Regional Report: The South's Automotives, Alternative Energy Sectors Ready to Grow
The alternative energy, automotive, and biosciences industries are helping the southern states retain economic stability and plan for future growth.
Lisa A. Bastian (June/July 10)
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Not a "Jobless Recovery"
Michael Chriszt, assistant vice president of the Federal Reserve Bank of Atlanta, tracks data for most of these southern states. Although "pressure" on their strained budgets may negatively impact employment and programs in the near term, he says, there is good news. Sales receipts now seem to be "stabilizing" and are above 2009 totals - but still not as good as levels from two years ago.
Better news: The nation is no longer in a "jobless recovery," Chriszt says, as the data indicates job growth has finally occurred over the last two months. Since January the South's manufacturing sector (except for Mississippi) has received new orders, expanded production, and increased employment. "We're coming out of the recession at a slower pace," he says, "but activity is definitely picking up."