Triangle Economic News

[RALNATIVE]

59 minutes ago, KJHburg said:

Here is just Wake County's new and expanding business announcements since last Oct 2020 to end of August.  To say the county is on a roll is understatement and more to come this year for sure.  From Apple to smaller companies in many different areas.  

New--Expanding-Companies-Report---Wake-County--NC_10-1-2020-8-31-2021.pdf (nmcdn.io)

83 new and expanding companies and 9,756 jobs.  That's incredible.

[KJHburg]

another day $125 Million investment 200 jobs in biopharma in Durham County.

NC Commerce: Governor Cooper Announces Jaguar Gene Therapy’s Plans to Invest $125 Million and Create 200 New Jobs in Durham County

[SydneyCarton]

6 hours ago, KJHburg said:

another day $125 Million investment 200 jobs in biopharma in Durham County.

NC Commerce: Governor Cooper Announces Jaguar Gene Therapy’s Plans to Invest $125 Million and Create 200 New Jobs in Durham County

The mini-Boston/San Francisco of the South strikes again!

[RALNATIVE]

And quietly happening, First Citizens is acquiring NYC based CIT Group, in a merger that will create the 19th or 20th largest bank in the country. That is a huge move. For some reason, I get the feeling that they will be shopping for more office space, and I could only imagine that a tower in downtown quite possibly might be on their radar.

[Rufus]

13 hours ago, RALNATIVE said:

And quietly happening, First Citizens is acquiring NYC based CIT Group, in a merger that will create the 19th or 20th largest bank in the country. That is a huge move. For some reason, I get the feeling that they will be shopping for more office space, and I could only imagine that a tower in downtown quite possibly might be on their radar.

Not to damper your post -- they actually have been fighting to get federal approval for this merger. The merger was announced a year or so ago, and it's taking forever to get this approval. 

Nonetheless, amazing news for the area. 

[RALNATIVE]

19 minutes ago, Rufus said:

Not to damper your post -- they actually have been fighting to get federal approval for this merger. The merger was announced a year or so ago, and it's taking forever to get this approval. 

Nonetheless, amazing news for the area. 

From all that i've been reading, it's more than likely to get closed. When that happens, FCB will be a banking powershouse with coast to coast presence, and they most like will want to up their profile, namely with a signature tower in their hometown. That's what big banks do...

They got a very good deal with CIT, and as a result their stock has taken off. They have the cash to burn.

Edited October 28, 2021 by RALNATIVE

[Rufus]

2 hours ago, RALNATIVE said:

From all that i've been reading, it's more than likely to get closed. When that happens, FCB will be a banking powershouse with coast to coast presence, and they most like will want to up their profile, namely with a signature tower in their hometown. That's what big banks do...

They got a very good deal with CIT, and as a result their stock has taken off. They have the cash to burn.

Absolutely, it is great to have a regional banking power in the city, but FCB has been known to not prefer downtown for its headquarters, notably stalling its project in 1992 in favor of a campus up by North Hills. Their target customer base is the North Hills community type, so I doubt they will move from there. But I would love to see them have even the smallest presence downtown (tower, naming rights, etc.). 

[Durham_Transplant]

2 hours ago, Rufus said:

Absolutely, it is great to have a regional banking power in the city, but FCB has been known to not prefer downtown for its headquarters, notably stalling its project in 1992 in favor of a campus up by North Hills. Their target customer base is the North Hills community type, so I doubt they will move from there. But I would love to see them have even the smallest presence downtown (tower, naming rights, etc.). 

I also just think it speaks to the mentality of leadership. They still absolutely view this as a family business and are really not the high profile types. I’ve been to Frank Holding’s house and while very nice/great neighborhood it’s about the most nondescript rich person’s house you can imagine. 

[RALNATIVE]

3 hours ago, Rufus said:

Absolutely, it is great to have a regional banking power in the city, but FCB has been known to not prefer downtown for its headquarters, notably stalling its project in 1992 in favor of a campus up by North Hills. Their target customer base is the North Hills community type, so I doubt they will move from there. But I would love to see them have even the smallest presence downtown (tower, naming rights, etc.). 

But this merger is a big indicator that they are moving away from this role of being simply a regional player to more of a national player. The same way BOA and First Union did decades ago.

[rancenc]

Recent article on Grubb Properties newest projects in the Raleigh area.

https://businessnc.com/nc-trend-grubb-ventures-launches-largest-project/

[KJHburg]

another job announcement today in biosciences  this time in JoCo Johnston County.

::A new facility in Johnston County is expected to leverage the Triangle's rich life sciences industry – and pay six-figure wages. Richmond, Virginia-based AdvanceTEC will build a $10 million advanced prefabrication and modularization facility near Clayton, the company announced Monday.  The facility will be built on 12 acres off U.S. Highway 70 Business between Clayton and Smithfield. The site will employ over 25 people an average salaries of $125,000, according to the Johnston County EDC.""

AdvanceTEC to build $10M biotech facility in Johnston County; jobs pay average salaries of $125K - Triangle Business Journal (bizjournals.com)

AdvanceTEC to invest $10M in Johnston County, creating 25 jobs paying $125,000 average wage | WRAL TechWire

 

[KJHburg]

Chapel Hill based US arm of Canadian med tech company growing in CH.

