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Charlotte Tech News


KJHburg

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From the Dice 2021 Tech salaries report 

""From a growth standpoint, 2020 saw significant increases in some of the nation’s more nascent tech hubs, including Charlotte (13.8 percent, to $99,691), Orlando (13.4 percent, to $88,598), Detroit (7.7 percent, to $90,110), and Houston (7.1 percent, to $99,727), where local officials have spent years trying to foster a local tech scene. All four cities have attracted startups fueled by venture capital, which compete with well-established local industries (such as oil and gas in Houston, automobiles in Detroit) for the best tech talent. Incorporate a steady pipeline of young technologists thanks to regional universities, and you have a recipe for robust tech scenes.""

CHARLOTTE

2020 Salary: $99,691 (+13.8%)  for Charlotte
TOP HIRING ORGANIZATIONS
Wells Fargo, Bank of America, Microsoft, 
Lowe's, Anthem Blue Cross

 

Charlotte has the fastest growing salary in 2019-2020 time period at 13.8%

The Dice 2021 Tech Salary Report | Report | Dice Resources | TY

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Not exactly sure on Charlotte location impacts, but Better.com just had a big layoff round of 9% of its employees. The Charlotte location is primarily sales, underwriting, processors, et... which appear to be the main roles eliminated. They have no active job postings in those roles and no job postings in Charlotte now.

Growth appears to be slowing as the mortgage market stalls out.

https://www.housingwire.com/articles/better-com-lays-off-los-secures-750m-cash-injection/

Edited by CLT2014
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14 hours ago, CLT2014 said:

Not exactly sure on Charlotte location impacts, but Better.com just had a big layoff round of 9% of its employees. The Charlotte location is primarily sales, underwriting, processors, et... which appear to be the main roles eliminated. They have no active job postings in those roles and no job postings in Charlotte now.

Growth appears to be slowing as the mortgage market stalls out.

https://www.housingwire.com/articles/better-com-lays-off-los-secures-750m-cash-injection/

As noted in the article, its really refis that are stalling. For the most part,  it seems that Better provides a white label product to third parties who don't have in house mortgage services and a good majority of that is marketed to homeowners who may want to refi.  At this point it feels that anybody who wanted to refi in the last 2 years already has.

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this happens all the time in the mortgage industry.  when companies specialize or do most of their business in refinancings they are subject to whims of the market and there are lots of ups and down.  Mortgage originations for new loans is more steady.   Plus I see Better.com is trying to go public which means maybe they are wanted to get rid of excess employees.  

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1 minute ago, RANYC said:

Better.com getting a ton of really bad press in the wake of the highly-publicized Zoom-based mass termination.  Seems to be a place with a very callous regard for its people.  Feeling a bit embarrassed to tout them as a Charlotte success story - don't care what buildings they may occupy uptown.  

I refinanced through them in 2020. The rate was good, the paper-free (until closing) experience was good (we need less paper). Their responsiveness was somewhat lacking and it feels like they're figuring out what being a "grown-up" company is all about. Underwriting and underwriters still suck everywhere including Better.com - you'd think in 2021 they would have a good rubric for assessing risk to making the loan.

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CreditKarma has already hired 200 people in their 600 job expansion.   They are leasing a couple of floors in the Overlook Ballantyne office building the new 11 story one. 

""This spring, Credit Karma announced a 600-job expansion in Charlotte by 2026, part of a $13.25 million investment here. It came with eligibility for $21.3 million in state incentives, plus approximately $186,000 from the city. The expansion establishes an East Coast technology hub here. The average salary for the new jobs is $156,600.  "Our Charlotte office is booming, and it's got a little bit of everything there now," McCreary said.  She estimates about 60% of hires for Credit Karma's Charlotte office are already local. There are out-of-state relocations, including a couple of C-suite executives who moved from California. Credit Karma has also been open to recruiting some of the talent recently laid off from Better.com.""

""Credit Karma is planning to bring employees back to the office in mid-January, McCreary said. All employees are required to be vaccinated against Covid-19. The firm has a flexible work environment, she said, but also sees the value of building in-person culture and innovation.  Credit Karma has more than 110 million members in the U.S., Canada and the United Kingdom. """

https://www.bizjournals.com/charlotte/news/2021/12/21/credit-karma-svp-nonprofit-funding-partnership.html

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Raleigh startup moves to Charlotte.

Charlotte Inno - Why this 'Startup to Watch' is moving HQ from Raleigh to Charlotte (bizjournals.com)

But don't think is a trend they just fit better here.  Remember the guy and company that invented the voice of Alexa sold to Google then moved to Raleigh to start up a company there.  Yes the voice of Alexa was  invented in NC and in Charlotte particularly. 

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In news from the Triangle and how some tech employers view office space.   

Put Apple in the camp that wants most of its employees in offices.  Not only are they building their big campus in RTP they are shopping for even more office space in Cary so reports the TBJ.

""Nearly a year after announcing its massive Triangle hub, Apple is looking for as much as 150,000 square feet of additional temporary space in Cary, according to some executives in the commercial real estate industry in the Triangle.  That's on top of the MetLife space in Cary the tech giant is already planning to renovate.  Apple (Nasdaq: AAPL) declined to comment for this story.  As it builds out its hub in Research Triangle Park – one expected to eventually accommodate 3,000 jobs – the California company has wasted no time, pulling the trigger last year on improvements at its temporary home, 301 MetLife Way, a Class A office building at MetLife’s Cary campus. The MetLife building totals 219,000 square feet of Class A office space.""

My thoughts is that Apple in 5 years will employ way more than 3000 people in RTP.   They started like that in Austin and they are nearing 10,000 there.  

https://www.bizjournals.com/triangle/news/2022/03/02/apple-looks-for-more-space-in-cary-triangle.html

Google which also has temporary space in Durham for their cloud engineering hub signaled they are returning to the office as well.  Big tech seems committed to office space for sure and this includes Microsoft which has over 1000 people here in Charlotte.  

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Big news Charlotte # 6 top tech town and Raleigh #7 and Durham #13.  

https://wraltechwire.com/2022/03/11/raleigh-falls-four-spots-now-7th-in-rankings-of-top-tech-towns-in-u-s/

Charlotte specifically https://www.comptia.org/content/research/best-tech-cities-it-jobs#section17 start

Only 3 states Texas California and NC have 2 cities in the top 10 and that would be great company in the tech world.  

and Huntsville is not called Rocket City USA for nothing.  

 

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