Latest news with #KevinThompson
Newsweek
4 hours ago
- Business
- Newsweek
Map Shows States Gaining Most Jobs Due to Reshoring Efforts
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The United States is experiencing a surge in reshoring, bringing manufacturing jobs back from overseas. This impacts economic growth, job creation, and the country's industrial future, but the effects could be more intensely felt in certain states, according to a new report from Visual Capitalist. An expert told Newsweek in part, "States like South Carolina, Alabama, Mississippi, and Louisiana are benefiting because rising costs overseas—driven by tariffs—are forcing suppliers to rethink their strategies." Why It Matters Millions of manufacturing jobs are set to return to American soil by the end of 2025, according to Visual Capitalist. This is part due to President Donald Trump's push for domestic manufacturing alongside his recently enacted tariffs on foreign countries' imports. As this occurs, global supply chain disruptions, shifting costs, and major corporate investments could reshape the employment landscape. These changes do not benefit every state equally, with significant regional disparities emerging, the report found, however. What To Know Texas has emerged as the top state benefiting from reshoring, adding more than 40,200 manufacturing jobs as of 2025. That's nearly 23 percent of all positions created through these initiatives nationwide. Major factors fueling this growth in Texas include $65 billion in investment from Samsung, $5.5 billion from Tesla, and $4.9 billion in public infrastructure projects. South Carolina ranks second, claiming 24,800 reshored jobs, with Mississippi (12,100), New Mexico (9,800), and Michigan (8,700) rounding out the top five. Together, these four states account for 32 percent of reshored jobs in the country. Further down the list are Alabama (8,600), Washington (7,900), Louisiana (7,800), and Ohio (6,400). Louisiana's growth is linked to investments by companies such as Hyundai Motor Group, Syrah Resources, Shell Catalysts & Technologies, Intralox, Prolec GE, Mid South Extrusion, Ascentek, Inc., and Climeworks, according to the Louisiana Economic Development. "States like South Carolina, Alabama, Mississippi, and Louisiana are benefiting because rising costs overseas—driven by tariffs—are forcing suppliers to rethink their strategies. It's simply becoming more cost-effective to bring jobs back home," Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek. The distribution of jobs is highly concentrated by industry. Computer and electronics manufacturing leads with roughly 68,700 new positions, which is about one-third of all reshoring gains. Transportation follows with 52,500 jobs, while electrical equipment adds 34,800 (17 percent). Chemicals and primary metals contribute 11,000 and 9,000 jobs, respectively, as reported by Visual Capitalist and GlobeSt. Major corporations driving reshoring include Walmart, which has announced plans for 300,000 new jobs, as well as Apple (20,000 jobs), CMA CGM (10,000), and GE Aerospace (5,000). Other contributors are Stellantis, GE Vernova (1,500 each), and Siemens (over 900). "Given the increased reliance on a virtual marketplace versus brick and mortar, many employers are able to save money on production they were unable to do in the past while also requiring better-trained new hires," Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek. The full top 10 list of states most impacted by reshoring efforts is as follows: Texas (40,200 jobs) South Carolina (24,800 jobs) Mississippi (12,100 jobs) New Mexico (9,800 jobs) Michigan (8,700 jobs) Alabama (8,600 jobs) Washington (7,900 jobs) Louisiana (7,800 jobs) Ohio (6,400 jobs) North Carolina (5,200 jobs) U.S. Vice President JD Vance tours Metallus, a metal products manufacturer, on July 28, 2025, in Canton, Ohio. U.S. Vice President JD Vance tours Metallus, a metal products manufacturer, on July 28, 2025, in Canton, Ohio. Maddie McGarvey-Pool/Getty Images What People Are Saying Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek: "We now live in a global economy, and that is never going to change. But in the US, we let the pendulum swing too far, and we became dependent on the global supply chain for 100% of our needs in certain sectors. Reshoring is a process that brings the balance closer to the most efficient and effective outcome over time, where we do not outsource everything, even if just to hedge against supply-chain disruptions." Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "The long-term implication is clear: many of the jobs being reshored will ultimately be automated. Government incentives and tariff policies are encouraging suppliers to bring work back, but companies are also looking at ways to reduce their biggest expense—the employee." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "Obviously, some will point to efforts from the new administration to have more tariffs on items imported from outside the United States, but the reality is most of the movement was in the works well before the White House changed hands. Factors vary per company, but it's a mixture of a need for more highly skilled labor for certain roles and economic incentives from some states, most heavily in the Southeastern United States, to attract employers." What Happens Next Reshoring is projected to add as many as 2.3 million jobs to the U.S. economy by the close of 2025, according to Visual Capitalist. As companies continue to announce new domestic investments, states that successfully attract these projects may see additional employment gains and economic growth. However, the gains could be short-term, experts say. "The (Trump) administration has already acknowledged that a significant portion of these jobs will be integrated with robotics," Thompson said. "While that strengthens the supply chain, we shouldn't expect a massive increase in jobs held by humans over the long run."
