Triangle Economic News

[carolina1792]

Relatively new budget airline company Avelo Avelo Airlines to establish a base in RDU and offer 6 new routes to Florida.

 

https://thepointsguy.com/news/avelo-raleigh-durham-base/ 

[Mid South NC]

https://www.cnbc.com/2022/11/09/fastest-growing-us-cities-kenan-institute.html

[carolina1792]

Breeze Airways also coming to RDU, 3 routes initially:

 

https://thepointsguy.com/news/breeze-airways-nonstop-flights-raleigh-durham-rdu/

[rancenc]

Johnston County could be attracting some life sciences development and jobs.

https://wraltechwire.com/2022/12/07/developer-proposes-johnston-county-as-site-for-huge-life-science-facility/

[SydneyCarton]

VinFast Ships First Vehicles to U.S. - Chapelboro.com

[KJHburg]

200  new biotech jobs coming to Durham!  average salary 90K plus

""A biotechnology company is growing its footprint in the Triangle through a roughly $40 million investment.

Catalent (NYSE: CTLT), a global contract development and manufacturing organization, will expand its analytical development and testing business in Durham through a project that could lead to more than 200 new jobs over the next five years.

The jobs, with a minimum average wage of $91,502, include scientists, engineers and lab associates.

The project is facilitated by a Job Development Investment Grant the state's Economic Investment Committee approved Tuesday. The agreement authorizes Catalent to receive a potential reimbursement of up to $805,500 spread over eight years. During the term of the grant, the project is estimated to grow the state's economy by more than $378 million, according to a statement from Gov. Roy Cooper's office.

This expansion of the company's analytical capabilities in North Carolina will help Catalent better serve its customers along the East Coast, said Jeremie Trochu, Catalent's bioanalytics division head.""

https://wraltechwire.com/2022/12/13/biotech-firm-bringing-201-jobs-that-pay-91500-to-durham/

https://www.bizjournals.com/triangle/news/2022/12/13/catalent-invests-40million-in-durham-expansion.html?

[KJHburg]

Last 2 months economic development report for Wake County from Wake County EDC

https://nmcdn.io/e186d21f8c7946a19faed23c3da2f0da/ca771636b8514cc3b5eb2e42fc43d69e/files/business-advantages/data-demographics/new-expanding-companies/New--Expanding-Companies_Wake-County--NC_10-1-2022-11-30-2022.pdf

[KJHburg]

Fuquay Varina plant will be expanded and 100 new jobs at a fiber optic manufacturer.

""A manufacturing firm has tapped Fuquay-Varina for a 100-job expansion.

Berk-Tek, which produces fiber-optic cables, is more than doubling its existing facility on Technology Park Lane on the north end of town. The Pennsylvania-based company did not release an average salary, but the town said wages will average above the Wake County mean of $72,743.""

https://www.bizjournals.com/triangle/news/2022/12/21/berk-tek-fuquay-varina-expansion-fiber-optics.html

[rancenc]

Overview of the major projects planned and/or ongoing for 2023 within the Raleigh/Durham/Chapel Hill area!

https://www.axios.com/local/raleigh/2023/01/03/biggest-developments-in-raleigh-durham-chapel-hill2023

[rancenc]

Jobs and investment coming to Lee County/Sanford

https://wraltechwire.com/2023/01/17/pfizer-will-buy-abzenas-sanford-biomanufacturing-facility-plans-to-add-200-jobs/

[KJHburg]

I am old enough to remember when this company threaten to stop hiring and so forth in NC but I guess time heals all wounds.

https://www.bizjournals.com/triangle/news/2023/01/23/deutsche-bank-picks-cary-for-new-business-unit.html

""As firms like Microsoft (Nasdaq: MSFT) and Google (Nasdaq: GOOG) confirm layoffs, other employers seem all too happy at the prospect of picking up new, seasoned tech talent – including Deutsche Bank (NYSE: DB), which is plotting growth in Cary.

Eban Scanlan, site lead for Deutsche Bank in the Triangle, said the German multinational investment bank is expanding in the region – specifically through a new small-business function being established this year. And that displaced talent stemming from Big Tech firms such as Google, which recently disclosed plans to layoff 12,000 workers, mean opportunities to staff up.

Right now, the local Deutsche Bank team is about 900 people. But in 18 months to two years, Scanlan sees that headcount climbing to more than 1,000, a “very achievable goal … that would be almost double our headcount from 2019,” he said.

From its Cary operation, Deutsche Bank supports several functions across its organization, including corporate functions. But the sweet spot has long been technology.""
 

Edited January 25, 2023 by KJHburg

[rancenc]

Triangle's retail development continues into 2023.......

https://rebusinessonline.com/triangles-retail-market-turns-new-page-led-by-openings-of-mixed-use-developments/

[Mid South NC]

[rancenc]

Jobs and investment coming to Durham County.

https://governor.nc.gov/news/press-releases/2023/02/07/manufacturer-electric-vehicle-charging-stations-selects-durham-county-new-production-facility

[KJHburg]

Finnish EV charger manufacturer to bring 600 jobs to Durham doubling their initial commitment.

https://wraltechwire.com/2023/02/28/ev-charger-manufacturer-doubles-jobs-commitment-in-durham-now-601/

[KJHburg]

Global banking issues have come home to the Triangle.    from the Triangle Business Journal tonight 

No word on the impact on this purchase of Credit Suisse by UBS

""The UBS (NYSE:UBS) deal to takeover troubled Credit Suisse (NYSE: CS) could have major implications for the Triangle region.

