Triangle Economic News

[Raleigh Walker]

On 1/12/2022 at 3:40 PM, KJHburg said:

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. 

There's scuttle on the street (among commercial property owners) that Google will be a part of the ATC expansion next door to Whetstone apartments. 

[KJHburg]

47 minutes ago, Raleigh Walker said:

There's scuttle on the street (among commercial property owners) that Google will be a part of the ATC expansion next door to Whetstone apartments. 

I have heard that too Google may take down one of their buildings if not both.  Those timber LEED certified is right up their alley. 

[Raleigh Walker]

1 hour ago, KJHburg said:

I have heard that too Google may take down one of their buildings if not both.  Those timber LEED certified is right up their alley. 

If true, I can happily dig that. High, high visibility from 147 and walking distance to the bus station? It seems very Google to me. With 2-3 new DTD towers in the works, and potentially Google's name towering over the highway too...pretty cool scene soon. I reeeeeeally hope some high rise development can occur on the other side of 147 too.  The Triangle still doesn't have a highway area like that, where you have lit up high rises on either side of it. I've always love that aesthetic. Okay I'm tangent-ing, a few whiskies in happy Friday

[kermit]

While not unexpected, it sounds like Citrix will be bought out and taken private: https://www.wsj.com/articles/elliott-and-vista-near-deal-to-buy-citrix-systems-11643567043

 

[KJHburg]

This Olympic festival would be great for the Triangle and NC as a whole.

""The Triangle is a finalist for the 2027 Summer World University Games, the International University Sports Federation announced late Thursday, putting the market squarely in position to add a major festival for the first time since 1987.  Competing with the Triangle for the event is Chungcheong, South Korea.   Hill Carrow, who is spearheading the event for the Triangle, said a decision is expected Oct. 9.  Carrow led the Triangle’s effort to host the 1987 Olympic Festival, a massive event that captured the state’s attention at a time when the region was just emerging on the national scene.   But this event would be much larger than that. Carrow, now CEO of Sports & Properties Inc., said the Olympic Festival had 4,000 athletes, coaches and staff, while the University Games would bring in 10,000.   The Olympic Festival had 464,000 fans in attendance, and Carrow is projecting 600,000 fans for the Summer University Games if they come to the Triangle.  “This would be taking it up another notch,” Carrow said.   Carrow said the Triangle’s strong university systems and hospitality settings, combined with attractive venues and support from regional governments, make the market a strong candidate.""

https://www.bizjournals.com/triangle/news/2022/02/04/raleigh-durham-finalist-world-university-games.html

https://www.wralsportsfan.com/triangle-area-has-national-backing-in-bid-to-host-2027-summer-world-university-games/19530253/

Edited February 5, 2022 by KJHburg

[KJHburg]

Google already has 100+ employees based in Durham and continues rapid hiring from the Triangle Biz Journal/   Currently subleasing space in the Durham ID 200 Morris St. 

""More than 10 months after announcing plans to bring an engineering hub to Durham, Google (Nasdaq: GOOG) has opened its initial office and hiring is starting to accelerate.  The company currently has 67 open jobs listed in the Bull City – 56 of which are in engineering, according to the California-based tech giant's careers site. A Google spokesman declined to be specific about the current head count in Durham. The company, when announcing the Durham hub, said it could eventually employ more than 1,000 workers.  Google's goal was to hire 100 people in 2021, according to a memo recently released by North Carolina Gov. Roy Cooper’s office via a public records request. The Google spokesman would not confirm that figure but said the company has exceeded its goal.  Google – unlike most other big Triangle projects announced in 2021 – did not pursue state incentives, meaning it will not be held to task when it comes to job creation pledges.""

https://www.bizjournals.com/triangle/news/2022/02/02/google-beefs-up-hiring-for-durham-cloud-hub.html

[KJHburg]

100 new jobs with Belgian cybersecurity firm coming to Raleigh.

https://www.bizjournals.com/triangle/news/2022/03/16/spotit-picks-raleigh-over-atlanta-for-us-hub.html

""As prospects pick up for economic developers across the state – particularly when it comes to companies headquartered abroad – a European technology firm has tapped Raleigh for its first U.S. hub, a move that means high-paying jobs at North Carolina State University's Centennial Campus.  Cybersecurity firm Spotit, based in Belgium, has picked Raleigh over Atlanta for its first U.S. location, officials announced Wednesday. The plan is to create 100 jobs in five years at average salaries of $90,000.""

