Made In America: Volvo Picks South Carolina For Auto Plant
by May 17, 2015 7:23 am 210 views
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VOLVO CARS SELECTS SOUTH CAROLINA FOR FIRST AMERICAN FACTORY
Volvo Cars announced last week (May 11) that it has chosen Berkeley County, S.C., as the location of its first American factory, saying it would invest up to $500 million in its southern auto plan that will initially produce up to 100,000 cars per year.
The Berkeley County factory, located outside of Charleston, will make the latest generation Volvo models for sale in the United States and for export. Construction will begin in early autumn 2015, with the first vehicles expected to roll off the assembly line in 2018.
Volvo, which is owned by Zhejiang Geely Holdings of China, said the decision to choose Berkeley County was made as a result of its easy access to international ports and infrastructure, a well-trained labor force, attractive investment environment, and experience in the high tech manufacturing sector. Media reports say South Carolina offered Volvo more than $200 million in state and local incentives.
Volvo estimates that the factory will employ up to 2,000 people over the next decade and up to 4,000 people in the long run. An economic impact analysis compiled by Dr. Frank Hefner at the College of Charleston estimates that, for an initial 2,000 direct jobs, more than 8,000 total jobs would be created as a result. The plant would contribute approximately $4.8 billion in total economic output on an annual basis.
Arkansas economic development officials did not respond to inquiries from Talk Business & Politics concerning whether or not the state prepared a bid to build the European luxury car in Arkansas.
STATE MANUFACTURERS TO GATHER AT GOVERNOR’S MANSION FOR TRADE EXPORT FETE
The 2015 Governor’s Awards for Excellence in Global will be held Tuesday at 11:15 a.m., at the Governor’s mansion in Little Rock, where more than 200 representatives of the state’s largest manufacturers are expected to be in attendance, officials said.
The annual event will showcase success stories, achievements and the importance of exporting is to the Arkansas economy. “Exporting continues to present an opportunity for Arkansas to bring immediate and sustainable growth to its economy,” said Christine Russell, marketing chair of the Arkansas District Export Council. (Tuesday) will provide an open and opportunistic environment in which you as business leaders, entrepreneurs and owner managers can share export experience, best practice and business intelligence for the benefit of others growing our successes for years to come.”
Export-Import Bank Vice-Chairman Wonda Felton will give the keynote address at the Governor’s Award for Excellence in Global Trade. Over the last six years, the Ex-Im Bank has supported more than 1.3 million American jobs and financed exports with a value exceeding $200 billion, while generating more than $2 billion in surplus revenue for U.S. taxpayers, organizers of the event said.
$32 MILLION RICE MILL TO HOLD “TOPPING OFF” CEREMONY IN PINE BLUFF
Southwind Milling Co. officials will hold a “topping off” ceremony on Monday (May 18) to celebrate the construction of a new plant at the Port of Pine Bluff Harbor Industrial District.
Nearly 100 business and community members will be in attendance to see the last beam placed on the top of Southwind’s new mill in Pine Bluff, and learn about the company’s future investment in Pine Bluff, organizers said. Last month, Talk Business & Politics reported on a $9 million investment that the project has received from a Fort Worth, Texas-based investment firm to supplement the $32 million project.
Southwind first announced in June 2014 its plans for a $20 million project to create 25 to 30 jobs at Pine Bluff. Since then, the project has grown in scope, capital investments and projected jobs, according to Pine Bluff economic development officials.
MARCH MANUFACTURING TECHNOLOGY ORDERS SLOWING IN 2015, ARKANSAS REGION DOWN NEARLY 52%
Total manufacturing technology orders for the South Central region of the U.S. fell 51.9% in March compared to a year ago, according to a monthly report by the Association for Manufacturing Technology (AMT).
The South Central region, which includes Arkansas, Louisiana, Texas, Oklahoma and New Mexico, saw orders of only $84.91 million in the manufacturing technology sector, down from $176.56 million in March of 2014. Read more here.