Triangle Economic News

[RALNATIVE]

18 minutes ago, Durham_Transplant said:

Huge day for the Triangle. The Google announcement...wow. Would have been virtually inconceivable even 5 years ago. People across the country will take note of that kind of investment from a name brand of that caliber. Exciting things ahead across the whole region.

All of this seems too good to be true, but it shows how a little careful planning and regional cooperation decades ago can lead to great things in the future.

[Durham_Transplant]

18 minutes ago, RALNATIVE said:

All of this seems too good to be true, but it shows how a little careful planning and regional cooperation decades ago can lead to great things in the future.

Very true, feels like the region has been slowly building toward something big but a few of these moves could really be the catalyst to put things over the top.

[Richhamleigh, DC]

12 hours ago, Durham_Transplant said:

People across the country will take note of that kind of investment from a name brand of that caliber. Exciting things ahead across the whole region.

Except they won't know about it.  The national media is obsessed with Austin, Texas, Nashville, TN, and Georgia.  There's nothing else happening.  Charlotte's mass transit / urban investment and the Triangle's booming economy should be national news but alas, North Carolina isn't sexy enough for the national media.  Part of this our fault.  We suck at being bloviators like Texans, Tennesseans, and Georgians.  North Carolinians have always been modest -- the proverbial valley of humility.  In the end, the proof is in the pudding I suppose - we are growing faster than Georgia or TN; Charlotte and Raleigh-Durham are growing faster than Atlanta or Nashville.   

12 hours ago, RALNATIVE said:

All of this seems too good to be true, but it shows how a little careful planning and regional cooperation decades ago can lead to great things in the future.

Thanks to the most Progressive leadership in the South...Terry Sanford.  

Edited March 19, 2021 by Phillydog

[KJHburg]

From News and Observer about Google's plans:

""Croak said Google Cloud’s networking and storage engineering teams will be the first to put down roots in Durham, but other engineering functions will follow.  
A spokesperson for Google said that Durham will initially be home to 110 employees, with a goal of reaching 150 workers in Durham by the end of the year.  Google expects to hire the first employee in the next two months, and it could reach a headcount of 500 employees by 2023, with most of those employees being new hires from the area, the spokesperson added.  “The Triangle region ... is home to highly skilled software engineers, including those with a focus on infrastructure,” Croak said in the video. “This makes the region an ideal area to recruit and grow our engineering teams.”   Croak said the company is committed to the local economy and plans to increase workforce development and advance STEM education in the area.""

[SydneyCarton]

Duke, UNC, and NC State provide a powerful intellectual foundation for “little Cambridge” and thereby, foster this type of economic development.

Edited March 19, 2021 by SydneyCarton

[Durham_Transplant]

11 hours ago, Phillydog said:

Except they won't know about it.  The national media is obsessed with Austin, Texas, Nashville, TN, and Georgia.  There's nothing else happening.  Charlotte's mass transit / urban investment and the Triangle's booming economy should be national news but alas, North Carolina isn't sexy enough for the national media.  Part of this our fault.  We suck at being bloviators like Texans, Tennesseans, and Georgians.  North Carolinians have always been modest -- the proverbial valley of humility.  In the end, the proof is in the pudding I suppose - we are growing faster than Georgia or TN; Charlotte and Raleigh-Durham are growing faster than Atlanta or Nashville and in a bit of delicious irony about their state, Georgians appear to love NC so much the NC mountains are a prime destination for relocation and second homes.  

I agree that the region is a bit under appreciated in the national discussion but honestly I’m okay with it. The decision makers clearly understand the value of the Triangle, as evidenced by the wave of recent announcements, and the growth trajectory here feels much more sustainable long term. 

[Richhamleigh, DC]

16 minutes ago, Durham_Transplant said:

I agree that the region is a bit under appreciated in the national discussion but honestly I’m okay with it. The decision makers clearly understand the value of the Triangle, as evidenced by the wave of recent announcements, and the growth trajectory here feels much more sustainable long term. 

