In the biggest economic development news of the week, Puretek Pharma is relocating its headquarters from California to Atlanta–likely in exurban Jackson County. 200 jobs are expected to be relocated to the area. (Atlanta Business Chronicle)
Biodiesel King, a British biofuel company, is locating its American headquarters in Cumming, North of Atlanta. (AJC)
Georgia’s poverty rate is sixth-worst in the country, according to new data. (Atlanta Business Chronicle)
Georgia and North Carolina are competing for a large manufacturing facility for Herbalife, which makes health drinks. 500 jobs are expected. (Winston Salem Journal)
In an ongoing cost-cutting initiative, Delta Airlines is shuttering Regional Elite Air Services, a ground services operator based in Minneapolis. The move will consolidate Delta’s ground services into one organization. No job cuts have been announced for Atlanta. (Star Tribune)
According to a report, Atlanta’s house prices increased in September, and are now in positive year-over-year territory in what could be another hint that the local housing market is stabilizing. (Atlanta Business Chronicle) This conflicts with the Case-Shiller data that this blog follows closely, which indicates year-over-year changes are still considerably negative as of August. Case-Shiller’s September data aren’t due out for several weeks. We’re projecting Atlanta’s year-over-year change in house prices will still be in decline according to Case-Shiller, but will dig their way out of the hole by October.
Credit card debt held by Atlantans continues to fall, according to Equifax, at a rate that exceeds the national average. (AJC) This is a double-edged sword: paying off debt generally increases future stability for consumers, but it also indicates that consumers aren’t feeling particularly optimistic nor that consumer spending is robust.