Three stories making news across the Midwest today:
1. Cleveland counts on small growth. In the past, economic development approaches in Cleveland have centered around big-ticket items. A new stadium. A new arena. The Medical Mart and Convention Center. That strategy is changing. Under Cuyahoga County’s new governing structure, executive Ed FitzGerald will target small-and-medium-sized business growth rather than large-scale projects. Our partner station Ideastream examines a proposal for a $100 million economic development fund that FitzGerald calls “a major commitment to business development.”
2. Tennessee GM plans will re-open. The contract agreement between the United Auto Workers and General Motors calls for the hiring of an additional 6,400 employees. Approximately 1,700 will be located at the company’s plant in Spring Hill, Tenn. The plant was initially shuttered in June 2009, but in a move that’s considered rare among industry insiders, the plant will re-open as GM seems to gain market share from Toyota. According to an Atlanta Fed analyst, the re-opening is one such reason “Tennesee could be viewed as a leader of the pack in automotive manufacturing strength,” throughout the nation.
3. Business school applications down. As prospective students grow leery of accumulating massive amounts of student debt, applications to most Chicago-area business schools have fallen. Crain’s Chicago Business reported Monday that applications at Loyola University’s Graduate School of Business have fallen 9.5 percent this year, applications at Northwestern’s Kellogg School of Management declined 5.6 percent. Applications at the University of Chicago’s Booth School of Business dropped 3.0 percent. DePaul was the only university in the Chicagoland region to buck the trend, noting a 13 percent jump.