Construction of first U.S. offshore wind farm moves into final phase

Construction of first U.S. offshore wind farm moves into final phase

The first offshore wind farm in the nation, located just three miles southeast of Block Island, Rhode Island, and east of Long Island, New York, is set to enter the final phase of building next week.

R.I. Governor Gina Raimondo, clean energy advocates and several local leaders gathered at the Port of Providence July 25 to recognize the project, reported The News & Advance. Celebrating the final stage of construction, the governor noted the leadership of the state in the offshore wind industry and its positive impact on the economy.

Anticipated to begin operation as early as this fall, the five-turbine wind farm constructed by Deepwater Wind is forecast to deliver power to 17,000 homes.

Emerging as a leader in the clean energy sector, the Block Island project is predicted to save local residents as much as 40 percent on their energy bills, according to a press release from Environmental America. Moreover, it will decrease the emissions of carbon dioxide by the equivalent of removing 150,000 cars from the road by 2036.

“We’re poised to tap the tremendous energy resource provided by the winds that blow off our shores,” said Rob Sargent, Energy Program director at Environment America. “Rhode Island deserves tremendous credit for being the first, but it certainly won’t be the last.”

The wind farm is also expected to provide 300 jobs.

The first offshore wind farm in the nation is set to enter the final phase of construction next week.

SoCal aerospace industry preparing for re-launch

SoCal aerospace industry preparing for re-launch

It may have experienced a downturn in recent decades, but the aerospace industry in Southern California has its sights set on a re-launch.

The Southern California region has been a formidable player in aerospace since the early 20th century. However, recent decades have seen dwindling activity as a growing number of companies moved east after the end of the Cold War to be closer to government contracts around Washington D.C., the Los Angeles Times explained. During World War II, the aircraft manufacturers employed 2 million people, and the region also had a significant role in the bustling 1960s space program.

While aersopace employment has fallen from 273,000 in 1990 to 92,000 today, industry experts believe Southern California is well on its way to a second phase of aerospace success, according to the newspaper.

“There’s probably more rocket engine and launch vehicle expertise in Southern California than anywhere else in the United States or probably the world,” said Jim Cantrell, CEO of Vector Space Systems, in an interview with the LA Times.

The reason for this optimistic outlook is that more and more of the top aerospace companies in the U.S. are calling the region home, such as Virgin Galactic, SpaceX, XCOR Aerospace Inc. and Vulcan Aerospace, the source noted.

A recent report entitled “The Changing Face of Aerospace in Southern California,” published by the Los Angeles County Economic Development Corporation Institute for Applied Economics and the San Diego Regional Economic Development Corporation, presented figures supporting this industry comeback.

Guided missile and space vehicles manufacturing employment increased by more than 64 percent since 2004, with the majority of the growth in Los Angeles County, the report found. Nearly one quarter of national employment in this sector is now based in Southern California. Additionally, aerospace employment has grown 66.7 percent in San Diego County since 2004.

Annual aerospace wages were an average $105,715, which the report noted is one of the highest in Southern California for any industry. Aerospace also counts for 2.4 percent of the total state gross domestic product.

It may have experienced a downturn in recent decades, but the aerospace industry in Southern California has its sights set on a re-launch.

Financial advisory industry facing talent shortage

Financial advisory industry facing talent shortage

The financial advisory industry is facing a shortage of talent, according to a newly released report from research firm Cerulli Associates.

The financial advisory workforce has been in an ongoing decline, with the number of advisors in the U.S. dropping for the fifth consecutive year, according to Fox Business. Since 2008, the size of the workforce has posted a 12 percent drop.

The consulting firm Moss Adams predicted that the financial advisory industry could be up against a shortage of more than 200,000 workers by 2022, CNBC reported.

An aging workforce and a lack of young talent is largely responsible for the shortage. The report found that the average age of financial advisors in the U.S. is 50.9 years, and that only 11 percent of advisors are younger than 35, according to the source.

Increasing the availability of comprehensive college training and degree programs in financial advising may be one solution to countering the talent shortage, Fox Business reported. It noted a TD Ameritrade Institutional Program, NextGen Financial Planning Scholarships, that supports young people pursuing a career in the industry.

The financial advisory industry is facing a shortage of talent, according to a recently released report from research firm Cerulli Associates.

Macy’s to enhance the shopping experience through artificial intelligence

Macy’s to enhance the shopping experience through artificial intelligence

Macy’s has teamed up with IBM Watson to introduce an artificial intelligence-powered shopping assistant for its retail stores.

The in-store mobile platform designed to enhance the consumer experience, Macy’s On Call, will launch in 10 U.S. stores during a trial phase, reported Forbes. IBM Watson has recently teamed up with Satisfi, an intelligent engagement platform and developer partner, which will only further enhance the new platform of the retailer.

Based on the notion that customers are increasingly more likely to turn to their smartphones than actual store associates, the platform allows shoppers to ask questions in natural language to receive relevant answers.

“The combination of Satisfi’s location-based, intelligent engagement software, with the cognitive learning capabilities of IBM’s Watson, has helped us build a powerful and comprehensive tool to enhance the in-store shopping environment,” said Don White, chief revenue officer at Satisfi.

Eventually the chatbot will learn how to give responses on department, brand and product locations within each specific store, reported The Washington Post. The new feature will be an extension of customer habits on the Macy’s existing store app . Shoppers will now be able to get more detail on products and check prices themselves.

The major clothing store is not the first retailer to incorporate technology and is joining the trend in an effort to improve the shopping experience.

Macy's is aiming to enhance the shopping experience through an artificial intelligence-powered shopping tool.

Show Them That You Love Them

As we enter the dog days of summer, economic signs continue to point to the fact that the US economy is as hot as the current weather. In June, 285,000 jobs were added according the US Bureau of Labor Statistics and overall unemployment stood at 4.9% which is full employment by most economists’ measures. Moreover, according to Fierce Biotech, VC funding in the life sciences is on course to be the second highest ever recorded. In a tight labor market with loads of venture money being used to create even more jobs, one might be bewildered on how to attract the best talent when candidates have a plethora of opportunities to choose from.

One answer might be preventing top talent from marching out the door altogether. And despite how expensive the drug development process can be, the simplest and most effective solution to employee retention won’t cost you anything: it all revolves around praise. Yes, praising and recognizing employees for their contributions irrespective of their tenure or rank within your organization. In these candidate driven times, praise can be that ounce of prevention that allows you to retain your impact players.

‘Big health’ on the horizon

Big health’ on the horizon

Big data is already being used to track consumer trends and support national security – but it is also finding innovative applications in the healthcare industry.

Analysts are pointing to the potential value of a partnership between the manufacturers of personal fitness tracking devices and health insurance providers. Insurance providers could collect the information gathered by these devices and then use it to provide consumers with personalized health advice, Gadget magazine explained.

As the use of fitness trackers becomes more widespread, “big health,” as the experts are calling it, could be put into practice soon. Currently, Fitbit dominates the U.S. market, selling one third of all activity trackers, according to the source.

And the increasing sophistication of cloud computing is helping to provide the digital architecture needed to support such a partnership. Gadget cited the “wellness tracking platform” launched by Microsoft in 2014 as a model for future systems.

GPS-manufacturer Garmin is also getting in on the big health game. The company, which sells a line of wearable fitness trackers, recently announced a partnership with biotech startup LifeQ to create a “connected health solution,” Ventureburn detailed. The solution is anticipated to involve the provision of personal health data to insurers.

Big data is already being used to track consumer trends and support national security - but it is also finding innovative applications in the healthcare industry.