The banks announced Sunday they had entered into a merger agreement with UBS to emerge as the surviving entity.

"Credit Suisse will continue to conduct its business in the ordinary course and implement its restructuring measures in collaboration with UBS," Credit Suisse said. A company spokesperson declined to answer questions about how the deal could impact the Research Triangle region where Credit Suisse employs hundreds.

The Credit Suisse campus here spreads across 63 acres in Research Triangle Park. As of last year, it employed 2,300 in the region, making it one of the area's largest employers.

As the two banks offer similar services, redundancies created from the merger could mean major layoffs, some have theorized. And layoffs could hit the Triangle, where Credit Suisse has grown its headcount since the RTP campus opened in 2005.""

also there are reports First Citizens Bank HQ in Raleigh may buy parts of Silicon Valley Bank the 2nd largest bank collapse in US history.  

https://www.thestreet.com/banking/first-citizens-could-be-suitor-for-silicon-valley-bank

[XRZ.ME]

https://www.bloomberg.com/news/articles/2023-03-26/first-citizens-said-to-near-deal-for-silicon-valley-bank

More on First Citizen Bank to purchase Silicon Valley Bank

Could be good to startups in triangle area.

[XRZ.ME]

First Citizens to Buy Silicon Valley Bank After Run on Lender https://www.bloomberg.com/news/articles/2023-03-27/first-citizens-to-buy-silicon-valley-bank-after-run-on-lender


Sent from my iPhone using Tapatalk

[KJHburg]

I wish First Citizens would consolidate some of their space into a new high rise downtown like Kane's large office tower proposal at Smoky Hollow or somewhere else downtown.  They are a top 20 bank and I think they should look like one too.  But this is great for Raleigh and the Triangle as hopefully some of the big tech companies with operations in the Triangle like Google, Apple etc will move some of their money to First Citizens Bank.  

Edited March 27, 2023 by KJHburg

[KJHburg]

this is good news apartments rent increases are moderately greatly due to lots of supply coming online in the Triangle.

From the Biz Journal today

""The increase in multifamily supply in Raleigh is giving potential renters more options and is a major contributor of the just 0.2 percent uptick in apartment rental rates through the first two months of 2023, which is pacing below the increase of 0.8 percent for the same period last year.

In calendar year 2022, apartment rental rates in Raleigh increased 4.7 percent – a huge drop from the nearly 21 percent increase in 2021, according to ApartmentList.com.

In the latter half of last year, Raleigh was ranked by RentCafe as No. 14 in the number of projected new apartments across the U.S., with just over 9,000 – a five-year peak for the city.""

https://www.bizjournals.com/triangle/news/2023/03/23/double-digit-uptick-in-apartment-units-managed.html

[RALNATIVE]

4 hours ago, KJHburg said:

I wish First Citizens would consolidate some of their space into a new high rise downtown like Kane's large office tower proposal at Smoky Hollow or somewhere else downtown.  They are a top 20 bank and I think they should look like one too.  But this is great for Raleigh and the Triangle as hopefully some of the big tech companies with operations in the Triangle like Google, Apple etc will move some of their money to First Citizens Bank.  

 

I have to believe that this was part of the rationale for their interest in SVB. Very smart strategic move on their part.

[Durham_Transplant]

I don’t see any scenario where the likes of Microsoft and Google shift any amount of deposits to First Citizens. These are trillion dollar companies with incredibly sophisticated needs. I find this an extremely odd cultural and strategic fit for First Citizens. We will see how it plays out.

[KJHburg]

Well since SVB failed and there was a run on their deposits and First Republic another tech heavy customer bank people will want safety.  Any smart company (or person) with lots of money does not use just one bank.  It is just not smart.  Whose to say someone like Apple who may or may not have had deposits at SVB would run a payroll account out of FCB for their NC employees.  First Citizens has rolled up 21 failed banks so they are good at this and keep growing.  And First Citizens has $109 Billion in assets  and that was of year end 2022 so they are doing something right for their corporate customers now. 

[RALNATIVE]

3 hours ago, Durham_Transplant said:

I don’t see any scenario where the likes of Microsoft and Google shift any amount of deposits to First Citizens. These are trillion dollar companies with incredibly sophisticated needs. I find this an extremely odd cultural and strategic fit for First Citizens. We will see how it plays out.

FC's strategy may not be on attracting the likes of Google, Microsoft, and Apple as corporate customers, but I do believe their focus is on making capital readily available to the entrepreneurial tech and venture markets. This is certainly a step in the right direction.

[Durham_Transplant]

Ultimately the results will be pretty obvious one way or the other. It’s not like I think First Citizens isn’t a good platform. They’ve built a solid business but it’s been largely based on local, family owned type companies and is essentially still a family owned/operated business itself. Four years ago they were $40B in assets and now they are gonna to be 5x that size driven largely by acquisitions. That’s a challenging transformation to manage even without getting into a radically different line of business — system integrations, regulatory requirements, talent retention, etc.

I think SVB was a great business and brand. Obviously engineering the deal through the government at a huge discount allows for a tremendous amount of upside. I just don’t necessarily think it’s a slam dunk. I worked in that space for about a decade and everything about it is very different from how a traditional commercial bank operates. It will certainly be interesting to follow.