Flanked by the leadership of Mississippi, Governor Tate Reeves announced a $1.9 billion economic development project creating 1,800 jobs will land in Marshall County.
Governor Reeves said the annual payroll will be $132 million. The project is the second-largest economic development project in Mississippi. The project involves the production of electric automotive batteries. The Governor did not identify the company but said it is a "household name."
The Governor said he will call for a special session within the current legislative session to open Thursday. WAPT's Ross Adams asked how much the project will cost. Governor Reeves said the total cost will be $350 million. Infrastructure improvements comprise half the package. The Governor said there are guarantees in place that have to be met by the company.
"This is going to change lives for thousands and thousands of people in Marshall County and Mississippi," said the Governor. The average salary will be $66,000, excluding benefits.
"It's a great day for Mississippi," said Speaker of the House Jason White.
Lieutenant Governor Delbert Hosemann said the project is proof "Mississippi is open for business." He said the legislative package will be passed rather quickly.
The 500-acre site will be in the Chickasaw Industrial Park.
65 comments:
Another government funded boondoggle coming to the great state of mississippi.
Yall keep forgetting Tater went to Millsaps….
I’m sure most of the employees will live across the border in Tennessee. MS subsidizes the plant, and TN benefits!
If this is the Cummins-Daimler-PACCAR joint venture, it's a big win for Mississippi.
Hopefully not batteries for EVs, a dying handful of carmakers strung out on Biden boosting followed by unsold/unrented failures.
All of this shit talk. Let me get this straight. Tax money spent on economic growth, bad.
Tax money spent on PERS, good.
Bunch of idiots.
Electric batteries…could be featured on dirty jobs
There will be more than a few conservatives unhappy with this for...reasons!
11:57 Actually, it is the reverse of that. Shelby County and the Greater Memphis Metro area are pushing people to live in Mississippi for lower property tax and higher quality of life.
Maybe this one: https://www.ccjdigital.com/alternative-power/battery-electric/article/15546401/cummins-paccar-and-daimler-agree-to-battery-partnership
Funny how Louisiana has had several of these multi billion dollar projects in the last year. I never heard about the calling a special session for any of them.
This happened because the Biden-Harris admin is tough on China and banned the import of Chinese made EV batteries. This is requiring GM, Ford, etc. to stop importing cheaply made batteries from their Chinese plants and instead produce them domestically.
Also, we have already defeated the Chinese on the Rare Earth minerals issue. We can recycle the necessary minerals more cheaply and efficiently than China can strip-mine them!
@11:57
If people work in Mississippi but live in TN, they owe MS income taxes. Of course, the money would be spent in TN, but the MS does get something.
Tesla
I was glad to hear the Gov throw a bone “to the locals” that participated on the project.
The State of Mississippi will NEVER do anything about brain drain. Facts.
If this plant was going to mnufacture diesel fueled battery heaters for cold climate EV's that would really be a thing!
I'm elated at the announcement and the prospects for jobs and the economy, but my elation is dampened by the fact that the project is connected to electric vehicles.
Just 80 miles to the direct west of this project are the Delta windmills and the failed electric vehicle project from three years ago.
It seems to me that they usually get the math right and these projects are "worth it" financially, but this one make me wonder...
$195k per job ($350M/1800)
The closest town in Collierville, TN, a nice community. Only farms are nearby on the Mississippi side with the nearest town being Byhalia, MS (which could be aweseome, but probably isn't Collierville.) That means the indirect benefits of this project will all go to Tennessee.
I doubt the Governor was exaggerating when he said this will cost $350M, so how will the state possibly recover that money?
Amazing. The MS GOP can't wait to give away your tax money to build EV batteries, but sure didn't miss on taxing you directly for an EV.
Death to EVs
I'm happy for the people of Marshall County, but believe a day of reckoning is coming for the EV business. Auto manufacturers are pulling back on production and cutting prices on EVs as the vehicles clog dealer lots for lack of interest. Meanwhile, EVs are piling up at charging stations this week because the batteries won't take a charge in this harsh winter weather. The market is going to sort all this out, and it won't be pretty for investors.
