Minority Business Spotlight | Indiana Hot Yoga

by with One Comment 1si NewsMinority Business Spotlight

Each month One Southern Indiana will feature a business that identifies as a minority-owned business.  If you are interested in being featured, please email Kana Brown.

Indiana Hot Yoga
Ayanna Brown
824 University Woods Dr.
Suite 1
New Albany, IN  47150
812-209-8302
Indianabikram.com

What year was your business established?
2001

What inspired you to start this business?
I was extremely unhealthy growing up. I had chronic asthma and by the time I was 25, I had a pulmonary specialist. My breathing tube had become the diameter of a toothpick, a normal breathing tube is the diameter of a McDonald’s straw. I was on 3 inhalers and prednisone. My Mom said she spoiled us because she didn’t know how long we would live.
Yeah, Yoga was a life changer for our family. I have not seen a doctor since I gave birth 13 years ago.

If it could turn my life around 360 …I knew it could help everybody!

So here we are 23 years later trying to convince people that Yoga IS the answer…no matter what the question, Yoga.

What’s your company’s mission statement?
Our Mission is to facilitate an environment where all people, regardless of their circumstances can naturally become healthy on a physical, mental, and emotional level through the time-tested practice of Yoga.

Nonprofit Spotlight | Dare to Care Food Bank

by with No Comment Nonprofit Spotlight

Dare to Care Food Bank
1200 S. 28th Street
Louisville, KY  40211
Business Phone:  (502) 966-3821

Website: daretocare.org          

Contact Person:
Andrea Shepherd, Senior Director of Philanthropic Partnerships
Email:  andrea.shepherd@daretocare.org 

Year established: 1969

Counties/regions serviced: 13

Focus areas:

Dare to Care Food Bank leads our community to feed the hungry and conquer the cycle of need. We fulfill this mission through innovative programs, efficient operations and by partnering with local food pantries, shelters and kitchens to get food to people in need.

Impact in community:

In Southern Indiana, more than 31,000 adults and 9,000 children face food insecurity. Dare to Care Food Bank works to fill that need by providing annually 4.3 million pounds of food to Southern Indiana at 83 food access points including pantries, soup kitchens, school pantries, prescriptive pantries and Kid’s Cafes. Our partners include the Center for Lay Ministries, Sellersburg Community Food Pantry, Washington County Food Bank, St. Vincent De Paul Clarksville, the Floyd County Library, and many more.

Volunteer Opportunities:

We couldn’t do our work without the help of our community! We have many volunteer opportunities listed on our website, daretocare.org. You can pick your opportunity, sign up and get all the info you need right on the site.

How 1si members can help your organization:

There are many ways to be part of this mission! Simple ways include following Dare to Care Food Bank on social media and signing up for our newsletters. Bigger ways include donating to support our work, organizing a food and fund drive, volunteering, sponsoring an event, and more! Our website has more details on how you can get involved in fighting food insecurity in your community.

Leading Active Nutrition Company Expanding Operations to Southern Indiana

by with No Comment 1si Press ReleaseEconomic Development

1440 Foods to hire nearly 200, invest more than $60,000,000 at new Jeffersonville production facility.

Jeffersonville, IN (May 16, 2024)

1440 Foods, a leading portfolio of active nutrition brands, is bringing its main manufacturing operations to Jeffersonville, Indiana, along with nearly 200 jobs and new investment to the region.

The group will move into 301 Salem Road, in River Ridge Commerce Center, which formerly hosted Enjoy Life Foods. 1440 Foods will invest more than $60,000,000 into the building, including improvements to the existing structure and new machinery and equipment to make it a state-of-the-art facility for developing and manufacturing their products. 1440 Foods has committed to a long-term lease of the River Ridge property and plans to maintain a consistent presence in the community.

The facility is expected to begin production in 2025. A groundbreaking event is scheduled for Wednesday, May 22, at 3:30 p.m. EST.