Newsweek
8 hours ago
- Business
- Newsweek
These Are the Most Expensive Retirement Towns in America
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. California has emerged as the epicenter of high-cost retirement living, with recent analyses listing five of its cities as the most expensive retirement towns in the United States. Saratoga, Rancho Palos Verdes, Walnut Creek, Cerritos and Palm Springs topped the charts for annual living costs for retirees, according to a new report from GOBankingRates. While other states like Florida, Massachusetts and Arizona have towns high on the list, California's dominance is evident, with Florida contributing the highest number of expensive retirement towns overall. Why It Matters The cost of retirement is a top concern for millions of Americans. With the median retirement savings at just $87,000, a far cry from the $1.26 million Americans now say they need to retire comfortably according to Northwestern Mutual, understanding where living costs are highest is critical for financial planning. Housing, health care and everyday expenses in these high-cost towns far outpace national averages, potentially putting comfortable retirement out of reach for many. Rising costs can also drain even well-prepared nest eggs faster than anticipated, emphasizing the need for careful decision-making regarding location and lifestyle in retirement. The cover page for the summary of the 2016 Status of the Social Security and Medicare Programs released by the Social Security and Medicare Board of Trustees. The cover page for the summary of the 2016 Status of the Social Security and Medicare Programs released by the Social Security and Medicare Board of Trustees. AP Photo/Jon Elswick What To Know Data published by GOBankingRates placed Saratoga, California, at the top of the list, with the average home value exceeding $4.1 million and an annual cost of living for retirees of $282,625. Rancho Palos Verdes came in second, costing $144,381 per year to maintain a homeowner's retirement lifestyle. Walnut Creek ($115,206), Cerritos ($91,644) and Palm Springs ($86,550) followed closely, with each city requiring average home values near or above $1 million. "California's reputation for being expensive isn't new, and to be honest, some of it's well-earned," Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek. "Yes, it's cost-prohibitive for a lot of retirees, but California also offers high-performing health care, great weather and an active, outdoor lifestyle that helps people stay healthier longer." The top 10 most expensive retirement towns in the U.S.: Saratoga, California Rancho Palos Verdes, California Walnut Creek, California Cerritos, California Palm Springs, California Scottsdale, Arizona La Quinta, California Gloucester, Massachusetts Palm Beach Gardens, Florida Barnstable Town, Massachusetts The analysis included essential expenses, like groceries, health care, housing and utilities, to determine the true cost for retirees. Experts say more retirees moving outside of California could have long-standing implications for housing markets and costs of living. "People who can't afford to retire in California are likely to look elsewhere—places with lower costs—which can end up driving up prices in those new regions," Thompson said. "As demand rises, so do housing prices, living expenses and possibly property taxes." While California claimed the top five spots, expensive retirement towns also appeared in Arizona (Scottsdale), Massachusetts (Gloucester, Barnstable Town) and Florida (Palm Beach Gardens). The annual living cost for homeowners in Scottsdale was $81,525, while in Palm Beach Gardens it was $70,601. Massachusetts' Gloucester and Barnstable Town posted annual costs of $71,334 and $68,453, respectively. Florida may not claim the single most expensive spot, but it houses nearly half of the 30 priciest retirement destinations, with 14 towns in the top 30. Notable towns include Aventura, Sarasota and Bonita Springs, many with yearly costs for retirees topping $60,000. Separate data from The Motley Fool highlighted large urban areas such as New York City (cost of living index: 229.9), Honolulu (184.6), and San Jose, California (183.7) as the most expensive overall for retirees, though these were not specifically retiree-majority towns. High home prices, along with premiums for health care and services, continue to keep these cities out of reach for most. "The larger lesson is that location‑specific planning matters more than ever. That wider funding gap forces households either to save far more, work longer, or relocate," Lily Vittayarukskul, the CEO and co-founder of the long-term care predictor platform Waterlily, told Newsweek. "States with chronic housing shortages will see a bifurcated retiree population: affluent owners who can age in place and moderate‑income households who exit for affordability, shifting local labor markets and health care demand in the process." The GOBankingRates study screened for U.S. cities with populations over 25,000 and at least 25 percent aged 65 or older. Costs analyzed included home value, mortgage and rent, as well as indices for essentials like groceries, health care and utilities. "If you value affordability, the biggest winner on this list is likely Texas, which is a growing retirement destination and didn't have a single city make the top 20," Rudri Patel, senior retirement expert and writer at GOBankingRates, told Newsweek. What People Are Saying Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "Retirement costs are driven by a few key things: the cost of living, local taxes, and access to health care and hospitals. The more access people have to high-quality health care, the more demand you tend to see, not just for services, but for housing, which pushes up property values and taxes. That's why some areas are flat-out more expensive to retire in than others." