The Breakout Cities on the Forefront of America s Economic Recovery
05/09/2021 | 12:31pm EDT
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By Justin Baer | Photographs by Clark Hodgin for The Wall Street Journal GREENVILLE, S.C. The pandemic is accelerating growth in midsize cities, positioning them to lead the charge in the nation s economic rebound. Even before Covid-19, these rising stars such as Greenville, Des Moines, Iowa, and Provo, Utah had been quietly building out vibrant economies in the shadow of bigger metropolises. During the pandemic, they have drawn workers and businesses with large and affordable homes, ample access to outdoor space and less congestion.
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May 9, 2021 6:31 PM UTC Provo-area software firm Fishbowl Solutions LLC has benefited from the talent emerging from the region s large universities and a tech-forward business community. Fishbowl added 15 employees last year, when it had the biggest revenue gain in its 20-year history. Its workforce now totals 195. But the city has seen a shortage of workers. There s a lot of output of tech professionals from the two universities nearby, but even with that, it s been a struggle to find enough development staff, said John David King, Fishbowl s chief executive. We ve done quite a bit of hiring, and some of those have been from out of state.
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By Justin Baer and Geoffrey Rogow Warren Buffett said Greg Abel will succeed him as Berkshire Hathaway Inc. s chief executive should he leave the role in the short term. The directors are in agreement that if something were to happen to me tonight, it would be Greg who d take over tomorrow morning, Mr. Buffett told CNBC. A person familiar with Berkshire s board confirmed Mr. Abel is the current pick to replace Mr. Buffett should the 90-year-old billionaire leave the role imminently. The choice answers a question that had hovered over Berkshire for decades. A 2018 decision to name to the board Ajit Jain, who runs the company s insurance business, and Mr. Abel, who heads the conglomerate s other operations, indicated they were the top choices as Berkshire s next CEO.
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By Justin Baer Warren Buffett s Berkshire Hathaway Inc. swung to a quarterly profit on stock-market gains and better results from its insurance business. Berkshire reported first-quarter net income of $11.7 billion, or $7,638 per Class A share equivalent, compared to a loss of $49.7 billion, or $30,653 per Class A share equivalent, in the year-earlier period. Operating earnings, which exclude some investment results, rose to $7.02 billion from $5.87 billion in the year prior. The conglomerate runs a large insurance operation as well as railroad, utilities, industrial manufacturers, retailers and even auto dealerships. It also holds large investments, especially in the stock market. An accounting rule change in recent years has meant that Berkshire s earnings often reflect the larger performance of the stock market, while operating earnings more accurately reflect the firm s vast business operations.