Jointly owned by 4×4 Capital and Bain Capital Private Equity, 1440 Foods exists to provide people energy to unleash their potential through its innovative portfolio of healthy foods and supplements that are designed to support muscle development, recovery, and overall wellness goals.  1440’s portfolio combines powerful and complementary growth brands, including:

  • Pure Protein, a leading lifestyle nutrition line known for its bestselling portfolio of bars, ready-to-drink beverages, powders, and savory snacks; 
  • MET-Rx, a sports nutrition brand with over three decades of unwavering commitment to offering delicious meal replacement products which fuel workouts and optimize performance;
  • Body Fortress, a leading performance protein powder brand trusted by disciplined fitness enthusiasts to strengthen their bodies both physically and mentally.

“The opening of the Jeffersonville location is a significant milestone in our plan to make protein-rich snacking options accessible to as many people as possible,” said Alexandre Médicis, Chairman of the Board for 1440 Foods. “We considered several locations but found that Jeffersonville was perfect due to its proximity to major transportation channels and availability of a skilled and ready workforce. We look forward to becoming part of the Jeffersonville community, and we’re eager to expand our fantastic team in the coming months.”

Based on the company’s job creation and investment plans, the Indiana Economic Development Corporation (IEDC) committed an investment in 1440 Foods of up to $3.7 million in the form of incentive-based tax credits, up to $500,000 in training grants, and up to $200,000 in Manufacturing Readiness Grants. These tax credits are performance-based, meaning the company is eligible to claim incentives once area residents are hired.

1440 Foods has already begun hiring for leadership and administrative roles for the facility. Hiring for various production roles, including team leads, material handlers, packers, line operators, and other positions will begin later this year. Available jobs are posted on the company’s website, 1440Foods.com.  The facility will offer competitive benefits and wages, with all employees eligible to participate in the company’s annual bonus program. Wages will range from $18.50 to $33 an hour depending on position, skill, and experience.

“Indiana is the ideal destination for manufacturers and solution providers like 1440 Foods that need to quickly and efficiently reach customers across the country,” said Ann Lathrop, chief strategy officer at the IEDC. “Here in southern Indiana, 1440 Foods will find the pro-growth business climate, skilled talent and engaged business community needed to grow and be successful.”

“The City of Jeffersonville is excited that 1440 Foods has chosen the River Ridge Commerce Center as the location for their newest state-of-art manufacturing facility,” said Jeffersonville Mayor Mike Moore. “This significant investment is a great addition to our growing network of food and beverage industry partners, and we are confident they will find long-term success by employing 200 local residents at an average hourly wage of $33.”

“River Ridge welcomes 1440 Foods to our region,” said Executive Director of River Ridge Development Authority, Jerry Acy. “We are excited to see the investment that 1440 Foods will make in an existing industrial building and are pleased to have another industry leader within River Ridge.” 

“America Place is delighted to have 1440 Foods as part of our real estate area,” said CEO Jim Karp. “We are proud the improvements of our building captured the attention of such a great company as 1440 Foods and wish them continued success in their newest facility.”

“1si is thrilled to grow our robust ecosystem within the food and beverage industry with 1440 Foods,” said CEO and President of One Southern Indiana, Lance Allison. “They will be a great partner to have in the area and we look forward to supporting this new facility’s success in Southern Indiana.” 

About 1440 Foods

1440 Foods is a sports and active nutrition company on a mission to energize people to unleash their potential with a focused portfolio of accessible, great-tasting health and wellness brands: Pure Protein® nutrition bars; Body Fortress® high efficacy protein powders; and MET-Rx® high-performance meal replacements. 1440 Foods brands can be purchased online at Amazon, or at a wide range of grocery, pharmacy, and convenience store chains nationwide such as Wal-Mart, Target, Kroger, Meijer, Walgreens, CVS, and others. To learn more about 1440 Foods, visit www.1440Foods.com.

About One Southern Indiana

One Southern Indiana (1si) was formed in July of 2006 as the economic development organization and chamber of commerce serving Clark and Floyd counties. 1si’s mission is to help businesses innovate and thrive in the Southern Indiana / Louisville metro area via the three pillars of Business Resources, Economic Development, and Advocacy. For more information on One Southern Indiana, visit www.1si.org. 