[KJHburg]

Linkedin ranked their top opportunity magnet cities and look who is at #3

https://www.linkedin.com/pulse/looking-job-hunting-edge-15-metros-opportunity-magnets-george-anders/

[rancenc]

Jobs and investment coming to Lee County.

https://governor.nc.gov/news/press-releases/2022/03/22/offsite-homebuilding-supplier-selects-lee-county-11-million-expansion

[KJHburg]

This is general Triangle news the census bureau released its estimates for 2021

Wake County is now 1.150.204 most populous county in the state and growing much faster than NC urban counties at 1.8% in the last year.  Mecklenburg grew .6% and Durham at 326126 people grew at .4%

check out every other NC county too

https://www.ncdemography.org/2022/03/24/county-estimates-show-more-deaths-than-births-pandemic-migration

Look where the Raleigh metro area does in the ranking of the top metro areas in numerical growth

https://www.census.gov/newsroom/press-releases/2022/population-estimates-counties-decrease.html

[SydneyCarton]

19 hours ago, KJHburg said:

This is general Triangle news the census bureau released its estimates for 2021

Wake County is now 1.150.204 most populous county in the state and growing much faster than NC urban counties at 1.8% in the last year.  Mecklenburg grew .6% and Durham at 326126 people grew at .4%

check out every other NC county too

https://www.ncdemography.org/2022/03/24/county-estimates-show-more-deaths-than-births-pandemic-migration

Look where the Raleigh metro area does in the ranking of the top metro areas in numerical growth

https://www.census.gov/newsroom/press-releases/2022/population-estimates-counties-decrease.html

I think that the Triangle and Charlotte have about equal population.  It's odd how "statistics" separate Chapel Hill/Durham from Raleigh.  It's clearly one metro area.

Edited March 25, 2022 by SydneyCarton

[KJHburg]

BIG news for another NC megasite this one just SW of Apex the Chatham county Moncure site.

Biz Journal is reporting this:

""An international carmaker has picked the Greater Triangle region for its first U.S. manufacturing site, a win that could mean as many as 13,000 jobs on buildout, multiple sources told Triangle Business Journal.  Sources identified the carmaker as Vietnamese firm VinFast and said the company plans to spend as much as $6.5 billion, and produce both electric batteries and vehicles at Chatham County's Triangle Innovation Point megasite, formerly known as the Moncure Megasite. The site was recently rejected by semiconductor giant Micron. VinFast plans to occupy more than 1,000 acres in Triangle Innovation Point, and at least three sources said an official announcement could come as early as next week.""

https://www.bizjournals.com/triangle/news/2022/03/25/vinfast-chatham-county-facility.html

https://vinfastauto.us/

Edited March 25, 2022 by KJHburg

[Durham_Transplant]

This would be a great project and would help diversify our regional ecosystem beyond software/life sciences. I was at the EDPNC forum yesterday and a lot of the discussion was around how to leverage the community college system and reskilling/upskilling to fill jobs exactly like this with strong compensation and upward mobility. Also took note of the reference to locating R&D operations in the Triangle. Would be a great fit considering the labor force here and embedded tech talent.

The state of NC has built truly unbelievable momentum in recent years and we seem to have the state and local leadership working in coordination to build on that. Very exciting times ahead.

 

[QCxpat]

22 hours ago, SydneyCarton said:

I think that the Triangle and Charlotte have about equal population.  It's odd how "statistics" separate Chapel Hill/Durham from Raleigh.  It's clearly one metro area.

Yesterday, the U.S. Census Bureau (CB) released population estimates for Metropolitan Statistical Areas (MSAs) and Combined Statistical Areas (CSAs) as of 07/01/2021.

Below are the CB's pop. est. for the Triangle's leading cities, Raleigh and Durham, as well as 2 of their peer cities, Charlotte and Nashville, for comparison.

Metropolitan Statistical Areas (MSA)

Raleigh-Cary MSA                                          =  1,448,411          Rank:  41

Durham-Chapel Hill MSA                          =     654,012           Rank:  92

Charlotte-Concord-G'ville MSA            =  2,701,046          Rank:  22

Nashville-Davidson-M'boro MSA         =  2,012,476          Rank:  35 

Combined Statistical Areas (CSA)

Raleigh-Durham-Cary, NC CSA             =  2,144,608          Rank:  31 

Charlotte-Concord, NC-SC CSA           =  2,864,830          Rank:  21

Nashville-D'vidson-M'boro, TN CSA  =  2,143,407          Rank:  32

Notes:  MSAs are required to have an employment/commuter interchange of 25%+ among the component counties, while CSAs must have an employment/commuter interchange of between 15% - 25%.   

CSAs are automatically designated for adjacent areas with an employment/commuter interchange of 25% or more.  

In adjacent areas with an employment/commuter interchange of at least 15% but less than 25%, the designation of combined statistical areas is based on local opinion, as expressed through the Congressional delegations.

For Reference:  In the link below, see -

"Tables: Annual Estimates of the Resident Population in the U.S. and Puerto Rico: April 1, 2020 to July 1, 2021 - Metropolitan Statistical Areas and for Puerto Rico," and 

"Datasets:  Annual Resident Population Estimates and Estimated Components of Resident Population Change for Combined Statistical Areas and their Geographic Components: April 1, 2020 to July 1, 2021"  

Link:   https://www.census.gov/data/tables/time-series/demo/popest/2020s-total-metro-and-micro-statistical-areas.html

Edited March 26, 2022 by QCxpat

[KJHburg]

^ thanks.  Raleigh Durham metro and it should be considered one with 2 core counties Wake and Durham is indeed bigger than Nashville.   With so many jobs in RTP mostly but not all in Durham county and so much cross county commuting I hope the census bureau considers this.  The world sees it as one big metro with 2 key cities just like Dallas and Fort Worth,  Minneapolis St Paul etc. 

