Economic Development News
The latest trends, news and insights on economic development.
AstraZeneca Announces $4 Billion Virginia Plant in U.S. Expansion
AstraZeneca is investing $4 billion to build a new drug manufacturing facility in Virginia, its largest single-site investment and part of $50 billion U.S. expansion through 2030. CEO Pascal Soriot emphasized the company’s deepening American identity, with half of...
Sarepta Therapeutics to Lay Off Nearly 500 in KY
Sarepta Therapeutics is laying off nearly 500 employees, including 80 in Franklin County, as part of a major restructuring aimed at cutting costs by over $100 million through 2025. The move follows the FDA’s decision to place the company’s gene therapy trials on...
Chevron to Lay Off One-Third of Hess Corporation Workforce Post-Acquisition
Chevron will lay off 575 employees at Hess Corporation’s Houston office as part of its $53 billion acquisition of the latter, reducing the Hess U.S. workforce by over one-third. The job cuts, beginning September 26, are part of Chevron’s strategic integration plan to...
Eco King Brings 515 Jobs to Graham County, NC with $80.5 Million Investment
Eco King Solutions, a U.S. subsidiary of China’s Zhejiang Kingsun Eco-pack, will invest $80.5 million to open its first North American manufacturing facility in Robbinsville, North Carolina, which will produce biodegradable paper tableware and create 515 jobs. This...
Hood Container to Invest $119M in Louisiana Paper Mill Upgrade
Hood Container Corporation will invest $118.9 million to modernize its historic St. Francisville paper mill, boosting production by 80,000 tons per year and preserve the existing 295 jobs. The project is also expected to generate 819 indirect jobs and strengthen...
University of Michigan: Consumer Sentiment Rises Slightly in July
According to the University of Michigan’s survey, consumer sentiment improved slightly in July, with the index hitting a five-month high of 61.8, up from 60.7 in June. In addition, inflation expectations dropped to their lowest point since February. Meanwhile,...
Trump ’26 Budget Plan Threatens Indigenous Workforce Program
Native advocacy groups are warning that the Trump administration’s proposed 2026 budget would eliminate a key federal workforce program serving Indigenous communities. Advocates are urging Congress to protect Native American Employment and Training Program under the...
Butting to Invest $61 Million for HQ in Alabama
German pipe manufacturer Butting will invest $61 million to establish its North American headquarters and first U.S. production facility in Baldwin County, Alabama. The two-phase project is expected to create up to 100 high-paying jobs and expand Butting’s global...
$40M Meridian Biotech Facility to Bring 35 Jobs to Franklin County, KY
Meridian Biotech will invest $40 million to open a new facility in Franklin County, Kentucky creating up to 35 high-tech, well-paying jobs. The Lexington-based company is partnering with Buffalo Trace Distillery to convert bourbon byproducts into sustainable proteins...
Covington, KY Eases Path for Small Business with Updated Incentive Program
Covington, Kentucky has updated its Small Business Incentive Program to offer increased funding and simplified applications, making it easier for entrepreneurs to invest in doing business in the city. Key changes include higher forgivable loan limits for exterior...
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