executive director, Jerry Mallot, is widely recognized as a leader in economic development statewide.
Oceanside activity...
Economic Collapse: Insider Sees “Shades of 2007” in the U.S.
February 06, 2007
Bill Gross: U.S. Heading Toward Recession
Massive leverage in the financial system could push the U.S. toward economic collapse. At least, that’s according to billionaire bond investor Bill Gross.
In his latest letter to investors in his fund Janus Capital, Bill Gross gave a bleak outlook for the U.S. economy. (Source: “Increasingly Addled,” Janus.com, February 3, 2016.)
The bond fund manager believes the Federal Reserve is “increasingly addled.” As Gross argues, Janet Yellen’s confusing monetary policy is not doing any good to the economy.
Gross points out in the letter, “They [the Federal Reserve] all seem to believe that there is an interest rate so low that resultant financial market wealth will ultimately spill over into the real economy.”
Bill Gross says that low interest rates have made world economies more vulnerable. He mentions in his letter that the central banks have weakened world economies by gambling on low interest rates.
He even went so far as to call Mario Draghi a poker champ for his negative interest rate policy (NIRP): “In recent weeks markets have witnessed Mario Draghi of the ECB speak to ‘no limit’ to how low Euroland yields could be pushed—as if he were a two-time Texas Hold Em poker champion.”
“In turn, Janet Yellen at the Fed, at least temporarily, halted their well-advertised tightening cycle at 25 basis points, followed a few days later by the BOJ’s Kuroda and a 5-4 committee vote to enter the black hole of negative interest rates much like the ECB and three other European central banks,” he adds.
Gross is now seeing “shades of 2007” in the current state of the U.S. economy. He warns his investors, “The household sector has delevered, but the corporate sector never did, and with Investment Grade and High Yield yields 200-1000 basis points higher now, what does that say about future rollover, corporate profits and solvency in many commodity-sensitive areas?”
Gross believes that a U.S. recession seems inevitable in the next 12 to 24 months. Separately speaking with CNBC, he said with full conviction that he sees no more rate hikes this year. He cited low inflation levels for his thesis. (Source: “Bill Gross: ‘Shades of 2007’ as central banks flunk,”“Don’t go near high risk markets,” he concludes. “Stay safe and plain vanilla.”
IMF Survey: Global Growth Seen at 5.2 pct in 2007
July 25, 2007
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Strong global expansion continuing
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Growth projections revised upward for 2007 and 2008
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Credit and market risks on the rise
The global economy continued to expand at a brisk pace in the first half of 2007, according to the July update of the IMF's World Economic Outlook (WEO).
"Emerging market countries have led the way, with China growing by 11½ percent in the first half of 2007, and India and Russia also growing very strongly," Charles Collyns, Deputy Director of the IMF's Research Department, told reporters on July 25.
"Although growth in the United States slowed in the first quarter, recent indicators suggest that the U.S. economy gained strength in the second quarter. In the euro area and Japan, growth has remained above trend with some welcome signs that domestic demand is taking a more central role in the expansions," he said.
Inflation remains generally well contained despite strong global growth, although some emerging market and developing countries have faced rising price pressures especially from energy and food prices. Oil prices have risen back toward record highs against the backdrop of limited spare production capacity, while food prices have been boosted by supply shortages and increased use of biofuels, the WEO Update, published July 25, said.
Upward revisions
Against this background, global growth is now projected at 5.2 percent in 2007 and 2008—0.3 percentage points higher for both years than projected at the time of the April 2007 World Economic Outlook (see table).
The major upward revisions have been in emerging market and developing countries, with growth projections for China, India, and Russia each marked up substantially. Among the advanced economies, growth in the United States is now expected at 2 percent this year (0.2 percentage points lower than projected in the April 2007 WEO), although activity should regain momentum through the year and return to potential by mid-2008. Growth projections for the euro area, particularly Germany, and Japan have also been raised.
The overall balance of risks to the global growth outlook remains tilted modestly to the downside, as it was at the time of the April 2007 World Economic...