Existing industry will continue to be the primary
engine for new investment in 2020. The short answer
to the question of why is because reinvestments
and expansions are an economic driver for the local
economy.
What will happen when coal fired Plant Hammond
closes? At this time, there is not an official estimate
of the Floyd County school district nor Floyd County
government property tax loss. Most of the employees
have found other local or out-of-town jobs or retired.
According to Georgia Power officials, activity will
continue in and around the plant, including work on the
ash ponds.
But let’s put it in perspective:
Consider what happened when GE, Lindale and Galey
and Lord closed, followed by floor-covering companies.
The community was prepared, and the Rome Floyd 2020
economic development strategic plan was in place, ready
for full implementation. The economy was transformed
from textiles and floor covering to automotive parts and
12 OUTLOOK | APRIL 2020
other advanced manufacturing production with higher
skills. Manufacturing pay and benefits were increased
over time – with the notable exception of the high pay
and benefits of GE during that era.
How will some of the offsets to Plant Hammond
closure happen? What about Bekaert’s reduction with
the closure of the tire core and ISC lines, a reduction of
50 employees?
Long term plans by manufacturers are resulting in
Southeastern Mills, Kerry Foods, Marglen and Georgia
Pacific collective investments of over $75 million.
At the same time, let’s not forget Ball Corporation’s
$200 million expansion and International Paper’s
combined $300 million reinvestment in the past five
years. There are already benefits happening and to
come, with construction at the plants, with payroll
and numerous small businesses benefiting from goods
and services purchased. Sales taxes to support schools,
roads and more infrastructure also receive the benefit,
already happening. Payroll increases from several local
manufacturers reflect the increase in skill levels, growing
Growing
Manufacturers
While we seek out new industries
for Floyd County we’ll continue to
see re-investment and expansions
in our local industry as economic
drivers in 2020. By Al Hodge