A Columbia City-based defense contractor Thursday announced plans to expand its Whitley County headquarters by the end of the year.
Breyden Products Inc. will invest $2.2 million to buy and equip a 35,000-square-foot building on six acres in the Park 30 Business Center. The project will create 23 new jobs by 2016, state officials said.
The company makes lacing tapes, twines and yarns for the military and aerospace industries. Customers include Boeing, Lockheed-Martin, Rolls-Royce and General Electric.
Breyden, which now employs about 40, will begin hiring by the end of December. Plans call for production to expand within the companys existing Columbia City factory.
The Indiana Economic Development Corp. offered Breyden up to $100,000 in tax credits and up to $25,500 in training grants, based on the companys job creation plans. Whitley County approved additional tax abatements on the investment.
Home sales surge to 6 1/2 -year high
U.S. home sales rose last month to the highest level since February 2007 as buyers rushed to close deals before mortgage rates increased further.
Yet the gain could represent a temporary peak if higher rates put the brakes on sales in coming months.
Sales of previously occupied homes rose 1.7 percent to a seasonally adjusted annual rate of 5.48 million in August, the National Association of Realtors said Thursday. That level is consistent with a healthy market.
August sales reflect contracts signed in June and July, when mortgage rates were rising steadily. The Realtors group cautioned that buyer traffic dropped off significantly in August. That points to fewer sales in the fall.
Jobless benefit claims up 15,000
The number of people seeking U.S. unemployment benefits rose 15,000 last week to a seasonally adjusted 309,000. But the data were distorted for the second straight week by reporting delays.
The Labor Department says the less volatile four-week average fell 7,000 to 314,750, the lowest in nearly six years.
Applications plummeted two weeks ago when California and Nevada were unable to report all their data because of computer upgrades in both states.
Key index points to stronger growth
A gauge of the U.S. economys future health posted a solid gain in August, signaling stronger growth in coming months.
The Conference Board said Thursday that its index of leading indicators increased 0.7 percent in August from July. That followed a 0.5 percent gain in July from June.
The index is designed to signal economic conditions over the next three to six months.
Senate bill averts helium shortage
Congress is moving to avert an impending shutdown of the federal helium reserve, a key supplier of the lighter-than-air gas used in products as varied as party balloons and MRI machines.
The Federal Helium Program, which provides about 42 percent of the nations helium from a storage site near Amarillo, Texas, is set to shut down Oct. 7 unless lawmakers intervene.
The Senate approved a bill Thursday, 97-2, to continue the helium program, following action in the House this spring.