Contact:
1440 Foods
Ben Adkins
BenAdkins@SoliloquyGlobal.com | 502-619-4267

One Southern Indiana
Brittany Schmidt, Manager of Programs, Events, and Groups
BrittanyS@1si.org  | 812-945-0266

###

Economic Update | “Bad News”, and Stock Markets Surge

by with No Comment Economic Development

submitted by
Uric Dufrene, Ph.D., Sanders Chair in Business, Indiana University Southeast

Markets started the year anticipating six interest rate reductions by the Fed, while the Fed was proclaiming three. Continued moderation of the Consumer Price Index (CPI) along with Fed speak gave the markets confidence that 2024 would be the year of rate cuts.  Stock markets surged as a result.

A few columns ago, I offered that the narrative of “stagflation” would begin to enter the national scene. Stagflation is the combination of slower growth and inflation, or elevated prices.  This was reinforced with the first quarter GDP report showing quarter-over-quarter growth of 1.6%, along with CPI reports showing that inflation was greater than expected. Interest in the term “stagflation” surged on Google Trends, peaking during late April. The market went from pricing six rate reductions down to possibly two.   

All this changed with the national employment report released on May 3rd. Jobs added came in at 175,000.   While this would normally be considered a solid month, it was significantly under the market-expected level of 240,000 plus. A few weeks ago we talked about equity markets in search of “bad news”, and it hit the jackpot on May 3rd!   The average workweek declined to 34.3 hours, along with average hourly earnings. Along with the slowdown in payrolls, the unemployment rate increased to 3.9%, from 3.8% the prior month. Inferences from the national employment report were supported by a prior report on job openings, showing additional declines. The S&P surged more than 1% on this “bad news”. The weaker payroll growth put rate cuts by the Fed back on the table. Last week, new claims for unemployment ticked up to the highest level since August. The CME Fed Watch Tool is now showing the odds of the first Fed rate reduction in September, and another one in December, although with less than convincing current probabilities. 

There has been other “bad news” over the past couple of weeks. The ISM Services Index, a measure of service-side activity of the economy, unexpectedly declined to 49.2, signaling contraction in the largest part of the economy. During the pandemic, the service side of the economy had cooled considerably, as consumers flocked to goods spending. Since then, goods spending moderated, and services fueled economic growth. The ISM Services Index has been under 50 in only three different periods since 2009:  April and May of 2020, December 2022, and the last reading. The index happened to be released on the same day as the employment report, and this was additional “bad news” for the positive stock market response. 

Survey data have also cooled over the past few weeks.  The Small Business Optimism Index has been declining since December and is now at the lowest level since late 2012. Respondents point to inflation as the top business problem. Measures of consumer optimism have also waned.  The Conference Board consumer confidence measure, which leans more on employment and job security,  declined to 97, less than the market consensus and lower than the prior month of 103.1 The University of Michigan consumer sentiment measure, which is aligned more with consumer finances, plunged to 67.4, under the expectation of 76.5 and lower than the prior month of 77.2.

Locally, employment across the five Louisville Metro Southern Indiana counties (Clark, Floyd, Harrison, Scott, and Washington) is down from last year. This measure of employment is not necessarily country-specific. That is, the place of employment could be outside the five counties, in Kentucky, for example. So, negative changes in employment in the five counties do not necessarily imply that jobs are shrinking in these specific counties. But here is an interesting observation of negative year-over-year changes in Southern Indiana employment. In the last 30 years, a negative change in employment is usually associated with a recession, either a year or so before or during. A negative year-over-year change in employment occurring without a recession happened only once, and that was in 2004.

How fast conditions can change!  Since as recent as the third week of April, the Dow, S&P, and NASDAQ are all up around 5%, reversing losses of the prior month. The market is getting the bad news it was seeking, and now interest rate cuts will need to materialize to sustain gains. The problem with cuts is that a weaker economy is usually the cause.    

Thank You for Renewing Your Membership | April 2024

by with No Comment Thank Your for Renewing Your Membership

One Southern Indiana would like to thank the following members for renewing their membership during the month of April 2024.