I hope journalists and lawmakers will ask about how this company will rely on the incentives provided for domestic battery production contained in the federal Inflation Reduction Act . https://home.treasury.gov/news/press-releases/jy1939
Sure hope before they make a lot of those electric car batteries, they think of a way to charge them up when it gets cold.
3:34- certainly this blog won’t. Pandering to elderly white racists isn’t consistent with giving Biden any credit.
Another boondoggle. Someone must need a volleyball court in North MS. Thanks a bunch
The governor could have brought almost 10 times this payroll to Mississippi every year by simply saying "yes" to Medicaid expansion. That would likely create more than 1,800 permanent jobs, and would provide health insurance coverage to 150,000 Mississippians.
Inexpensive TVA power I suppose……
$66 million for corporate welfare - go tater . $40/month for summer kid lunches, not so much.
The feckless Donkeycrats rush to the fore.
I’m sure most of the employees will live across the border in Tennessee. MS subsidizes the plant, and TN benefits!
January 16, 2024 at 11:57 AM
If this plant will be anything like the Continental Tire plant over by Clinton then the Battery Plant will NEED those Tennesse Workers to fill in for all the Mississippi Workers that Won't Show Up For Work Reguarly...
Corporate welfare, Republican version.
January 16, 2024 at 5:19 PM, Crawford, is that you, or someone else with the state hospital association?
@11;32 -- Government funded?
Yes, the government is going to put in roads, and water, and sewer for a business, just like I would bet the government has put in for you at your house. And if you work, I would further bet that the government has provided your place of work with a road access, and water and sewer service.
Company is investing $1.9 billion. Government is spending $375 million, primarily for infrastructure, and the balance in some tax benefits that the government wouldn't have collected if the company invested there billions in another state.
But then again, some folks just like to bitch. Just like your counterpart
@11:57, who has it backwards. Most of those Tennessee border crossers are going the other way; living in DeSoto and Marshall Counties and driving across the state line to work. I would bet that very few folks from Tennessee are the employees, unless of course they take one of these high paying jobs and move south to live in Marshall County, away from the COL price for living in TN.
5:15 - you make the point about why Medicaid expansion is wrong. Medicaid is an insurer to provide health benefits to the poor.
Medicaid is not a JOBS PROGRAM. Its purpose is not to provide (or maintain) jobs. Its purpose is not to keep failing, unnecessary rural hospitals open.
It is to provide health benefits. And besides, you (like your ilk) provide nothing to support the claim that 'expanding Medicaid' would create 18,000 permanent jobs.
All for jobs in the state, do support smart economic development.
If this site is for production of fully electric (lithium)batteries
Nope.
Watch the votes of the “elected officials”
Watch very close.
This is 10x a better investment than Barber’s turning trees into oil. I can't believe people didn’t vote against that project.
Dealers say the EV is on the lot for 4 months.
Other cars are only one month.
602, need to check that amount for your 'summer kid lunches'. The state spends many more dollars than that to feed those kids all summer; just because we didn't join in on the continued COVID program to add more food on SNAP, the state still runs not one, not two, but three other 'summer kids food programs'.
I know you are just joining in with those that claim Medicaid expansion will solve all our issues because of the jobs it will create - but actually putting in infrastructure for a major employer really does positive things that will resolve those issues. LIKE MAYBE having a job that pays $66000 a year, so your kid doesn't need a fourth food program for the summer.
824 - Aren't ALL batteries 'fully electric'? Or do you have some batteries that also run on diesel? Maybe you need to change your definition
Sounds like another meat packing project that went belly up !
If it sounds too good to be true…….
Kingfish please list the names of all who are responsible for this deal from the very beginning. This did not happen overnight. Who is the contact person from onset for the Marshall County electric vehicle plant and all others who joined in the planning.
@138
Put down the crack pipe. Please!
@8:49
Who is smoking crack?
Try refuting what 1:38 said.
You can’t!
Another Alpha Gen algae food bar project. Did City of Philadelphia ever pay back the CDBG grant that was spent for zero jobs?
How about a cost benefit analysis graph, you know where the lines cross at break even?
The MDA has been hit/ miss over the years.
WHO is involved in this "deal"?
come on, someone knows.
Please tell us
We can recycle the necessary minerals more cheaply and efficiently than China can strip-mine them!
Link?