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "It's not much of a surprise to see some California cities on the list, as the state offers one of the most expensive costs of living for residents. What is surprising to some current or future retirees is cities from other warm-weather states like Florida and Arizona being so dominant on the list, and that speaks of the elevated costs that have come to these locations in recent years. "From increasing housing costs to higher health care expenses, these cities in states that were traditionally favored by retirees as being more affordable are now very costly and are worth some reconsidering whether those are the best fit for their budgets." Rudri Patel, senior retirement expert and writer at GOBankingRates, told Newsweek: "This analysis challenges the long-standing perception that Florida and Arizona are the most affordable retirement destinations in the U.S. As these states grow in popularity, many of their top retirement towns are experiencing sharp increases in the cost of living. For retirees, that means it's not enough to consider state-level affordability—it's essential to evaluate the specific costs in popular retirement communities before making a move." What Happens Next The increasing cost of retirement is expected to remain a key concern for current and future retirees, particularly as inflation and housing prices continue to rise in premier destinations. Financial planning experts recommend that potential retirees reexamine their budgets, assess cost-of-living projections and consider alternative retirement locales if affordability is an issue. However, a massive migration of retirees out of places like California and Florida could have ripple effects, Thompson said. "As more retirees chase affordability in those other states, the pressure on local hospitals and health care infrastructure will increase. That increased demand can lead to higher health care costs in the long run, especially in areas that weren't built to handle a large influx of retirees," Thompson said. "So really, no region is immune. It's a ripple effect, and it starts with access to care."
Newsweek
a day ago
- Business
- Newsweek
SNAP Changes: Trump Bill Adds New Burdens for Millions of Women, Study Says
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. President Donald Trump's One Big Beautiful Bill Act (OBBA) has introduced sweeping changes to the Supplemental Nutrition Assistance Program (SNAP) and Medicaid, imposing new work and reporting requirements that may add significant burdens for millions of working women, according to a new study. These changes mark the most substantial SNAP cuts in the program's history and affect both federal funding and eligibility rules for vital social safety net programs, according to the Georgetown Center on Poverty and Inequality analysis. Why It Matters The OBBA extends and toughens work requirements for low-income Americans, making it particularly challenging for women, especially mothers, single mothers, older women, and women of color, to maintain access to government support for food and healthcare. Women are already overrepresented among SNAP recipients and are disproportionately affected by unstable jobs, limited benefits, and caregiving demands. Some experts warn that shifting fiscal responsibility to states could deepen disparities, as some state budgets may be unable to absorb the increased costs, potentially resulting in benefit reductions or program curtailments. People shop at a grocery store in Brooklyn on May 13, 2025, in New York City. People shop at a grocery store in Brooklyn on May 13, 2025, in New York To Know The new law targets a broad swath of SNAP and Medicaid beneficiaries. SNAP, which aids roughly 42 million Americans, relies on federal support to provide food assistance to low-income households. Women make up about 55 percent of the non-elderly adults receiving SNAP, and single mothers lead nearly two-thirds of SNAP households with children, according to Georgetown. Among the 12 million women aged 18 to 64 who participated in SNAP in 2023, the majority worked at some point during the year. "Many of the women impacted by these SNAP changes are already working. The issue is that working more reduces their benefits. The system is set up backwards: 'you work more, you get less.' Who would sign up for that?" Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek. "That's the choice many women are now faced with—work more and lose support, or be pushed off the program entirely, and as always, people will find workarounds. But that's not policy success—that's survival." Prior to OBBA, SNAP required able-bodied adults aged 18 to 54 without dependents to work at least 80 hours per month to maintain benefits. OBBA expands this requirement to include adults up to age 64 and, critically, to parents or guardians of children aged 14 to 17. Approximately 2 million more women will be newly subject to these requirements, many living in households with children. Medicaid work requirements have also been expanded to nondisabled adults up to age 64, with phased implementation expected starting in 2026-2027, according to the AARP. Many recipients risk losing benefits, not due to non-compliance with work rules, but because of paperwork and frequent eligibility verifications. The new policy not only reduces federal SNAP funding by nearly $300 billion over the next decade but also shifts greater administrative and benefit costs to states. States' share of SNAP administrative costs will rise from 50 percent to 75 percent, and their required contributions to benefits could reach up to 25 percent based on performance. For many states, this could necessitate cutting enrollment, reducing benefits, or limiting other safety-net services. Experts estimate 22 million households could lose all or part of their SNAP benefits, with the risk especially acute for women in low-wage, unstable