Quarter Century Club (25 Years or More)Member Since
AT&T Indiana1976
Cody & Neely, Law Offices1976
SoIn Tourism1981
Clarksville Community Schools1984
Kaiser Wholesale Inc.1985
Callistus Smith Agency, Inc.1990
Strandz Salon & Threadz Boutique1995
Caesars Southern Indiana1996
  
Ten to 24 Years 
Terri Lynn’s Cafe & Catering2000
CBRE2006
RKR Incorporated2008
Sapp Tax and Financial Services2008
FormWood Industries, Inc.2009
Missy’s Valet Service, LLC2011
New Albany Housing Authority2012
Brinly-Hardy Co.2013
Dehoney Travel2013
Jenpale LLC2013
Kyana Packaging Solutions2013
Rudy and Associates2013
ERL, Inc.2014
A Plus Paper Shredding2014
Angel Hands Therapeutic Massage, Inc.2014
Healthy Living and Beyond2014
Schuler Bauer Real Estate Services – Cory Williams2014
SK Sign & Banner2014
Telania, LLC2014
Transamerica Agency Network – Warren Bottorff2014
  
Five to Nine Years 
Clayton & Lambert Mfg. Co.2015
Pure Education Initiative, Inc.2015
MOSQUITO JOE2016
Waterfront Botanical Gardens2017
AK Studio, LLC2018
A Class Act DJ’s2018
American Shooters Indoor Gun Range2018
GoBo’s2018
Hartman Dental Associates2018
HoneyBaked Ham2018
Midwest Metal Works, Inc.2018
Payroll Vault2018
Prudential Advisors – Danny Berry2018
Purple Pearl Skin & Beauty2018
Red Roof Inn – Georgetown2018
StoneWater Acupuncture & Chiropractic2018
Visiting Angels of New Albany2018
Carr’s BBQ and Market, LLC2019
Chicken Salad Chick2019
Louisville Chocolate Fountain, LLC2019
SEEWER Insurance Group2019
Terminix Commercial2019
  
Two to Four Years 
J.F. Hilliard Company LLC2020
Kratz Sporting Goods2020
Post-Acute Medical (PAM) of Greater Indiana2020
Qualified Staffing2020
Alro Steel & Alro Plastics2021
Holiday Inn Express2021
Hyland, Block, & Hyland, Inc.2021
Purdue University Manufacturing Extension Partnership (Purdue MEP)2021
713 Architects, PLLC2022
HRS Global LLC2022
Lopp Real Estate Brokers2022
Manitowoc2022
Manitowoc2022
Ron  Grooms – Retired Executive2022
  
One Year 
Advantage Chiropractic2023
Altman Insurance Services2023
B. Redmon Insurance Partners, LLC2023
Commonwealth Pain and Spine2023
HR Alliance2023
Innovation Properties LLC2023
Kaczmarek Contracting LLC2023
Kentucky Bourbon Festival, Inc.2023
Lewis & Associates Insurance 2023
T’Dup Marketing and Business Development Services, LLC.2023
The Prologue Venue2023

Minority Business Spotlight | P.U.S.H. Transportation, LLC

by with One Comment Minority Business Spotlight

Each month One Southern Indiana will feature a business that identifies as a minority-owned business.  If you are interested in being featured, please email Kana Brown.

P.U.S.H TRANSPORTATION COMPANY LLC
La’Vonia Cochran
5108 East Hwy. 62
Jeffersonsville, IN  47130
502 915-4014
www.pushtransportationllc.com

What year was your business established?  2023

What inspired you to start this business?

GOD, BEING MY OWN BOSS, FREEDOM !!!!

What is your company’s mission statement:

Push it to the limit, the spirit of P.U.S.H. , embodies our drive to exceed expectations, making every journey a memory.

Economic Update | Higher Mortgage Rates…For Now

by with No Comment 1si NewsEconomic Development

submitted by
Uric Dufrene, Ph.D., Sanders Chair in Business, Indiana University Southeast

As last year ended, the market was expecting several rounds of interest rate cuts. The Fed alone had indicated it would reduce rates three separate times over 2024, and the market was expecting double that. It was around October of 2023 that Fed Chair Jerome Powell uttered that the Fed was about done hiking rates. Equity markets rejoiced and began a 4th quarter surge. From October 2023 to March 2024, the S&P 500 added more than 300 points, increasing by about 28%. The tech-heavy NASDAQ increased by 30%. Since late March and through April, we’ve seen an abrupt reversal. The S&P 500 trimmed 5.5% and the NASDAQ is already down 7%. The culprit is linked to inflation. 

