Power Breakfast: Lockheed’s Marietta plant getting new jobs, banker troubles, foreclosure help, Arlington, BP, Buffett

The Lockheed Martin plant in Marietta got some welcome news this week.

With production of the F-22 Raptor fighter jet winding down, employees at the Lockheed facility have been looking to the company’s delay-plagued F-35 Lightning II fighter program to keep many of them in work, AJC reporter David Markiewicz writes.

Officials announced this week that assembly of the center wing on the stealth fighter will be starting — and soon, Markiewicz reports. Preliminary work starts Friday with a startup crew of 10, with employment on the project expected to reach about 600 by the time full production is under way in 2016.

The company said 175 employees now on the F-22 line eventually will be put to work on the new aircraft,  which is smaller and cheaper than the F-22. Another 425 workers will be hired over time for the F-35 production line. Total employment at the plant stands at 7,800.

The F-35 is primarily assembled at Lockheed Martin’s Fort Worth, Texas, plant. Some work was expected to come to Marietta, but the number of jobs was uncertain, Markiewicz writes.

“This comes at a real good time,” Denise Rakestraw, president of Local 709 of the International Association of Machinists, told Markiewicz. Employees now working on the F-22, she said, “can just transition over.”

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One comment Add your comment

TnGelding

July 30th, 2010
2:24 pm

Good news for corporate welfare!

More good news?

IMPORTS SURGE

Growth in the last quarter was held back by a 28.8 percent surge in imports, the fastest increase in 26 years, which eclipsed a 10.3 percent rise in exports. The widening trade deficit lopped off 2.78 percentage points from growth, the largest subtraction since the third quarter of 1982.

Outside the trade sector, however, there were some encouraging details in the report. Business investment rose at a 17 percent rate, the largest increase since the first quarter of 2006, after a 7.8 percent pace during the prior period.

Spending on equipment and software posted its strongest growth since the third quarter of 1997, while investment on structures rose for the first time since the third quarter of 2008, likely boosted by a rise in oil and gas drilling.

http://news.yahoo.com/s/nm/20100730/bs_nm/us_usa_economy

(Why are Congress and the WH hypnotized by exports when the real market is here?)