Minorities’ spending forecast $3.5 trillion in ’15
Saturday, January 14, 2012
Number of the day
That’s how much Latino, black and Asian American shoppers will spend on goods and services in 2015, according to the University of Georgia’s Selig Center for Economic Growth. Retailers like Macy’s are gearing up to sell more clothes, cosmetics and home goods to minority shoppers, and they’re seeking out suppliers who specialize in those markets. Macy’s predicts its sales of products from minority- and women-owned businesses will top $1 billion within two years.
“Manufacturing is a lot like bacteria. As long as you don’t kill them all, they’ll flourish again when the conditions are right.”
Economist Martin Holdrich of Woods & Poole Economics, on a rebound in hiring at U.S. factories. Manufacturers added 225,000 jobs in 2011, ending the year at 11.8 million – still far below the pre-recession level of 14 million in 2006. General Electric is boosting production of appliances in Louisville, Ky. Nissan is adding 1,000 workers to make lithium-ion batteries in Tennessee. Boeing hired 10,000 last year for its commercial aircraft plants in the Seattle area.
Startup Palooza, a competition in which entrepreneurs pitch their business plans to venture capital firms, runs today at Citizen Space, 425 Second St. in San Francisco. Pitches from companies like Patisserie Carmen and Skillville Games are followed by Q&A sessions with VCs and the audience. Organized by Startup Saturdays, the talkathon also features an hour on how to outsource technology development and Web marketing.