Banks in the area have $7.6 billion of your money.
More money has been entrusted to banks, about $88 million more, since last year’s survey of banks by the Federal Deposit Insurance Corp.
The deposit market share report shows that Wells Fargo still leads the pack. Its market share is about the same as 2012, 20.5 percent. That translates to $1.57 billion of deposits.
Locally-owned Georgia Bank and Trust is in a close second with $1.44 billion.
The reasonable person standard was under assault by the rationale given by Bass Pro Shops’ decision to cancel its Interstate 20 store near CarMax.
Bottom line business idea: Stores make money for the owner.
Edgefield County Alltel customers, you just joined AT&T.
AT&T completed its acquisition of Atlantic Tele-Network Inc.’s U.S. retail wireless assets operated under the Alltel brand this week.
The whole deal involves the network, towers, stores and subcribers in six states, mostly in rural areas.
In South Carolina, it involves about 155,000 customers. Other nearby areas affected include Orangeburg, McCormick, Allendale, Barnwell and Bamberg. (About 100 employees are now also part of AT&T.)
Augusta ships out $2.7 billion in exports, and exports are becoming a bigger slice of the metro area’s economic pie.
The number is from 2012 (because 2013 isn’t done yet) and makes Augusta 88th if you line up all the metro areas in the nation.
The significant number in a Brookings Institution report is that Augusta has had a 6.5 percent annualized growth rate in its exports since 2009. Strong export performance over the past several years has played a central role in the ongoing economic recovery in the U.S., particularly in the largest metro areas.
Can’t really call it a happy anniversary. Five years ago this month is when the financial crisis started that sparked the Great Recession. Wall Street was faltering. Lehman Brothers filed for bankruptcy. AIG got an $85 billion federal reserve loan to stay afloat. Congress was debating TARP. The FDIC seized Washington Mutual. The mortgage meltdown was getting bad enough that the federal government nationalized Fannie Mae and Freddie Mac.
Business and economic news was on the front page a lot that month.
September is going to be an $8 million month for visitors’ spending.
Half of that is going to come from the triathlon at the end of September.
The Augusta Sports Council and the Convention and Visitors Bureau comes up with a visitor spending estimate every month. September is usually a big number because of the triathlon and Arts in the Heart of Augusta.
Things are getting better in the housing market, but compared to a lot of metro areas in the nation, Augusta seems to be lagging.
RealtyTrac, which usually distributes monthly foreclosure information, has devised a new Housing Market Recovery Index. It was calculated based on factors relating to the health of the real estate market: unemployment rate, underwater loans percentage, foreclosure activity, distressed sales, institutional investors, cash purchases and changes in the median home price.
If your business has to pay for unemployment insurance, then the state has data on it. Quarterly, the department of labor assesses the mix of business and industry in the metro area.
Those who work in machinery manufacturing are the highest paid in the metro area. The average weekly wage is $1,807. Chemical manufacturing isn’t too shabby at $1,448 a week.
A moment to put something into perspective.
Retail represents 11.8 percent of the employment in Augusta metro area.
A lot of excitement was generated about the coming of Cabela’s, Whole Foods and Bass Pro Shops. Those are hundreds of jobs coming to the area that weren’t here before, and, individually, they will matter to the people who get them.
In the big picture, though, when you add in all the jobs from the new announcements it moves the needle 0.2 percent.
It is earnings season, and company releases tend to have a mass of financial jargon. In my reading of some of them, there were a couple of sentences of clarity.
“Club Car revenues increased due to growth in the golf car and utility vehicle markets,” says Ingersoll Rand in its quarterly earnings report.