Central US, Pacific US, US News

Sports and recreation industry thriving in Northwest

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A new report released by the National Park Service has found that visitors to the Northwest helped boost the local economy by more than $546 million, helping to support 9,000 jobs in 2010.

Chris Lehnertz, Pacific West director for the park service told The Associated Press that more than 280 million tourists spent a total of $12 billion in 2010, visiting 394 national parks and nearby towns.

"The people and the business owners in communities near national parks have always known their economic value," Lehnertz told the news outlet.

Washington state, home to 13 national park systems, saw the biggest economic impact, followed by Alaska and Idaho.

Meanwhile in North Carolina, a new sports study has found that the industry brings in more than $2 billion across the Charlotte region each year, according to WBTV News.

According to the Economic Impact of Sports and Sports Events on the Charlotte MSA Economy report, the sports industry also helped support 23,136 jobs last year.

"Where once sports were more widely thought of for recreational or entertainment value, the industry in Charlotte has now firmly established itself as a job-creating economic and tourism engine," John E. Connaughton, professor of economics at the University of North Carolina, noted. 

Manufacturing

High-tech engineering jobs plentiful in Wisconsin and New York

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Two high-tech engineering companies have announced expansions as they continue to look for qualified workers.

In Ontario, New York, Optimax Systems Incorporated said it will hire 30 more manufacturing engineers this year, and will seek out future workers at local colleges and high schools, according to the Wayne Messenger Post.

"We want to create a buzz that Optimax is growing in the Rochester area, and we need manufacturing engineers, who can create manufacturing solutions, in addition to optical components," Rick Plympton, chief executive officer of Optimax, told the news agency.

The company, which is the country's largest optics manufacturer, specializes in products for the aerospace, solar, medical and defense industries.

In Wisconsin, Fond du Lac-based Mercury-Marine said it is having a tough time finding qualified engineers to fill a number of positions.

WTAQ reports that the company has started the "Fond du Lac STEM Academy," a charter school for third through fifth graders, to help avoid a massive talent shortage of engineers in the future.

A Wisconsin-based group called "Project Lead the Way" said the U.S. is not producing nearly enough qualified engineering talent to fill a growing need.

Life Sciences

Abu Dhabi University to support biotechnology jobs with new incubation center

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Officials at Abu Dhabi University (ADU) will launch the first ever biotechnology incubation initiative in the United Arab Emirates (UAE) in an effort to support biotechnology jobs and advanced Arab patents into commercial products.

The plans were announced following an agreement between the university and medical researchers at the product development company AccuVis Bio, which is supported by the Arab Science and Technology Foundation and one of the first regional businesses to develop and make diagnostic kits and medical products, according to the Gulf News.

"ADU is building a full eco-system for innovation and entrepreneurship through ADU Enterprise, Dr. Nabil Ebrahim, chancellor of ADU, told the news agency. "Its objective is to incubate and  commercialize research outcomes and establish technology based enterprises."

The announcement from ADU came as Dubai-based Eastern Biotech & Life Sciences was honored as one of the city's top small- to mid-sized enterprises (SMEs).

Founded in 2005, Eastern Biotech specializes in genetic testing screening services for the premarital, prenatal and neonatal community. The company said that based on its testing, it has been able to help reduce the incidences of genetic disorders common to the region.

Monthly BLS Report

Analysis of January 2012 Employment Report

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In January, total employment in the United States grew in
excess of 200,000 jobs for the second consecutive month. The Labor
Department reports 243,000 positions were added in the month and
revisions show 203,000 were added in December. The U.S.
unemployment rate fell from 8.5 to 8.3 percent despite an influx of
more than 500,000 workers into the civilian labor
market.

Furthermore, revisions to previous numbers, based on more
complete data, show the employment situation may not have been as
bad as first reported. Unemployment peaked at 10 percent for a
single month in October 2009 before starting to fall. Past reports
had unemployment remaining at or above 10 percent for three months.
Revisions to 2011’s establishment data also show nearly 266,000
more jobs were created during the year than previously reported,
accounting for nearly a 20 percent improvement.

Growth did not appear overly clustered in any specific
sector in January, but rather it was spread throughout many
sectors. Manufacturing added 50,000 positions, mostly in durable
goods, likely an extension of holiday spending which seemed to
disproportionately lean towards such items. Food services and
drinking places added 33,000 positions, healthcare added 31,000 and
construction added 21,000. In the temporary help or contract
staffing space, employment grew by 20,100 after having been
relatively flat in recent months.

The unemployment rate among those who hold a four-year
degree rose from 4.1 to 4.2 percent in January, but that was mostly
driven by an increase in those who hold such a degree looking for
work. Actual employment by those with a four-year degree rose by
291,000 in January. The management, professional and related
occupations unemployment rate fell year over year from 4.7 percent
to 4.3 percent. The unemployment rate for those in sales or related
occupations also fell, from 9.1 to 8.2 percent from a year
ago.

The recovery from the Great Recession has been
characterized by fits and starts. Indeed, when comparing the speed
of the labor market’s recovery to past recessions, our current path
is both longer and slower than any recovery over the last half
century. The improvements seen over the last few months though,
point to the beginning of a virtuous cycle, with an unemployment
rate falling more precipitously than would have been projected just
a few months ago.

Managed Care

Cigna to expand health insurance business into India

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Cigna Corporation has confirmed that it has entered into a partnership with India-based TTK Group to sell health insurance in India.

The Hartford Courant reports that the insurance will be sold as Cigna TTK, and will be headquartered in Mumbai.

David Cordani, Cigna's chief operating officer, told the news agency that if approved by Indian regulators, the new company should be up and running in 2013.

"We have proven expertise in offering solutions that seek to improve customers' health while managing cost," Cordani added. "We recognize the value of TTK's deep insights into the Indian consumer's interests and needs as well as their ability to reach these consumers across the country."

A company spokeswoman said a change in accounting will result in few jobs at Cigna's Bloomfield and Philadelphia offices and is not related to the overseas expansion.

Meanwhile, the UK-based Bupa Insurance Limited is among a number of companies eyeing a move to buy HSBC's medical insurance business in Asia, according to Bloomberg Businessweek.

Axa and Ace are reportedly also in discussions to buy HSBC's entire non-life Asian unit, as well as the Australia-based QBE Insurance Group.

HSBC's non-life insurance business reported $1 billion in sales last year.
 

Life Sciences

Industry leaders look to help grow biotechnology sector in West Virginia

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Biotechnology leaders will meet in West Virginia to discuss ways to expand industry opportunities in the state.

The Bioscience Association will hold its second annual West Virginia summit to look at the role the biotechnology market can play in diversifying the state's overall economy.

Derek Gregg, chairman of the association, told the State Journal the summit will bring together the biosicence community, policy leaders and economic developers.

"The purpose of the event is to highlight the role and impact of the bioscience industry in West Virginia, showcase research and commercialization efforts taking place at state universities and private companies, and to discuss policies and programs to help nurture the industry," Gregg noted. "This is an important industry for our state, and it will become an economic cornerstone in the years to come."

In Georgia, biotechnology leaders said the state's 8 year old loan program to sustain and grow industry jobs is paying off.

The Atlanta Journal Constitution reports Georgia is now second to only North Carolina for attracting biotechnology firms and one of the top 10 states in the nation for biotech growth.

Since 2004, the Life Sciences Facilities Fund has given out $4.3 million to five companies.