Agreed -- but I'm a little worried about the sustainability of growth without a bigger investment in infrastructure like transit and amenities to attract and retain talent and capital.  

[Durham_Transplant]

1 hour ago, Phillydog said:

Agreed -- but I'm a little worried about the sustainability of growth without a bigger investment in infrastructure like transit and amenities to attract and retain talent and capital.  

Totally agree about transit. And it’s just going to get more difficult to solve the problem as the population explosion continues in places like Clayton, Holly Springs, etc. Perhaps a more significant shift to hybrid work structure helps there but we absolutely need to be able to move people around the region more effectively for personal and professional needs. 

1 hour ago, Phillydog said:

Agreed -- but I'm a little worried about the sustainability of growth without a bigger investment in infrastructure like transit and amenities to attract and retain talent and capital.  

Totally agree about transit. And it’s just going to get more difficult to solve the problem as the population explosion continues in places like Clayton, Holly Springs, etc. Perhaps a more significant shift to hybrid work structure helps there but we absolutely need to be able to move people around the region more effectively for personal and professional needs. 

[RALNATIVE]

3 hours ago, Durham_Transplant said:

I agree that the region is a bit under appreciated in the national discussion but honestly I’m okay with it. The decision makers clearly understand the value of the Triangle, as evidenced by the wave of recent announcements, and the growth trajectory here feels much more sustainable long term. 

When you create a cluster such as what is currently happening here around life sciences and high tech, it will be virtually impossible to not continue to grow. Other companies will come simply because of the pool of available talent alone. Big tech especially likes to "steal" talent from other big tech companies. Let Google groom them and they are rip for the plucking.

Edited March 19, 2021 by RALNATIVE

[KJHburg]

Fidelity Investments adding 225 more employees at their Durham RTP site.

Financial giant Fidelity to hire 225 in Durham - Triangle Business Journal (bizjournals.com)

currently they employ 3600+ people in Durham County. 

[SydneyCarton]

4 hours ago, KJHburg said:

Fidelity Investments adding 225 more employees at their Durham RTP site.

Financial giant Fidelity to hire 225 in Durham - Triangle Business Journal (bizjournals.com)

currently they employ 3600+ people in Durham County. 

I'm surprised that those jobs didn't go to Charlotte, unless they're IT related.

[KJHburg]

25 minutes ago, SydneyCarton said:

I'm surprised that those jobs didn't go to Charlotte, unless they're IT related.

they have 3600 people already in the Triangle.  Just as the Charlotte area has tech companies Raleigh Durham has financial employers too.    There is a large tech operation at this office too 

[carolina1792]

19 hours ago, KJHburg said:

they have 3600 people already in the Triangle.  Just as the Charlotte area has tech companies Raleigh Durham has financial employers too.    There is a large tech operation at this office too 

MetLife, Deutsche Bank, Credit Suisse to name a few. 

 

https://www.arcgis.com/home/webmap/viewer.html?webmap=59eba37984af416eb7e69d9cc30eea14&extent=-79.3343,35.5744,-78.3201,36.1221

 

 

[rancenc]

Jobs and investment coming to Johnston County

https://www.wraltechwire.com/2021/04/12/packaging-firm-plans-new-jobs-70m-investment-in-johnston-county/

[KJHburg]

More pharma jobs coming to the greater Triangle region in Sanford 325 jobs to be exact.

Pharmaceutical firm Abzena pledges 325 jobs in Lee County - Triangle Business Journal (bizjournals.com)

from Business NC

Lee County/Sanford got another big biopharma plant with Abzena Holdins of San Diego planning $213M, 325-job site there. NC offered $6.9M in incentives based on targets. Jobs to average about $63,300 a year. Sanford is 50 miles south of Durham. @edpnc @NCCommerce

[rancenc]

Follow up article to @KJHburg 's posting above concerning this great announcement for Lee County/Sanford.

https://www.nccommerce.com/news/press-releases/governor-cooper-announces-325-jobs-biopharmaceutical-manufacturer-selects-lee

[KJHburg]

Ag-tech company moving HQ to Apex from Ohio.  

