September 1, 2014 |
The Atlantic City region is on the brink of a short-term economic disaster. Atlantic City made history 36 years ago when it opened the first legal casinos in the United States outside Las Vegas. Now it's doing so again as casino employment - which for years exceeded the number of city residents - drops precipitously after a decade of steady decline. The closing of three casinos, starting with Showboat and Revel this weekend followed by Trump Plaza two weeks later, and the rapid-fire loss of 5,700 jobs, draw historic comparisons to longer-term collapses of U.S. industries such as steel.
August 4, 2014 |
ATLANTIC CITY - The fallout over mass layoffs from three potential casino closings next month could have a severe impact on the Shore economy, as those whose livelihoods depend on a thriving casino industry brace for the worst. Local retailers, restaurants, and other businesses that rely on casino workers are expecting a hit. Experts say the region could also see an exodus of laid-off workers, especially among those who live in Atlantic City, as they seek jobs and futures elsewhere. About 6,500 workers from Showboat, Trump Plaza, and possibly Revel could all lose their jobs from Aug. 31 to Sept.
July 14, 2014 |
A gusher in tax credits for companies seeking to locate in Camden is the product of a blockbuster economic incentives package passed by the New Jersey Legislature last year. After the 76ers landed a 10-year, $82 million tax break in June to open a practice facility across the Delaware River, the state Economic Development Authority last week approved $260 million in tax credits over the same period for the energy tech firm Holtec International to open a manufacturing plant on the Camden waterfront.
June 9, 2014 |
Friday's jobless figure - 6.3 percent - for May (same as April) means the economy is improving, but slowly, the experts say. Is this what an economic recovery is supposed to feel like? This month marks five years since the end of the Great Recession. Starting with a chart about the job numbers, CNN Money presents 17 visuals to illustrate the recovery. Unemployment has fallen from 10 percent in late 2009, gross domestic product has wobbled, stocks have soared, mortgage foreclosures have plummeted.
June 6, 2014 |
On meeting Ukraine's president-elect, Petro Poroshenko, in Warsaw Wednesday, President Obama said the United States was "absolutely committed to standing behind the Ukrainian people . . . not just in the coming days . . . but in the coming years. " That commitment is important because Ukraine has become the symbol of whether Russia can get away with destabilizing its European neighbors. Poroshenko must not only reform a sinking economy but also combat armed pro-Russian militias that have grabbed chunks of eastern Ukraine.
May 10, 2014 |
WEST CHESTER In the latest step toward a 10-year economic development strategy, Chester County government and business leaders are encouraging residents to visit a newly launched website and fill out a questionnaire about the direction the county should take. The strategy, called the VISTA 2025 initiative, is an effort to balance economic progress and the preservation of natural and historic resources, and is to guide future projects and spending. The plan will help the county maximize its assets and address its challenges, Commissioner Ryan Costello said.
March 23, 2014 |
VOORHEES Last year's passage of the Economic Opportunity Act rejiggered the formula to give South Jersey access to grants and tax incentives to lure businesses and investors - development carrots that the more heavily populated northern end of the state previously held claim to. Six months after the measure became law, many say the ripple effect is already being felt regionally. Among them are officials in Camden County and those as far south as Cumberland and Salem Counties who gathered Friday in Voorhees.
March 13, 2014 |
PHILADELPHIA It has been used with great effect to challenge those in power and bring about social change, to further the civil rights movement, to end apartheid in South Africa, and to advance the cause of the United Farm Workers in California's San Joaquin Valley. An exhibit opening Wednesday at the offices of the American Friends Service Committee (AFSC) titled "Boycott! The Art of Economic Activism" illustrates the power of boycotts in bringing about change around the world over the last 50 years.
February 1, 2014 |
Set aside any moral imperatives, political experts told an audience Thursday at the University of Pennsylvania: The strongest argument for immigration reform is financial. "America is in a global battle" for capital and labor "to grow our economy," said former Mississippi Gov. Haley Barbour, a former head of the Republican National Committee. If we educate immigrants at our universities but don't make it possible for them to stay in America, he said, the businesses they start, often with hundreds of jobs, "end up in Mumbai" instead of Memphis.
January 31, 2014 |
Holland Hunter, 92, of Haverford, an expert on Russian transportation policy and professor emeritus of economics at Haverford College, died Saturday, Jan. 18, of pneumonia at the Quadrangle in Haverford. Dr. Hunter grew up in Geneva, Ill., the son of real estate developer Harry Holland Hunter and Hester Hunter, an advertising copywriter. He graduated from the Fountain Valley School in Colorado and received his bachelor's degree in economics from Haverford College in 1943. After completing a master's degree in 1947 and a doctorate in 1949, both in economics from Harvard University, he returned to Haverford College.