So it will cost the state 350,000,000 and generate 132,000,000 in annual payroll. At 5% income tax rate (which many republicans want to eliminate) that is 6,600,000 in revenue for the state each year. Not factoring in interest on the bond issuances in 53 years we will break even. Woohoo. Factory jobs like that people don't go out to eat so no real sales tax benefit that I can see. Also like others said a decent chunk of the workforce will probably come from TN to work so you aren't building a lot of real estate developments and collecting property taxes on the improved property.
When the public sector makes deals they are questionable ones. Might as well be windmills.
Baton Rouge is projected to add 0ver 4000 jobs in the next 2 years and trust me the new Republican governor isn’t going to give them a penny to do it. It’s not that he doesn’t support the city or any business that wants to grow . He surely does.
When they get the rare earth recycling going Jackson can be a winner, there's no lack of scrappers to find the scrap!
@6:34 & 12:05
I tried to post the link.
The company is called Li Cycle and they are publicly traded.
Kingfish decided to censor my comment likely due to the fact that when he is totally ignorant of a subject, he errs on the side of caution. Problem is, he is extremely ignorant about most subjects unless he hears something from his narrow band of influencers.
Yes, Rep Robert Johnson the Minority Leader of the Mississippi House of Representatives (a position that has been held by a democrat for 107 of the past 112 years during our years of absolute failure for all the areas that he decries) suggests that this project should have been in ----- hold on --- keep your pockets closed for a second --- in either the Delta or in Hinds County.
Maybe Representative Johnson just doesn't understand that the people that want to invest their TWO BILLION dollars into Mississippi want to put those dollars where they might either find: (1) a workforce that is willing to show up for work everyday, while getting paid the wages being offered; (2) a government that is not corrupt and holding their hands out so that they, or their 'family members' won't be able to drop their beak into the water; or (3) a local government that is able and willing to provide the proper environment for such an international company to decide to put THEIR BILLIONS into an investment so that local folks can benefit from the jobs provided.
Thank you Rep. Johnson for again showing your (and your party's ignorance) of how economic development, job creation, and progress works.
@9:49 - sorry, but I don't think former Speaker McCoy and former Rep Steve Holland are still driving down the Natchez Trace and trying to figure out how they could dip their beak into the water that then GOVERNOR MUSGROVE controlled when they came up with a plan for a project that everybody - allthe professionals, all the experts, and anybody else that could put their input into the system - drew upn a disaster called the Mississippi Beef Plant. Even the folks that might have benefited from this (beef processors) said that idiocy wouldn't work. But McCoy and Holland saw dollars for their buddies (check out the contractors who built the facility that never operated) and thought that north Mississippi 'deserved something' following Nissan locating in Madison County.
Just like Leader Johnson suggesting that locations should be made on geography rather than the logical economic development factors (workforce availabiliy, transportation, power availability, raw materials, etc) but only on POLITICAL cobsidrations, thank the good Lord we have an administration today different than that backn when the locations were determied by politics
@1:41 - Your figures are selective, incomplete, distorted and presented so as to support an analysis you arrived at before you started.
You completely ignore the fact that wages, once paid and spent in a community, turn over at least six times in that community, compounding the benefit at every step.
"Yall keep forgetting Tater went to Millsaps…."
You used to be the 'I'd hit it' guy, right, and now you're stuck on the governor going to Millsaps.
Oh, wait! You used to be the "Madison is lost" clown.
Tate wants to give taxpayer money to a company from China!! Oh my, he's contradicting himself a bit based on past statements. But then again, politics is all about who can tell the best lie.
Tate on China:
https://mississippitoday.org/2024/01/18/tate-reeves-special-session-chinese-company/
I guess I'm just old and stupid. I cringe when I see we are putting up millions on another project. I guess I've seen too many go belly up and leave the area owing a great deal of money.
If this is electric car battery place, there's a lot of news out there about pissed off electric car owners getting stuck in the freezing temps.
Here they go!
Video of senate finance committee
Millions…..
https://www.youtube.com/live/vZ1FJGITEh8?si=DGAlCYi-GA9-sp-v
@11:37 so when those wages are spent in TN by the workers who are coming across the state line to work and then go home after their shift, they will turn over 6 times in the TN economy. Way to go Mississippi.
WY to go Madison county! Keep them coming Joey Deason!
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