jobs and older women who may struggle to meet reporting and documentation rules. The combined effects are likely to push more women, children, and families into food insecurity and poverty, undoing much of the progress made during past policy expansions. "Many women and children that encounter these challenges need SNAP to cover crucial nutrition costs, and if these added rules end their participation, it's going to become vastly more difficult for them to financially survive," Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek. SNAP is a proven tool in reducing food insecurity and stimulating economic activity. Benefit cuts could also ripple through local economies, affecting grocery stores and associated jobs, while simultaneously increasing demand at already taxed food pantries. What People Are Saying Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "What most people don't realize is the true cost to low-income individuals. If healthcare weren't as expensive as it is, people might be able to work more hours and earn more money. But instead, many choose to work less in order to bring home more—because working more could mean losing access to Medicaid." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "The potential impacts of recent changes to SNAP for women and children are concerning, especially when you consider how many qualify for these benefits prior to the introduction of additional requirements. Women face many income challenges: careers more heavily pursued by women can generate smaller wages than their male counterparts in other professions, some of those professions are getting more competition and subsequent layoffs due to AI and budget cuts, and childcare costs, particularly for single mothers, make economic progress a constant uphill battle" What Happens Next The rollout of new work and documentation rules will begin for Medicaid in 2026 and for expanded SNAP requirements soon after, though some states may institute changes sooner with waivers. States are already calculating the financial and administrative impacts, with some policymakers warning of potential safety net reductions or exits from SNAP. "Americans should be concerned—because the system is fundamentally broken," Thompson said. "People love to act like this is about personal responsibility or work ethic. But it's not. It's a math problem. If these individuals were a corporation making these same decisions, cutting costs, maximizing take-home, they'd be applauded by Wall Street. Instead, they're demonized by lawmakers."
Newsweek
4 days ago
- Business
- Newsweek
Burger King Announces Major Menu Change
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Burger King has rolled out a suite of new beverage options, the company confirmed to Newsweek on Friday. As part of the new menu lineup, the fast-food giant introduced four Iced Coffee Cold Foam options and two Real Juice Lemonades. Why It Matters The product launches highlight Burger King's ongoing efforts to diversify its drink menu and respond more directly to consumer preferences. The expansion comes as the fast-food market sees increased competition over beverage offerings, with chains like Starbucks and McDonald's driving innovations in coffee and refreshments. A Burger King in Ancenis, France, is pictured on April 29. A Burger King in Ancenis, France, is pictured on April 29. LOIC VENANCE/AFP via Getty Images What To Know Burger King is now selling four Iced Coffee Cold Foam options—Vanilla, Mocha, Plain and Black—with the plain variety limited to select locations. The chain has also launched two Real Juice Lemonades: Strawberry Lemonade, made with real fruit juice, and Mango Peach Lemonade, a blend of lemonade with peach and mango juices. Prices for these new beverages are set at a recommended $2.49 for a small, $2.79 for a medium and $3.29 for a large, but actual prices may vary by location. These drinks have become available nationwide, according to a Burger King spokesperson. "The new Strawberry Lemonade is made with real fruit juice for a delicious and refreshing beverage and the Mango Peach Lemonade is a vibrant blend of lemonade with real peach and mango juice," the spokesperson told Newsweek. The drink menu additions follow Burger King's recent debut of the BBQ Brisket Whopper, described as the first menu item created through its "Whopper by You" platform. The new program allows customers nationwide to submit their ideas for new Whopper sandwiches on the chain's official website. The BBQ Brisket Whopper includes slow-cooked brisket, crispy onions, American cheese, sweet barbecue sauce, lettuce, tomato, creamy mayo and a flame-grilled quarter-pound patty, and will also be offered as a Whopper Jr. The new menu item will be available for a limited time at participating U.S. locations. What People Are Saying Kevin Thompson, CEO of 9i Capital Group and host of the 9innings podcast, told Newsweek: "Burger King launched these new drinks to gain a portion of the market share that has exploded over the past few years. The want to target those incremental Starbucks, Dutch Brothers and McDonald's beverage drinkers." Alex Beene, financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "Burger King is the latest to offer new menu options in the form of coffee cold foams and lemonades in the hopes of luring back customers. Over the last two years, as inflationary pressures have weighed heavily on consumers, many have favored staying at home and cooking over dining out, and the result has been declining revenues and profits for many fast food chains." What Happens Next The company has launched these new menu items as part of a broader strategy to drive customer engagement and refresh its core offerings in the U.S. marketplace. "Like other restaurants, Burger King is introducing new items in an attempt to draw in customers who haven't frequented their locations as much as prices increased," Beene added.
