Economic Development News
The latest trends, news and insights on economic development.
Manufacturing Layoffs Sweep Across U.S. as Industry Adjusts to Economic Pressures
A wave of plant closures and layoffs is rippling through the U.S. manufacturing sector amid shifting market conditions. Akebono Brake Corp. will lay off 450 workers in Kentucky, Revvity will cut 76 positions in Massachusetts, Gates Corporation will eliminate 110 jobs...
Insurer Partnerships with Diverse Businesses Strengthen California’s Economy
Insurance companies’ partnerships with small and diverse-owned businesses contributed $6.7 billion to California’s economy, a new report from the California Department of Insurance shows. The contracts resulted in $6.7 billion in total economic output, supported...
Tourism Generates $1.4 Billion for Riverbend Region
Tourism brought a $1.4 billion economic impact to Illinois' Riverbend area in 2024, supporting 9,600 jobs and generating $51.6 million in local taxes, according to the Great Rivers and Routes Tourism Bureau. Most spending occurred in Madison County, fueled by growing...
Whirlpool to Invest $300 Million in Ohio Expansion, Creating Up to 600 Jobs
Whirlpool Corp. will invest $300 million to expand its manufacturing facilities in Clyde and Marion, Ohio, a move expected to create at least 448 and up to 600 new jobs. The investment will boost production capacity for the company’s next generation of washers and...
Keel Expands South Carolina Operations with $67 Million Investment
Defense manufacturer Keel announced a $67 million expansion of its Yonges Island shipyard in Charleston County, creating 170 new jobs. The project will advance submarine and aircraft carrier component production for the U.S. Navy. Officials praised the move as a major...
Over 4,000 Federal Workers Cut Across Multiple U.S. Agencies
The Trump administration has begun laying off more than 4,000 federal workers as the government shutdown continues, following through on the president’s pledge to downsize the federal workforce. Job cuts span multiple departments, including Treasury, Health and Human...
Trump Threatens 100% Tariffs on China Amid Renewed Trade Tensions
Donald Trump has threatened to impose 100% tariffs on Chinese goods starting November 1, accusing Beijing of hostile actions to restrict exports of rare earth materials vital to US industries. The move risks reigniting a trade war just months after both countries...
California Passes Bill to Boost Clean Manufacturing Investment
California lawmakers have approved AB 1280, a bill designed to spur industrial investment and job retention by expanding financing options for manufacturers adopting energy-efficient technologies like thermal energy storage systems and heat pumps. The legislation...
Indian Pharma Giant Lupin Investing $250M in Florida Respiratory Drug Plant
Indian drugmaker Lupin is creating more than 200 jobs in Coral Springs, Florida, through a $250 million investment in a new pharmaceutical manufacturing plant. The planned 70,000-square-foot facility, expected to open by 2030, will produce at least 25 respiratory...
Ford Expands Louisville, Kentucky Footprint with $41 Million Land Purchase
Ford Motor Co. has expanded its Louisville presence with the $41.28 million purchase of more than 65 acres of land next to its Kentucky Truck Plant on Chamberlain Lane. The property, previously bought for $575,000 in 2018 by Cincinnati-based Nine Five, highlights...
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