Anniston Housing

Congress to Decide on Big Three Auto Bailout; Millions of Automotive Jobs at Risk; AutomotiveCrossing Promises to Speed up Efforts

Pasadena, CA (PRWEB) December 12, 2008

Millions of automotive jobs are in danger of getting slashed, if the US auto industry collapses, according to a recent study by the Economic Policy Institute (EPI), a non-profit firm based in Washington DC. This dismal job report is expected to get real and happening, if the Big Three of the automotive industry which includes General Motors, Ford Motors, and Chrysler, close down. The Congress is yet to decide on the bailout amount for keeping these companies afloat. The whole automotive industry is struggling, unable to bear the pressure generated by the overall downturn.

“The auto industry is in a terrible state, and jobs are being cut at an alarming rate to support the deteriorating bottom lines of automotive companies, especially the Big Three” says A. Harrison Barnes, CEO of AutomotiveCrossing, a leading job board for automotive professionals.

Some months back, General Motors, the largest automotive company in the US, announced a major cut of about 20% of its workforce in order to increase liquidity by around $ 15 billion. This time around, it is trying its best to survive, along with Ford and Chrysler. GM recently announced a round of cuts affecting 2,000 automotive jobs all over the US and also issued a candid apology referring to its previous blunders that might have rendered itself bankrupt.

The US auto industry clock ticks towards bankruptcy and lawmakers are working at record speed to get the Big Three, the bailout the industry desperately needs. The automakers jointly pleaded for $ 34 billion to advance their restructuring plans and get out of the rot. But the Congress is still skeptical that the big three Detroit dealers, if given money, won’t come back later requesting more funds. Lately, The White House and Congress were struggling to reach agreement on an overseer, to monitor the proposed $ 15 billion in bridge loans to General Motors, Chrysler, and Ford.

Barnes says, “The auto industry is going through its worst phase ever. The fate of millions of auto jobs hangs in balance over the decision of the Congress, and I hope they take the right decision.”

As the rescue package is near its completion, a study by a non-profit think tank company, Economic Policy Institute revealed that in the event of the collapse of the auto giants anytime, a total of 3.3 million automotive jobs could be lost. More than 400,000 jobs are estimated to be eliminated in the automotive spare parts industry alone. Here are the statistics of the automotive jobs in various US states which are in danger of getting wiped out:

Automotive jobs in Michigan (up to 407,300 jobs)
Automotive jobs in Ohio (up to 219,100 jobs)
Automotive jobs in Indiana (up to 147,300 jobs)
Automotive jobs in Pennsylvania (up to 120,000 jobs)
Automotive jobs in Tennessee (up to 106,400),
Automotive jobs in Alabama (up to 76,100 jobs)
Automotive jobs in Kentucky (up to 75,000 jobs)

“These are the toughest times for auto industry workers. But all is not lost; many sectors depend on this industry for survival, and they will do their best to get the industry out of the mess. With respect to the job losses, the best solution which I can offer is to look for jobs where they really are. There are still many automotive jobs out there and AutomotiveCrossing wants to find them all,” says Barnes.

Unlike other job-search and career sites, AutomotiveCrossing weeds out spam and jobs outside one’s niche, allowing job seekers to search efficiently and specifically. The number of automotive jobs present in the database is expected to get an additional boost in the coming days. For more information on AutomotiveCrossing, please visit http://www.automotivecrossing.com.

About AutomotiveCrossing:

AutomotiveCrossing is an affiliate of http:// EmploymentCrossing.com [EmploymentCrossing], a powerful and comprehensive organization dedicated to helping professionals find jobs that will enhance their careers. AutomotiveCrossing consolidates every automotive job opening it can find at one convenient location. The website also offers a seven-day free trial to new members.

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, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

Related Alabama Real State Press Releases

FHL Bank Atlanta’s Affordable Housing Effort Is Creating Thousands of Jobs and Supporting Municipal Tax Bases, According to a New Research Study

Atlanta, GA (Vocus) March 12, 2010

The Federal Home Loan Bank of Atlanta’s affordable housing funds are a significant driver of job growth, housing production, and expanded tax bases, according to a research study recently completed by The Hendrickson Company and The Shimberg Center for Housing Studies at the University of Florida.

The Federal Home Loan Bank of Atlanta (The Bank) released the study today that highlights and quantifies how member financial institutions and the developers they work with use the Bank’s Affordable Housing Program (AHP) to finance housing construction and rehabilitation that serves low- and moderate- income families and individuals. By creating more jobs, catalyzing taxable transactions and building tax bases as well as developing affordable housing, the Bank is having a unique and very positive economic impact that goes far beyond the units it helps fund or the dollars it awards, researchers found. (To download the report, visit http://www.fhlbatl.com/multiplier.)

The study, entitled “Beyond Units: Economic Benefits of the Federal Home Loan Bank of Atlanta’s Affordable Housing Program,” analyzed how the Bank’s funding of housing development projects results in broader multiplier effects in state and local economies. Since its inception in 1990, the Bank’s Affordable Housing Program has provided more than $ 380 million of funding to help build more than 60,000 units of rental and homeownership affordable housing, and the study sought to quantify the “ripple effect” of those dollars in employment, broader development spending, and growth of municipal tax bases.

