St. James Lands Nucor Facility
Every once in a while in the Age Of Obama, there is good economic news to report. And the once in a while came today.
Specifically, the proposed Nucor steel plant in St. James Parish isn’t proposed anymore. It’s now going to happen. The nations largest steelmaker will be building a $3.4 billion facility in Convent which will employ some 1,200 people at an average salary of some $75,000 per year.
We’re not crazy about state involvement in “economic development” projects like this one, where public dollars are used as an incentive to get corporations to locate within a given jurisdiction. But if you’re going to engage in that kind of activity, at least be successful with it.
Jindal was successful today. It’s a major feather in his cap. And it will be a big boost to the economy of the River Parishes. It’s great news for the state’s industrial construction sector as well.
Scott, it's also important to understand why LA got the plant, and especially "why now"?
Nucor said about a year ago that they preferred our site to the one in Brazil, but they were concerned that Congress would pass Cap and Tax and raise their energy costs to the point of making in much cheaper to locate in Brazil.
Now that a GOP takeover of the House seems inevitable, it's clear that Cap and Tax won't happen anytime soon, and probably never.
Ergo, Louisiana gets the plant.
We are already seeing the economic benefit of the upcoming GOP victories this November. Since the GOP takeover of the House became clear, the stock market has gone up as well, since investors now know that President Obama won't be able to push more job-killing nonsense through Congress.
Scott, it's also important to understand why LA got the plant, and especially "why now"?
Nucor said about a year ago that they preferred our site to the one in Brazil, but they were concerned that Congress would pass Cap and Tax and raise their energy costs to the point of making in much cheaper to locate in Brazil.
Now that a GOP takeover of the House seems inevitable, it's clear that Cap and Tax won't happen anytime soon, and probably never.
Ergo, Louisiana gets the plant.
We are already seeing the economic benefit of the upcoming GOP victories this November. Since the GOP takeover of the House became clear, the stock market has gone up as well, since investors now know that President Obama won't be able to push more job-killing nonsense through Congress.
That is a very valid point. It will be interesting to see whether the chemical plants up and down the river, which have largely shelved planned upgrades for the past 18 months and caused industrial construction firms and engineering firms alike to lay off employees in droves, will follow suit and begin planning them again. With what Obama has done to the oil and gas business, we desperately need an uptick in petrochemical.
That is a very valid point. It will be interesting to see whether the chemical plants up and down the river, which have largely shelved planned upgrades for the past 18 months and caused industrial construction firms and engineering firms alike to lay off employees in droves, will follow suit and begin planning them again. With what Obama has done to the oil and gas business, we desperately need an uptick in petrochemical.
An excellent point indeed, Ryan. There are enormous numbers of capital projects sitting on shelves around this nation awaiting certainty in the business climate, and many of us in the engineering and construction community are anxiously awaiting its release on or about November 3.
On a related note, it will be important that those of us in the new media community remind voters in 2012 that it was NOT President Obama's policies that set that capital free and provided the resulting economic turnaround.
An excellent point indeed, Ryan. There are enormous numbers of capital projects sitting on shelves around this nation awaiting certainty in the business climate, and many of us in the engineering and construction community are anxiously awaiting its release on or about November 3.
On a related note, it will be important that those of us in the new media community remind voters in 2012 that it was NOT President Obama's policies that set that capital free and provided the resulting economic turnaround.