Higher inflation puts upward pressure on the 10-Year Treasury yield, the benchmark for consumer financing costs, including mortgages. In early 2024,  the yield had declined to 3.88 percent. After a series of higher-than-expected inflation reports, the 10-Year Treasury yield is almost hitting 5%, closing at 4.61% last week. Higher rates are supposed to suppress demand because it ultimately affects the cost of financing for both business and consumer loans, including mortgages.    

After hitting almost 8% for a 30-year mortgage in October 2023, mortgage rates had been on a decline since then and hit a recent low of 6.7% in late 2023.  Since the higher-than-expected inflation reports and the upward trajectory of the 10-year Treasury yield, mortgage rates have been climbing since December and have since crossed 7% in April. Excluding the time when rates surpassed 7% late last year, 7% mortgages last appeared in the early 2000s. Rates remaining above 7% will adversely impact building activity, exacerbating the housing supply problem, and placing continued upward pressures on home prices. One of the key reasons for higher inflation is linked to housing, with the last CPI report showing the cost of shelter increasing by 5.7% from the previous year. 

Another reason for higher rates is a continued strong economy. Inflation pressures remain, but higher yields are also driven by a very resilient macroeconomy, driven by the consumer. The last retail sales report showed strong continued spending by consumers, placing additional upward pressure on the 10-year yield. While consumers continue to spend, there are emerging signs of distress.  Delinquencies on credit cards are the highest since 2012, and consumer loan delinquencies now exceed the pre-pandemic level.   Thirty days past due delinquencies for 30-year mortgages have also been increasing since hitting a bottom in June 2021, and are at the highest in four years.

The preferred Fed inflation gauge will be out this month, and the FactSet consensus is for a year-over-year rate of 2.6%, with a core (inflation minus the cost of food and energy) reading of 2.7%. If actual rates come in higher than expected, we can expect significant additional stock market choppiness and additional upward pressures on the 10-year yield.  If it is indeed a hotter number, we will see a growing narrative for another rate hike this year, and equity markets will shed additional losses. 

What will it take to reverse the recent climbs of the 10-year yield? A weak employment report would be a significant boost to lower rates, along with softer inflation readings. Weaker average hourly earnings increases, along with a reduction in the number of job openings would also work to reverse the climb of the 10-year. All this sounds like bad news, and that is exactly what markets would like to see.  Bad news would put the Fed back on a schedule of rate reductions, and markets would rally. The best combination is weaker inflation reports, along with employment that remains resilient. This would put the nation’s economy back on track for a soft landing. 

Nonprofit Spotlight | Brandon’s House

by with No Comment 1si NewsNonprofit Spotlight

Brandon’s House Counseling Center
1618 Beeler Street
New Albany, IN 47150
Business Phone:     812-929-2499
Website:  www.brandonshousein.com  

Contact Person:  Wade Thaxton, Executive Director
Contact Email:  WadeThaxton@brandonshousein.com                                  

Please use 300 words or less to describe your agency and your impact in the community.

Brandon’s House is the only counseling center specifically for teens that provides completely free counseling.  We have removed the financial barrier, by providing free counseling, that often keeps young people from getting the mental health help they so desperately need.  We have served, through counseling, thousands of teens & their families throughout our 30 years and never once have we charged the client for the counseling we’ve provided.  The impact we’ve had is hard to measure, however we have been a place of hope & healing at a pivotal point in an individual’s developmental stage in life. 

Agency Mission Statement or Description:

Our mission is simply to be a safe place for teens to be heard, find hope and to get equipped for today’s many challenges.  We do that by providing completely free counseling to any teen & their family in our community. 

Year established: 1993 (30th anniversary this October)

Counties/regions serviced: All of Southern Indiana & Louisville, KY

Focus areas: Mental Health for Teens & their families

Impact in community: We have served, through counseling, thousands of teens & families in Southern Indiana throughout the last 30 years. 

