Economic Development News

U.S. economic activity and employment remained mostly unchanged in recent weeks, while prices rose moderately, according to the Federal Reserve’s latest Beige Book report. Businesses cited uncertainty from tariffs, high interest rates, and restrictive policies as...

Job growth in the U.S. slowed sharply in August, with nonfarm payrolls rising just 22,000 and the unemployment rate ticking up to 4.3%. The slowdown, combined with downward revisions to June and July, signals weakening labor market momentum. While hiring slowed,...

Kroger is cutting nearly 1,000 corporate jobs nationwide, its third round of layoffs this year, following the collapse of its $25 billion Albertsons merger. The cuts, which affect headquarters and Technology & Digital arm roles, are part of a restructuring plan...

Gilead Sciences has broken ground on a new 180,000-square-foot pharmaceutical development and manufacturing hub at its Foster City, California headquarters. The five-story facility, part of Gilead’s $32 billion U.S. investment pledge, will expand the company’s...

Governor Kathy Hochul announced construction is underway on a $53 million renovation of The J.M. Smucker Co.’s Milk-Bone manufacturing plant on Buffalo’s East Side. The investment will upgrade equipment, expand capacity, and add 17 jobs to the 280 already at the...

Wisconsin saw three companies announcing job cuts in August, affecting 93 workers. ZeniMax Media is laying off 39 employees in Madison, Equiniti Trust is cutting 4 in Milwaukee, and Renewed Hope Home Care is closing a facility with 50 layoffs. The job reductions will...

U.S. workers are growing more anxious about debt and financial security, according to a Bank of America survey. Only 47% reported feeling financially well, down from 52% earlier this year, while 85% carried some form of personal debt. A growing number of employees are...

ConocoPhillips plans to cut 20–25% of its workforce, potentially eliminating up to 3,250 jobs as part of a major restructuring. The Houston-based oil giant said the move is tied to its cost-cutting initiative, which aims to save $1 billion by 2026 amid falling oil...

Google is committing $9 billion through 2026 to expand its AI and cloud infrastructure in Virginia. The investment includes a massive new data center near Richmond and expanded campuses in Loudoun and Prince William Counties. The company is pairing the project with...

Hitachi Energy announced a historic $1 billion investment to expand U.S. electrical grid infrastructure, including $457 million for a new large power transformer facility in South Boston, Virginia. The project will create more than 825 jobs in Virginia and support...