American energy is poised to boom in 2019, according to a federal report projecting crude oil output will average more than 12 million barrels per day this year.

The more than 1 million-barrels-per-day jump in U.S. crude output will mostly come from New Mexico and Texas which sit atop what’s become the country’s most productive oil play.

The U.S. Energy Information Administration (EIA) expects “crude oil production to average 12.1 million b/d in 2019 and 12.9 million b/d in 2020, with most of the growth coming from the Permian region of Texas and New Mexico,” according to the statistics agency’s annual energy outlook.

Microsoft’s $500 Million Pledge, Amazon’s New HQ And The Truth About Housing Affordability

Last week, Microsoft promised to invest $500 million to help fight the growing housing affordability crisis in the Seattle region where the company has been based since 1979. The efforts are focused on adding to the area’s housing stock, so half that amount will be used to provide builders will low interest loans to construct low-income housing. Another $225 million in lending will subsidize the preservation and construction of middle-income residences. And the remainder will take the form of a philanthropic grant to fight homelessness.


Nissan Set to Cut Jobs at Mississippi Plant

In another sign of potential weakness in the North American automotive market, Nissan Motor Co., which is in midst of a tumultuous management shakeup, is planning to cut up to 700 contract workers as trims production at its assembly plant in Canton, Mississippi.

Other cuts are also planned at Nissan’s engine plant in Decherd, Tennessee. Tesla, which last week announced a 7% cut in its staffing last week, and General Motors have announced cuts in production in North America, while Ford Motor Co. also is planning a restructuring of its operations worldwide.

Buc-ee’s opens Alabama travel station and first outside of Texas

Frank and Mia Chiarello saw a familiar buck-toothed face on Monday.

The couple, both Texas natives now living in Daphne, arrived to the Buc-ee’s travel station off Interstate 10, approximately a half-hour east of downtown Mobile. It was opening day for the first Buc-ee’s outside of the company’s home base in Texas.

“We were surprised,” said Frank Chiarello, about when he first learned that Buc-ee’s was opening a location in Alabama. “I’ve been tracking them ever since.”

Mia Chiarello wore a pro-Texas shirt as she arrived into the store. Frank Chiarrello wore a Buc-ee’s t-shirt which said on the back, “Everything is Beaver in Texas.”

Va. Senate approves Amazon package, narrowly rejects minimum-wage bill

The Virginia Senate easily approved state tax incentives of up to $750 million over the next 15 years for Amazon to build a headquarters facility in Arlington. It also narrowly rejected a proposal for a $15 minimum wage.

The Amazon package, which passed 35 to 5, would provide cash grants to the online retail giant on condition that the company create tens of thousands of jobs with average pay of at least $150,000 a year.

The bill still needs the House’s approval, but it is expected to pass there. Supporters from both parties said the state would reap several times more in tax revenue than it would give in grants to Amazon.

The Washington Post


NAVASSA, NC (WWAY) — A New Jersey company is interested in reviving a long-closed Navassa factory, according to a resolution on the agenda for tomorrow night’s Brunswick County Commission meeting.

Commissioners will consider “a Resolution in Support of submitting an application to the NC Department of Commerce for a Rural Development Building Reuse Grant to aid in renovations of an existing building in the Navassa area with a $35,000 county match requirement,” according to meeting documents.

Expansion to create 50 new jobs

The Grenada County Board of Supervisors recently received a $392,665 grant from the Delta Regional Authority for a new economic development expansion project that will be located in the industrial park.
The project will create 50 or more new jobs with an annual salary range of $50,000.
DRA funds will be used to build an access road and install new sewer and water lines to serve the facility. The road will serve local business and provide opportunities to attract other industries to the area.
“We are pleased by the capital investment in our community and the opportunity that the new jobs will create,” said Matthew Harrison, President of the Greater Grenada Partnership. “The company plans to build on six acres with a 14,000 square foot facility and invest over $7 million dollars.”

OneLogin Chooses Gwinnett, Georgia for Operations Hub

OneLogin, a cloud-based identity and access management provider, will create approximately 50 new jobs by expanding its operations hub to the new East Coast Growth Center in Gwinnett, Georgia.

“Atlanta is a fantastic market for world-class talent and we’re thrilled to open our new Growth Center here,” said Brad Brooks, CEO & President, OneLogin. “We’re excited to support customers in the region who are embarking on their digital transformation journeys with our leading Unified Access Management solutions, connecting customers with a simple and secure login.”

Area Development

That’s The Randle Report for January 21, 2019

Join us again tomorrow morning for all of the American South’s business, economic development and political news in real time and in one place. Use the sort buttons or the search window to find any story you need to find from last week, last month, last year or several years ago. Click on the headline above to access Southern Business & Development’s website, the economic development magazine of the American South; the third largest economy in the world.

CEOs say the trade war is killing business confidence

Rising populism, policy uncertainty and trade conflicts have led to a sharp drop in confidence among global CEOs. The share of chief executives who think the global economy will slow over the next year has jumped to nearly 30% from 5% in 2018, according to a survey of 1,300 top business leaders by audit giant PwC.
The wave of pessimism extends to company earnings. Just 35% of CEOs said they are “very confident” about their growth prospects over the next 12 months, a sharp decline from 42% last year. “CEOs’ views of the global economy mirror the major economic outlooks, which are adjusting their forecasts downward in 2019,” Bob Moritz, global chairman at PwC, said in a statement. “With the rise of trade tension and protectionism it stands to reason that confidence is waning.” CNN Money