Volunteer Opportunities: Mostly with fund & friend-raising

How 1si members can help your organization: By spreading the word of the free counseling we provide to teens.  Or by covering the cost of a teen’s counseling with us.  The average teen comes for 12 visits over a 3.5 month period.  Each visit costs $125 per session (an hour long).  So the total cost of a typical teen’s counseling is $1,500.  Maybe a group of people come together to cover the cost of a teen’s counseling. 

Additional information: In 2021 we served 147 teens & families.  In 2022 we served 233 teens & families.  This year we are on pace to serve over 300 teens & families.  Essentially we’ve more than doubled our impact in just the last 2 years. 

Economic Update | Fewer Interest Rate Cuts This Year

by with No Comment 1si NewsEconomic Development

Coming into 2024, stock market investors were expecting 6 interest rate reductions by the Fed throughout the year. Year-over-year inflation had fallen, and Federal Reserve officials had signaled that cuts would likely begin this year. Inspired by lower interest rates, the stock market surged. In late October 2023, the S&P 500 Index was at 4,117. Fast forward to early April 2023, and the S&P was over 5,200, representing a 26% gain since the October low. While the market was expecting six rate cuts, the Fed had signaled only three for 2024. Market expectations and sentiment dominated the Fed view, and markets continued climbing.   

The impetus behind lower rates was tied to inflation. At the start of 2023, the Consumer Price Index registered a year-over-year change of 6.6%. In October, when the market began its surge, the CPI had declined to 4.0%. In three quarters, inflation was trimmed by 2.6%. Since then, the progress on inflation has slowed considerably. From October 2023, when the market began its upward trajectory, the CPI is only lower by a magnitude of only .08. Basically, the CPI has been stuck just above 3%, not quite at the level of the Federal Reserve target of 2%.   

Since disinflation has basically come to a halt, the market is now pushing the first rate cut back to July, with mixed probabilities for additional cuts beyond July. The last Fed Reserve meeting in March continued to point to three cuts for this year, but that was by a very slim majority. In that meeting, the Fed upped growth estimates of the economy and its inflation projections yet maintained an estimate of three cuts for 2024. Some suggested that this was counter-intuitive;  higher inflation estimates, but no change in rate reductions. Since the Federal Reserve March meeting, some Fed officials are on record calling for fewer than 3 cuts:  one recently calling for none, and a historically dovish one calling for only one cut. The yield on the 10-year Treasury is knocking on the door of 4.5%, up from 3.9% at the start of the year. This will keep interest rates on credit cards, auto loans, and mortgages higher for longer. 

By the time you may be reading this, the latest CPI report will have been released (release is scheduled for Wednesday, April 10th). If we get a hot CPI number, meaning it comes in higher than expected, this will push interest rate reductions back even further. Markets will likely reduce rate reductions from 2 to perhaps one, or none. The stock market will likely be volatile. If the CPI comes in less than expected, markets will likely surge. One of the reasons for this surge started with last Friday’s U.S. payrolls report. The U.S. employment report was indeed a Goldilocks report. Jobs created surpassed all expectations, with the economy adding 303,000 jobs in March. Both the labor force and labor force participation rate increased by sizeable margins. Household employment also surged, reversing previous declines. Average hourly earnings slowed from the previous month, a key ingredient for the softer inflation story. The average workweek also increased, which when combined with the number of jobs and average wages, points to more fuel for the spending consumer. 

Locally, Louisville Metro is seeing the slowest job growth since early 2020. Preliminary estimates from the Bureau of Labor Statistics show that Louisville Metro gained 3,500 jobs from February 2023 to February 2024. As a comparison, the metro area added approximately 15,000 jobs on an annual basis in early 2023. On a percentage basis, this puts Louisville Metro last among the Kentucky metro areas.  In Indiana, three metro areas (Bloomington, Columbus, and Elkhart-Goshen) are observing negative changes in payrolls from the prior year. As we have discussed in previous columns, both states continue to face labor force growth challenges. The latest BLS metropolitan employment report showed that Louisville Metro also saw a decline in the labor force from the prior year.  To be sure, these data are subject to revision, but the early data does show a slowing of job growth in the metro region.