Newsletter June 21, 2010

An Economy Gaining Momentum

Compared to a year ago, our overall economy is in much better shape. Not only was last week’s Toyota announcement of a Fall, 2011 production start date great, the economic news in Monroe County is approaching the great category, also.

There are several expansions occurring, primarily in our local furniture industries. Also, our larger industries are reporting that their business is much better year to date than the same period of time last year.

  • Townhouse Furniture in Smithville started the year with 100 employees. Employment there now stands at 165.
  • HomeStretch Furniture in Nettleton which opened in January with 35 employees plans to hire another 35 by the end of August. The company has committed to having no fewer than 139 employees within three years.
  • Nautic Star Boats recently added 15 employees and is now utilizing their third building.
  • A new, yet to be announced, furniture company will be opening within the next 60-90 days with 25-35 jobs and a commitment to have 80-100 employees within two years.
  • Holley Performance Products in Aberdeen was at 59 at yearend 2008. They now employ 130 after closing their Tijuana, Mexico plant and moving those jobs here in the spring of 2009.
  • True Temper is back at full capacity with an employment level of over 300 which is where they were prior to the start of the recession in 2008.
  • United Furniture which now employs over 400 in its Amory location.
  • The plant managers at ITT, Georgia Gulf, and Tronox all have good reports of stable and growing product orders and prerecession employment levels.
  • Another industry expansion is expected to be announced before the end of the year that will offer 25-35 new jobs.
  • Of these 574 total jobs that are committed to happen over the next three years, 380 have already been realized.

There are five fewer industrial buildings as compared to one year ago. These have been leased or bought for expansions or new industry.

  • Amory Garment Building (167,000 sf) was bought in May by a local furniture manufacturer.
  • Caye Home Furnishings (100,000 sf) was bought in May by a local furniture manufacturer for inventory storage.
  • HomeStretch Furniture (220,000 sf) as of January, leased the Advantage Bldg from the county.
  • Block Building #3 (60,000 sf) has been leased from the county by a startup furniture manufacturer.
  • Nautic Star Building #3 (40,000 sf) is now utilized by the company.

The only vacant, large industrial buildings left in Monroe county are the PeopLounger (Nettleton) and Burris (Prairie) buildings, which are both over 440,000 sq. ft. We do not have any building product left to offer larger industries, except these.

In summary, we are gaining ground fast on the job losses that have occurred over the past 18-24 months. Your Chamber of Commerce has been and will continue to be very active in working with our local industries, government officials, and our economic development partners at MDA, TVA, ARC, ICC, NMIDA, and Three Rivers PDD to assist whenever we can. Of the projects mentioned above, we have applied for and been awarded on behalf of our government entities and local industries, grants through MDA and ARC that total $1,665,000. Another $224,000 grant is in process.

It is a fact that existing business and industry will always generate 85%+ of all new jobs in the economy! The proof is in the numbers above. And, as all the numbers prove, our economy is gaining momentum. Your Monroe County Chamber of Commerce is here to assist our local businesses and industries as often as we can!

Tony Green
Executive Director
Monroe County Chamber of Commerce
Website: www.gomonroe.org
Email: tony@gomonroe.org