EnviroFlight picks Apex for headquarters move, R&D facility - Triangle Business Journal (bizjournals.com)

""An agricultural technologies company that turns insects into food for animals and fertilizer for crops is moving its headquarters to Apex and has a new research and development facility in the works.  EnviroFlight, a wholly owned subsidiary of Darling Ingredients Inc. (NYSE: DAR), is constructing a new 30,000-square-foot facility for its new headquarters and research and development facility that is expected to employ 30 to 40 people and amount to a $9 million investment.""

 

[SydneyCarton]

Boston is one of my favorite cities.  It’s incredibly gorgeous and cosmopolitan.  However, the Triangle has two huge advantages over it: (1) a much lower cost of living; and (2) no snow in April.

 

 

[rancenc]

Jobs announcement for Wake County!

https://www.nccommerce.com/news/press-releases/governor-cooper-announces-genetic-testing-company-will-build-new-lab-and-create

[KJHburg]

another biotech coming to the Triangle as noted above.

from the Triangle Biz Journal 

Genetic testing firm Invitae Corp. picks Morrisville for 374-job, $114M expansion - Triangle Business Journal (bizjournals.com)

""A San Francisco-based genetic testing company is planning a new testing and laboratory facility in Wake County that is expected to create 374 jobs over the next five years and garner an investment of $114.6 million over the next decade.  Morrisville beat out the main competitor, Frederick, Maryland, for Invitae Corp's (NYSE: NVTA) expansion to the East Coast, which is a critical phase in the company's business model, according to Invitae.   The 374 jobs include 38 existing positions in the state. The average wage for jobs at the Morrisville facility will be $91,176. The average wage in Wake County is currently $63,966.""

[KJHburg]

Invitae has already found a home in The Stitch the old outlet mall redeveloped as office space in Morrisville.    Not sure from this article how much space they are taking there. 

The Stitch in Morrisville will house the Invitae facility, 374 jobs | WRAL TechWire

The Stitch (thestitchtriangle.com)

[KJHburg]

Yes the Stitch is now fully leased with the latest biopharma company.  from the Triangle Biz Journal today.

""OCS Capital and Equator Capital Management of New York City have announced that genetic testing firm Invitae has signed on to lease all available office, research and lab space in The Stitch, the former site of the Morrisville Outlet Mall.  Invitae announced its expansion into Morrisville on Tuesday in a move expected to create 374 jobs over the next five years and garner an investment of $114.6 million over the next decade. Invitae will lease all 245,159 square feet of Class A office, research and lab space at the site. The property also includes 18,000 square feet of amenity space, including fitness and retail space.""

 

Edited April 23, 2021 by KJHburg

[KJHburg]

Raleigh ranks #7 in comparison with other major metro areas in CBRE Development opportunity list.

 

Charlotte Secures Top 10 Spot on CBRE’s Inaugural U.S. Development Opportunity Index | CBRE

Raleigh did better than most cities including Charlotte  even better than Nashville #20 for example.  

You can download the whole report from that link above. 

[KJHburg]

MAJOR NEWS: Apple finally announces their new campus on their company owned land in the RTP off Davis Dr and  Louis Stephens in the Wake county side of RTP . 3000 jobs avg. salary $187,000.  Will be Apple's biggest campus on the east coast.

Apple putting major campus in Research Triangle Park, hiring 3,000 - Triangle Business Journal (bizjournals.com)

""The campus and engineering hub will focus on machine learning, artificial intelligence and software engineering, among others. ""

 

[tozmervo]

Has the exact location shown up in a story? Presumably we know where apple owns the land already.