February 23, 2023 at 5:01 p.m. | Updated February 23, 2023 at 6:46 p.m.
by Staff and wire reports
Nokian starts hiring 125 new workers
Nokian Tyres has begun hiring workers as part of its push to double production at its factory in Dayton, Tennessee, according to the company.
The company will bring in about 125 new employees this year, and the majority of hiring will take place in March through May, Nokian said in a release. Candidates can apply at NokianTires.com/DaytonFactory.
Most of the new roles are in the factory's production department. Starting pay for production operator positions ranges from $17 to $21 per hour, the company said. Nokian Tyres also is hiring team members to serve in quality, maintenance, logistics and information technology.
"We are eager to welcome hundreds of new colleagues this year," said Nokian Tyres Senior Human Resources Manager Blake Markham in a statement. "We offer a strong workplace culture and excellent career advancement opportunities at a safe, highly advanced facility."
Nokian Tyres announced in January that it aims to produce as many as 4 million tires per year in Dayton by 2024. In the process, it will exceed its initial commitment of 400 employees by growing its workforce to around 475 team members.
Hamilton Place hosts Black-owned business expo
Hamilton Place mall on Saturday is hosting the second annual Black-owned business expo featuring more than 30 vendors, according to the shopping center.
Additionally, there will be a musical performance by Jermaine Purifory, an "American Idol" Season 9 contestant and longtime member of Lee University's nationally known group Voices of Lee, a news release said.
The expo will feature vendors offering an array of products including skin care, clothing and accessories, candles and soaps, jewelry, baked goods and more, the release said.
Tennessee hotel taxes projected to rise 15.5%
Hotel-generated state and local tax revenue in Tennessee will reach new heights this year, rising 15.5% to more than $880 million, according to new projections by the American Hotel & Lodging Association and Oxford Economics.
Tennessee is projected to outpace the 13.6% gain in hotel tax revenues forecast for the country as a whole. The Oxford Economics study predicts average U.S. hotel occupancy will reach reach 63.8% in 2023 -- just shy of 2019's level of 65.9%. But staffing is expected to remain a challenge for many U.S. hotels in 2023, as the industry continues to grow its workforce back to pre-pandemic levels.
"Hotels are making significant strides toward recovery, supporting millions of good-paying jobs and generating billions in state and local tax revenue in communities across the nation," association President Chip Rogers said in the new report. "To continue growing, we need to hire more people. Fortunately, there's never been a better time to be a hotel employee, with wages, benefits, flexibility and upward mobility better than ever before."
Pinnacle rated best bank in Tennessee by Forbes
Pinnacle was the highest rated bank among the 100 largest U.S. banks assessed by the financial magazine Forbes in its 14th annual report on America's Best Banks.
The list looks at growth, credit quality and profitability to rank the 100 largest publicly traded banks and thrifts from best to worst.
In the new ranking, regional and community banks that get most of their revenue from interest dominate the top half of the list, while multinational banks that generate more income from underwriting and advisory fees were hit the hardest by the economic slowdown. All four trillion-dollar banks lag in the bottom third of the list, including $1.9 trillion-in-assets Wells Fargo in last place.
Pinnacle Financial Partners ranked 27th; United Community Bank ranked 3oth; JPMorgan Chase ranked 70th; Regions ranked 80th; Bank of America ranked 86th; First Horizon ranked 92nd; and Truist Financial ranked 93rd.
"We measure and reward ourselves according to the metrics we believe are most highly correlated with long-term shareholder value, so it's gratifying to see a third party independently verify that this approach works," M. Terry Turner, Pinnacle's president and CEO, said in a statement.
Engineers Week gala salutes top engineers
Six local engineers were recognized Thursday night during the Chattanooga Engineers Week banquet for their professional accomplishments and service.
Katie Snyder, a project manager for the city of Chattanooga, was given the Joe Conn Guild Outstanding Engineer of the Year. Russell Moorehead, vice president of Croy Engineering, was awarded the Jack W. Anderson Engineering Leadership of the Year award. Jackson Caldwell, an engineering and construction inspector with Neel-Schaffer in Chattanooga, received the Phillip J. Sutton People-to-People Award. Joshua Brewer, an electrical calibrations Delta LEvel Metrology technician with TVA, received the Carlisle Jordan Technician of the Year. Jenks Parker, an engineer with CTI, and Chris Frishcosy, director of labs at UTC, were both recipients of the Robert Neland Young Engineer of the Year awards.
Chattanooga area engineers have been celebrating Engineers Week (or E-Week as it is generally termed) since the event was established in 1951 by the National Society of Professional Engineers.
Mortgage rates rise to a 3-month high
The average long-term U.S. mortgage rate jumped this week to its highest level since November, more news for a housing market that's been in decline for a year.
Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate rose to 6.5% from 6.32% last week. The average rate a year ago was 3.89%.
The average long-term rate reached a two-decade high of 7.08% in the fall as the Federal Reserve continued to raise its key lending rate in a bid to cool the economy and quash persistent, four-decade high inflation.
At its first meeting of 2023 earlier this month, the Fed raised its benchmark lending rate by another 25 basis points, its eighth increase in less than a year. That pushed the central bank's key rate to a range of 4.5% to 4.75%, its highest level in 15 years.
— Compiled by Dave Flessner
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