Newsweek
4 days ago
- Business
- Newsweek
Map Shows Cities With the Best Job Markets
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Today's job market is rife with economic uncertainty, AI disruption and widespread layoffs from government agencies to tech giants. However, where you live can play a major role in the job market you are navigating. In a new report, Checkr ranked the 100 largest U.S. cities based on job opportunities and earnings potential. While cities like Raleigh, North Carolina. topped the list, residents in Bakersfield, California are facing more challenges in finding a job. Why It Matters Businesses have reached a record low for hiring, according to executive coaching and advisory firm Vistage. In a recent report, Vistage said only 42 percent of surveyed small and midsize business CEOs anticipate increasing their employee headcount in the year ahead. That marks the lowest level since the second quarter of 2020 and is down from 45 percent in the first quarter of 2025. What To Know The top five cities with the best job markets in 2025, according to Checkr, were Raleigh; Nashville, Tennessee; Austin, Texas; Salt Lake City, Utah; and Portland, Maine. While Raleigh boasted strong tech and biotech industries, proximity to top-tier universities and steady population growth, the city also offers varied high-wage opportunities and relatively affordable housing. Nashville was a strong source of health care and entertainment jobs, along with a multitude of startups and "cultural draw," Checkr said in its report. Austin, another Southern city in the top five, had a notable tech expansion and offers many high-paying jobs and a startup-friendly environment. Meanwhile, the bottom five list included Bakersfield; Scranton, Pennsylvania; McAllen, Texas; Fresco, California; and Memphis, Tennessee. "What still feels like a conundrum is how two cities just 200 miles apart—Memphis and Nashville—can have such drastically different outcomes," Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek. Bakersfield experienced a high unemployment rate and generally saw lower education attainment rates. Scranton is still recovering from industrial decline and McAllen saw consistently low wages and lack of high-growth industries. "The problem for cities like these [is] problems tend to grow with time, as fewer jobs and opportunities for higher income lead some to leave these cities and others to rule out these locations as viable places to live," Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek. Checkr ranked the cities based on new data from the U.S. Census Bureau, the Bureau of Labor Statistics and the Bureau of Economic Analysis. This included factors like income growth, unemployment rate and even the percentage of households earning more than $200,000. The Austin Food & Wine Festival at Auditorium Shores on November 2, 2024, in Austin, Texas. The Austin Food & Wine Festival at Auditorium Shores on November 2, 2024, in Austin, People Are Saying Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "When it comes to cities in the United States with excelling job markets, it's still largely a story of the usual suspects. Cities like Nashville, Austin and Raleigh that have benefited from booming economies and a sharp rise in population in the years leading into and during the pandemic continue to see more employment opportunities at better wages. Other cities like Jackson, Mississippi, and Toledo, Ohio, continue to struggle, as job and salary growth remain relatively low compared to the rest of the country." Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "Cities seeing growth typically have strong sectors like tech or health care. Meanwhile, cities like Rochester and Scranton—parts of the old Rust Belt—are still feeling the effects of industrial decline. Many of the manufacturing jobs that once supported those regions have moved overseas." What Happens Next Thompson said in the regions that are struggling, low wages and limited wage growth are the common threads. "It's becoming a theme across the country—employers remain hesitant to raise wages, which either pushes talent to relocate or forces industries to shrink or move abroad," he said. "That's a major reason manufacturing left in the first place: cheaper labor elsewhere. I'd like to think the outcome would be higher wages here at home, but honestly, that still feels like a pipe dream."
