Economic Development News
The latest trends, news and insights on economic development.
Senate Democrats Push Bill to Ease Tariff Burden on Small Businesses
Sen. Kirsten Gillibrand and a group of Senate Democrats have introduced the Small Business RELIEF Act, legislation that would refund tariff costs already paid by small firms and exempt them from future tariffs. Supporters argue the measure is needed as small...
Labor Uncertainty and Housing Costs and Squeeze Consumers, Threatening U.S. Economy
The U.S. economy faces twin pressures as the labor market weakens and the housing crunch intensifies, raising fears of a stalled growth. Unemployment has climbed to its highest level since 2021, while mortgage payments remain nearly double pre-pandemic levels,...
ABB to Invest $110M in U.S. Electrification Solutions Expansion
ABB is investing $110 million through 2025 to expand R&D and manufacturing of advanced electrification solutions across the U.S and Puerto Rico. The projects include new and expanded facilities in Mississippi, Virginia, and North Carolina, collectively creating...
$200M Woodward Investment to Create 275 Jobs in South Carolina
Woodward, Inc. will invest nearly $200 million to establish a new manufacturing facility in Spartanburg County, South Carolina, creating about 275 jobs. The 300,000-square-foot plant in Smith Farms Industrial Park will produce servo-hydraulic actuation systems for...
Parts Shortage Forces GM Layoffs in Missouri
General Motors is planning temporary layoffs at its Wentzville, Missouri assembly plant, citing a parts shortage that will idle production from September 29 to October 19. The move will affect the majority of workers at the facility, which builds Chevrolet Colorado...
DOI Proposes Repeal of Public Lands Rule Over Economic Concerns
The U.S. Department of the Interior has proposed rescinding the 2024 Public Lands Rule, which had recognized conservation as a formal use of federal lands. The agency argues the rule put too much emphasis on protection at the expense of economic activities such as...
Plastics Industry Fuels $1.1 Trillion Economic Impact, 5 Million Jobs
America’s plastics industry generated more than $1.1 trillion in economic output in 2024, supporting nearly 5 million jobs, according to new analysis from the American Chemistry Council. The sector directly employed about 670,000 workers across 11,600 facilities,...
ATP Opens North America Unit with $70M South Carolina Investment
ATP Adhesives is investing $70 million in its first U.S. solvent-free adhesive manufacturing facility in Columbia, South Carolina, as part of its launch of ATP North America. The said 127,000-square-foot plant is expected to generate 130 jobs and begin production in...
AstraZeneca Unveils $50 Billion Expansion Plan in U.S.
AstraZeneca is committing $50 billion in U.S. investments by 2030, anchored by a multi-billion-dollar manufacturing facility in Virginia to produce drug substances for its weight management and metabolic portfolio. The investment is expected to create tens of...
AGC Biologics to Cut 278 Jobs, Sell Colorado Production Sites
AGC Biologics plans to cut about 278 jobs as it prepares to sell its large-scale manufacturing plants in Boulder and Longmont, Colorado. Most affected roles are in engineering, manufacturing and quality, according to a WARN notice filed. Layoffs are expected to begin...
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