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Foxconn is confusing the hell out of Wisconsin - The Verge
Last summer, Foxconn announced a barrage of new projects in Wisconsin — so we went looking for them.
this-week-453  Around-the-web  Matt  wisconsin  midwest  foxconn  workforce  taxes-incentives  economic-development  site-selection  jobs  FDI 
5 days ago by areadevelopment
How to funnel capital to the American heartland
April 15, 2019 | Financial Times | by Bruce Katz.
* The Innovation Blind Spot, by Ross Baird.
* Ways must be found to rewire money flows in order to reverse the export of wealth
* A federal tax incentive intended to entice coastal capital into the heartland may end up helping to keep local capital local.

Over the past year, economically distressed communities across the US have been engaged in an intense discussion about mobilising private capital. Why? As mayors, governors, real estate developers, entrepreneurs and investors have learnt, buried in the 2017 Tax Cuts and Jobs Act was a provision that created a significant tax incentive to invest in low-income “opportunity zones” across the country......the law’s greatest effect, ironically, has been to unveil a treasure trove of wealth in communities throughout the nation. Some of the country’s largest investors are high-net-worth families in Kansas City, Missouri, and Philadelphia; insurance companies in Erie, Pennsylvania, and Milwaukee; universities in Birmingham, Alabama, and South Bend, Indiana; philanthropists in Cleveland and Detroit; and community foundations and pension funds in every state.

These pillars of wealth mostly invest their market-oriented equity capital outside their own communities, even though their own locales often possess globally significant research institutions, advanced industry companies, grand historic city centres and distinctive ecosystems of entrepreneurs. The wealth-export industry is not a natural phenomenon; it has been led and facilitated by a sophisticated network of wealth management companies, private equity firms, family offices and financial institutions that have narrow definitions of where and in what to invest.

The US, in other words, doesn’t have a capital problem; it has an organisational problem. So how can capital flows be rewired to reverse the export of wealth?

Three things stand out:

(1) Information matters. The opportunity zones incentive has encouraged US cities to create investment prospectuses to promote the competitive assets of their low-income communities and highlight projects that are investor-ready and promise competitive returns.

(2) norms and networks matter. The opportunity zone market will be enhanced by the creation of “capital stacks” that enable the financing of community products such as workforce housing, commercial real estate, small businesses (and minority-owned businesses in particular) and clean energy, to name just a few. Initial opportunity zone projects are already showing creative blends of public, private and civic capital that mix debt, subsidy and equity.

(3) institutions matter. Opportunity zones require cities to create and capitalise new institutions that can deploy capital at scale in sustained ways. Some models already exist. The Cincinnati Center City Development Corporation, backed by patient capital from Procter & Gamble, has driven the regeneration of the Over-the-Rhine neighbourhood during the past 15 years.

More institutional innovation, however, is needed. As Ross Baird, author of The Innovation Blind Spot, has argued, the US must create a new generation of community quarterbacks to provide budding entrepreneurs with business planning and mentoring, matching them with risk-tolerant equity. These efforts will succeed if they unleash the synergies that flow naturally from urban density. New institutions will not have to work alone, but hand-in-glove with the trusted financial firms that manage this locally-generated wealth.
books  capital_flows  cities  coastal_elites  community  economic_development  economically_disadvantaged  high_net_worth  howto  industrial_policies  industrial_midwest  industrial_zones  institutions  investors  match-making  midwest  municipalities  networks  network_density  P&G  PPP  packaging  private_equity  property_development  prospectuses  Red_States  rescue_investing  rust-belt  tax_codes  venture_capital 
5 days ago by jerryking
Auto, manufacturing help drive clean energy job growth in the Midwest - Energy News Network
Michigan, Indiana and Ohio aren’t known for progressive climate change policies, yet the three states rank among the highest in the Midwest for clean energy jobs, according to a new survey.
clean-energy  green-economy  midwest  automotive-industry  u.s.-manufacturing  Around-the-web  this-week-453 
10 days ago by areadevelopment
From $22 an hour to $11: GM job cuts in Ohio show a hot economy is still leaving parts of America behind - MSN
GM has been the heartbeat of this blue-collar area, providing middle-class lives for tens of thousands of families since the 1960s, including Mezzapeso’s father, who put in 30 years at the factory and retired with a full pension and health benefits.
this-week-450  Around-the-web  Matt  GM  General-Motors  automotive-industry  manufacturing  ohio  midwest  rust-belt  jobs  economic-development  workforce  labor 
6 weeks ago by areadevelopment
In Need of Workers, the Midwest Recruits From Puerto Rico - WSJ
Companies recruit on the island, which is losing population, to find people to work in Ohio, Iowa and Nebraska.
this-week-448  Around-the-web  Matt  puerto-rico  jobs  workforce  labor  midwest  this-week-448-new 
9 weeks ago by areadevelopment
GM transition portends conflict ahead - The Detroit News
General Motors Co.’s plan to idle, and try to close, five North American plants this year is hurtling toward a titanic battle to determine the direction of the auto industry as this town knows it.
this-week-449  Around-the-web  Matt  detroit  midwest  Michigan  automotive-industry  manufacturing  jobs  economic-development 
10 weeks ago by areadevelopment
Amazon could replace dead Rolling Acres shopping mall: report - Business Insider
Amazon is reportedly taking over the site of a once thriving mall in Akron, Ohio, that was abandoned after falling victim to the retail apocalypse.
this-week-448  Around-the-web  Matt  ohio  midwest  amazon  e-commmerce  ecommerce  warehouse-facility  fulfillment-center  retail  retail-industry  jobs 
10 weeks ago by areadevelopment
Twitter
🥶 : A brutal cold brought temperatures lower than to the American . It's the wo…
PolarVortex2019  Antarctica  Midwest  from twitter_favs
11 weeks ago by dalcrose

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