""A Canadian medical device company is growing its presence in the Triangle as it prepares to apply for a permit that would clear it to move into clinical trials.  The company, Titan Medical (Nasdaq: TMDI), was founded in Toronto in 2008 and opened a research and development facility in Chapel Hill last year. That facility has grown from staffing one employee to 34, and is actively hiring for 16 positions. The company has also expanded its physical space from 3,500 square feet to 15,000 square feet.""

Titan Medical grows U.S. headquarters in Chapel Hill - Triangle Business Journal (bizjournals.com)

note their office is actually in Durham County in the Quadrangle office park I just looked it up. 

Edited November 6, 2021 by KJHburg

[KJHburg]

another tidbit:

this is interesting an IBM spinoff has a big presence in the Triangle.  Note to econ developers bring that HQ to the Triangle.

""IBM spin-out Kyndryl (NYSE: KD) has officially separated from Big Blue, more than a year after IBM (NYSE: IBM) announced plans to break off its managed infrastructure services business.

Matt Milton, president of U.S. operations at Kyndryl, told TBJ the Triangle will be a big part of the growth story his team is trying to build, calling the region a “very important element in our history and a very important element in our future.” “It’s one of the highest skilled locations we have,” he said. “We have a lot of deep, deep talent there. … We love the region, we love the talent there, and we are going to continue to leverage that.”  Milton said Kyndryl is a “talent-based organization,” and that the 88,000 employees it has around the world will be key to owning the space. As a standalone IT services company, Kyndryl, headquartered in New York, has the “freedom of action” to invest in key growth areas,""
 

IBM officially spins out Kyndryl: What it means for Raleigh, Durham - Triangle Business Journal (bizjournals.com)

[KJHburg]

Garmin becomes anchor tenant in Cary office building after growing from 35 employees locally to now 150.

Mobile device maker Garmin expanding Triangle presence, looks to add workers | WRAL TechWire

[KJHburg]

150 jobs coming to Fuquay with drug labeling plant.

sounds like a great fit for the Triangle's biopharma industry.

""CCL Label Inc. plans to build a 110,000-square-foot facility. The 150 jobs are expected to be created over the next five years with average wages around $70,000. The new facility would make pressure-sensitive labels and digitally and printed literature products for the pharmaceutical and health-care markets.""

[KJHburg]

Follow up story from WRAL about the new plant in Fuquay.

Jobs coming to Fuquay-Varina: Global manufacturer picks town for new plant | WRAL TechWire

[KJHburg]

These are just the Wake County new job announcements since Nov.. 1 2020 (and Durham county has many itself)  This is a good recap and include  some with no job numbers yet to Apple's 3000 jobs.  Oh yeah $4 BILLION in investment! 

New--Expanding-Companies_Wake-County--NC_11-1-2021-12-1-2021.pdf (nmcdn.io)

Edited December 15, 2021 by KJHburg

[KJHburg]

California based company moving its HQs and 250 jobs to Morrisville.  Avg pay $114K

Calif. company to move HQ, jobs averaging $114,000 in pay to Triangle | WRAL TechWire

[rancenc]

Follow up article to @KJHburg's recent posting.

https://www.nccommerce.com/news/press-releases/science-37-selects-research-triangle-region-new-headquarters

[KJHburg]

Five biggest econ development projects announced in the Triangle this year and of course Apple tops the list.  From the Triangle Biz Journal

The top five largest projects announced in the Triangle in 2021:

Apple: Promised 3,000 jobs in RTP
Google: Promised 1,000 jobs in Durham
Fujifilm Diosynth Biotechnologies: Promised 725 jobs in Holly Springs
Fidelity Investments: Promised 500 jobs in RTP 
Invitae Corp.: Promised 374 jobs in Morrisville

[KJHburg]

Just read a profile on the Google lead exec in Durham where they are expected to hire 1000 people over the next few years.

They do have 55 current openings in Durham

https://careers.google.com/locations/durham/

remember this came to Durham with no incentives. 

[KJHburg]

Google opens their new office in downtown Durham in the Durham Innovation District today.

https://wraltechwire.com/2022/01/11/google-opens-new-office-in-durham-with-a-sweet-touch-no-champagne/

[SydneyCarton]

Hopefully, Google will build more new buildings downtown.  

[KJHburg]

4 hours ago, SydneyCarton said:

Hopefully, Google will build more new buildings downtown.  

they have stated the Durham ID might be their temporary home as they are subleasing some space there but eventually they will have a permanent office somewhere downtown. 

[KJHburg]

Well after Amazon rejected the Triangle as HQ2 they seem to be doing some hiring locally and I dont mean for their warehouses.   Sounds like Amazon will open a tech office in Raleigh Durham hmmm after Google, Apple and multiple other tech companies have large and small offices here.  

https://www.bizjournals.com/triangle/news/2022/01/11/amazon-boosts-hiring-for-local-tech-jobs.html

""As Triangle employers battle to fill open tech positions, a mega company is stepping up its hiring game in the region. E-commerce giant Amazon (Nasdaq: AMZN) has put out dozens of postings for “on-site” developer jobs in the region.  About 50 open positions have been listed in the past two weeks alone for Raleigh and Durham, a review of job postings shows. They include cloud infrastructure architects and database consultants in Durham and customer solutions managers in Raleigh.  Amazon has several locations in the region – including a massive distribution warehouse operation in Garner. But much of its on-site presence – at least so far – has been logistics-related.  One of Amazon’s new job postings says the company is “in [the] process of locating office space in the area of North Carolina, Research Triangle Park.”""