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Economics

REAL_ESTATE
December 29, 2014 | By Erin Arvedlund, Inquirer Staff Writer
Chris and Jillian Soriano bought and then renovated their Haddon Heights house using a Fannie Mae HomeStyle Renovation loan to finance the improvements. The couple moved into the four-bedroom, two-bathroom house last summer "knowing we were going to rip out the kitchen," said Jillian Soriano, who wanted an open-concept cooking and dining area. "I wanted to take down the wall separating the kitchen and dining room and replace it with a butcher-block island with two sets of seating," she said.
NEWS
October 29, 2014 | BY JOHN F. MORRISON, Daily News Staff Writer morrisj@phillynews.com, 215-854-5573
YOU DIDN'T say anything derogatory about Philadelphia in Andy Kozak's presence. His wife, Rebecca, found that out when she first met him back in the early 1990s. She had been on a business trip to Philly and was not impressed. Andrew was with a group of friends at St. Mary's College of Maryland, where he was a teacher, when she approached them and launched into a diatribe about how filthy the city was. "He looked at me and said very calmly, 'That's my home, that's my heart.' I guess he forgave me because we were together 23 years," she said.
BUSINESS
October 13, 2014 | By Andrew Maykuth, Inquirer Staff Writer
HOUSTON, Pa. - Philadelphia's reindustrialization starts 300 miles away at a sprawling processing plant in Southwestern Pennsylvania where liquid fuels extracted from Marcellus Shale gas begin a cross-state journey to the Delaware River. In the last five years, a forest of metal distillation towers has sprung up like a poplar grove from the Washington County countryside, surrounded by rows of cylindrical storage tanks. The complex, owned by MarkWest Energy Partners of Denver, separates high-value liquid fuels such as propane and butane from the "wet" natural gas produced near here, the sweetest spot in the prolific Marcellus Shale formation.
NEWS
September 20, 2014 | By Bonnie L. Cook, Inquirer Staff Writer
James Shorten Cross, 97, an oil-industry expert who helped lay the groundwork for the country's Strategic Petroleum Reserve during the energy crisis of the 1970s, died Thursday, Sept. 11, of causes related to aging at White Horse Village in Newtown Square. Dr. Cross lived in Merion starting in 1953, and 10 years later moved to Hunting Hollow Farm in Edgmont. He retired to White Horse Village in 2006. From 1953 until 1975, Dr. Cross served as chief economist and director of the Economics and Industry Affairs Department for Sun Oil Co. In 1968, he was appointed director of the Office of Statistical Services in the U.S. Department of the Interior's Emergency Petroleum and Gas Administration.
NEWS
September 15, 2014 | By Andrew Seidman and Maddie Hanna, Inquirer Trenton Bureau
TRENTON - New Jersey lawmakers are returning to the Statehouse from summer break facing a withering indictment of the state's finances: two credit downgrades from Wall Street ratings agencies criticizing poor long-term fiscal planning. The immediate effect, an increase in the cost of borrowing, may not be too burdensome given the current low interest rates. But the downgrades by Standard & Poor's and Fitch Ratings, the seventh and eighth on Gov. Christie's watch, magnify the state's systemic fiscal problems.
NEWS
September 5, 2014 | By Walter F. Naedele, Inquirer Staff Writer
Edith Thomas Edmunds, 94, a former junior high school teacher in Pennsauken, died Wednesday, Aug. 20, at home. Edith Thomas grew up in several towns in Chester County, where her father, William, "worked for Abbotts Dairies and started off in a horse-drawn wagon" delivering door-to-door, daughter Nancy Edmunds said. "What she wanted to do was to be a home economics teacher for junior high girls," her daughter said. Mrs. Edmunds earned a bachelor's at Drexel University and taught home economics at the former Pennsauken Junior High School until the late 1950s or early 1960s, her daughter said.
NEWS
September 1, 2014 | By Harold Brubaker, Inquirer Staff Writer
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.
NEWS
August 4, 2014 | By Suzette Parmley, Inquirer Staff Writer
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.
NEWS
July 14, 2014 | By Andrew Seidman, Inquirer Trenton Bureau
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.
BUSINESS
June 9, 2014 | By Reid Kanaley, Inquirer Columnist
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.
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