Parts of Cary are in Chatham county part of the Durham metro, city limits of Raleigh reach into Durham county.   

[carolina1792]

Ineos Automotive, which selected Raleigh as its US headquarters, also considering moving production to the US and the Triangle may be shortlisted. 

 

https://www.bizjournals.com/triangle/news/2022/04/14/ineos-considers-us-manufacturing-footprint.html

Edited April 14, 2022 by carolina1792

[RALNATIVE]

2 hours ago, carolina1792 said:

Ineos Automotive, which selected Raleigh as its US headquarters, also considering moving production to the US and the Triangle may be shortlisted. 

 

https://www.bizjournals.com/triangle/news/2022/04/14/ineos-considers-us-manufacturing-footprint.html

With Ineos US HQ and possible manufacturing down the line, as well as VinFast's huge manufacturing operations planned for Chatham County, Raleigh may become an electric vehicle automotive hub in the near future.

Since Advance Auto Parts is headquartered here, i'm wondering if they envision any opportunities with these new developments? If not, they should be seeking to get some of the action.

[KJHburg]

4 hours ago, RALNATIVE said:

With Ineos US HQ and possible manufacturing down the line, as well as VinFast's huge manufacturing operations planned for Chatham County, Raleigh may become an electric vehicle automotive hub in the near future.

Since Advance Auto Parts is headquartered here, i'm wondering if they envision any opportunities with these new developments? If not, they should be seeking to get some of the action.

and don't forget the huge Toyota electric battery plant 75 miles or so away. 

[KJHburg]

while no one was looking Fidelity is adding 1700 more jobs at its RTP site which already has 5000 employees so reports the Biz Journal.

https://www.bizjournals.com/triangle/news/2022/05/02/fidelity-investments-hire-new-jobs-rtp-campus.html

""Fidelity Investments is planning to add 1,700 employees to its fast-growing Triangle operation as it starts to bring associates back to the office through a "flexibility" focused approach. The Boston-based financial giant, which hired almost 2,000 people in North Carolina last year – the majority of those at its Research Triangle Park campus –

The announcement Monday involves jobs across the spectrum, but 69 percent of the roles will be customer-facing positions and 14 percent will be in technology positions, according to the company. Spokeswoman Leslie Walden said that’s consistent with plans in the Triangle, which call primarily for customer-facing and technology positions.  The plan comes as Fidelity pushes to institute what it calls “dynamic working.”  “It’s a flexibility-first approach,” Walden said. “It’s really a balance between coming into the office and working from home. We feel like that’s what top talent is demanding.”  Walden said Fidelity wants to “encourage” its associates to physically come to the office and “collaborate with teams.” And she said the RTP site’s amenities, from a fitness center to onsite Covid-19 boosters, will help attract employees."""

[KJHburg]

in other news NC wins the Prosperity Cup from Site Selection magazine 2nd year in a row and that was last year's announcements.  Like Apple, like Google, like Fuji pharma etc.

https://siteselection.com/issues/2022/may/2022-prosperity-cup.cfm

[Mid South NC]

12 hours ago, KJHburg said:

Common now @siteselection.com, tell us something we don't already know lol

Edited May 4, 2022 by Mid South NC

[KJHburg]

New German Austrian cloud tech firm chooses downtown Durham over Atlanta for new US headquarters.

https://wraltechwire.com/2022/05/10/german-ar-vr-software-company-holo-light-opening-durham-office-will-hire/

Biz Journal story said they considered Atlanta but chose Durham instead. 

[rancenc]

Follow-up article to @KJHburg's May 3rd announcement of additional Fidelity jobs in the Triangle metro area.

https://wraltechwire.com/2022/05/11/fidelity-steps-up-hiring-in-nc-plans-to-add-1700-jobs/

[KJHburg]

Medical software company chooses Raleigh as its headquarters.

https://wraltechwire.com/2022/05/12/international-firm-intelerad-selects-raleigh-office-for-new-hq/

Company based in Canada. 

[Rufus]

New Fortune 500/1000 List for 2022 has been released. The Triangle has 7 companies (a 8th was just on the outside of 1000): 

1. IQVIA (F500 - 269)

2. Advanced Auto (F500 - 337)

3. Cornerstone Building Brands (F1000 - 559)

4. Martin Marietta (F1000 - 568)

5. Syneos Health (F1000 - 584)

6. Vontier (F1000 - 833)

7. Avaya (F1000 - 839)

First Citizens was just on the outside with $2.046b in revenue. Pyxus International, a tobacco sales company hq'd in Morrisville was not listed, but did report $4.5b in revenue as well.