“The results of this research are noteworthy because the Bank traditionally focuses on the direct benefits of our funding in unit production,” said Richard A. Dorfman, FHLBank Atlanta President and Chief Executive Officer. “Now, researchers have captured the broader economic impact of our investment in communities throughout the Southeast. Given the demand for jobs in the current economy, the study underscores how our affordable housing funding benefits local economies, thousands of public and private corporations, lending institutions, and the customers and citizens they serve.”

Key findings from the study include:

    For each $ 1 million of AHP funding, $ 14.3 million of housing is built or rehabilitated.
    Housing with a total development cost of $ 4.1 billion has been built or rehabilitated with an AHP investment of only $ 290.5 million. (Note: The study examined data that included $ 290 million of the $ 380 million funded by AHP over the past 20 years.)
    For each $ 1 million of AHP funding, 158 jobs are created. AHP has helped create more than 46,000 jobs during its 20 years in operation.
    Since 1989, AHP funding has generated more than $ 811 million of federal, state and local taxes. This represents $ 2.79 in taxes for each $ 1 of AHP funding.
    The total economic activity far exceeds the value of housing built or rehabilitated. Because of the multiplier effect and leveraging AHP’s funding, each $ 1 million of AHP funding generates $ 24.6 million of economic activity, with about $ 8 million going towards workers’ earnings.
“Our findings clearly suggest that Federal Home Loan Bank of Atlanta funds circulate through the Southeastern economy multiple times and produce significant economic value,” said Mark Hendrickson, President of The Hendrickson Company and former director of the Florida Housing Finance Agency. “These dollars are seen hard at work throughout the scores of neighborhoods and towns developed or revitalized, and through the jobs and incomes created since the program’s beginning.”

About the Study

The study, “Beyond Units: The Economic Benefits of Federal Home Loan Bank of Atlanta’s Affordable Housing Program,” reviewed and analyzed data from 1990 to September 15, 2009, to determine the historic and current economic benefits of AHP. The data included AHP projects from the Bank’s region including: Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and the District of Columbia. The study was conducted by the Hendrickson Company and The Shimberg Center for Housing Studies at the University of Florida.

About FHLBank Atlanta

FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help approximately 1,200 member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank’s members—its shareholders and customers—are commercial banks, credit unions, savings institutions, and insurance companies headquartered in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 12 district banks in the Federal Home Loan Bank System which since 1990 has contributed more than $ 3.6 billion to the Affordable Housing Program.

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©Copyright 1997-

, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

Mobile Works President Sydney Raine Receives State Of Alabama Workforce Development Partners In Progress Award-Raine Received Award for Work in Providing Disaster Relief Jobs in the City Of Mobile, Mobile County and Other Local Municipalities

MOBILE, AL (PRWEB) November 14, 2004

Mobile Works Inc. announced that Mobile Works President Sydney Raine received the Partners In Progress Award for his work in both securing $ 407,418 in national emergency grant monies from the U.S. Department of Labor to provide temporary jobs for the City of Mobile, Mobile County and other municipalities within the county of Mobile for Hurricane Ivan disaster relief—and in using the monies to quickly implement actual jobs for Mobile area workers.

The Partners in Progress Award was presented to Raine by Dr. Tim Alford, Director of Workforce Development for the State of Alabama, on Thursday, November 4, 2004. Dr. Alford presented the award to Raine at a ceremony held at the State of Alabama Workforce Development Conference, which was held from November 3-5 in Birmingham. The award honors business, government and cultural leaders for making progress in workforce development a priority within their organizations and within their local Alabama communities.

Raine worked quickly with officials from the City of Mobile, Mobile County and several other municipalities in Mobile County to secure their agreement to provide jobs to local workers to aid in hurricane cleanup.

Within one week of notification of receipt of the grant monies, Raine’s quick action ensured that 77 jobs were filled throughout the greater Mobile area—out of the 105 jobs that could have been funded with the grant, for nearly 75% implementation. What makes this unique is that Raine spearheaded an effort that made Mobile the only county in the state to actually take advantage of the $ 7.5 million grant made available to Alabama by the Department of Labor for Hurricane Ivan disaster relief throughout the entire state.

“I am honored and privileged to accept this award, but this Partners in Progress Award really recognizes the dedication of the Mobile Works staff and the spirit of cooperation given to me by the City of Mobile, Mobile County and our other local municipalities,” said Raine. “They were truly our partners in this endeavor and the real winners were the jobseekers. We look forward to continued partnership with every entity involved.”

Mobile Works Inc., a local partnership of business, education, labor and community leaders, provides businesses with training, leadership, labor market information and employment programs designed to stimulate local business by meeting the needs of Mobile area businesses while increasing the available labor pool of skilled jobseekers in the Mobile area.

Since its inception in 2000, the group has invested more than $ 19 million overall to support Mobile area job and educational programs. In addition, in the 2004-2005 fiscal year alone, Mobile Works will invest nearly $ 4.9 million dollars in jobs, training and economic initiatives for all of Mobile County.

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©Copyright 1997-

, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

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