Economic Development - Expansions and Relocations

[KJHburg]

Remember last year I said wait until the Fourth Quarter and that is when for whatever reason many econ developments get announced.  stay tuned! 

Last year 4th quarter we had back to back econ development announcements including Honeywell, LendingTree expansion etc. 

Edited September 5, 2019 by KJHburg

[nuthinberger]

8 hours ago, ricky_davis_fan_21 said:

One of them had a closed door incentives meeting yesterday

How long after a closed door session should we expect an announcement (days, weeks, months)?

[KJHburg]

2 hours ago, nuthinberger said:

How long after a closed door session should we expect an announcement (days, weeks, months)?

Could be any of the above.  sometimes even after it is voted on the new company will line up leases and or still negotiating with the state on incentives.   

the biggest announcement in the last few years Allstate and their 2250 jobs was top secret until it was announced.   Now they lease 1/2 of Railyard and additional space up in the University area.  

[Trickbot]

/s When Goldman Sachs, Wells Fargo,  and Chase announce they're moving here within the next few months y'all are gonna lose your minds. This will all be due to companies leaving coastal cities as to not worry about sea level rise

Edited September 6, 2019 by Trickbot

[Madison Parkitect]

36 minutes ago, Trickbot said:

/s When Goldman Sachs, Wells Fargo,  and Chase announce they're moving here within the next few months y'all are gonna lose your minds. This will all be due to companies leaving coastal cities as to not worry about sea level rise

Charlotte is the new Manhattan you heard it here first

[Dale]

4 hours ago, Trickbot said:

/s When Goldman Sachs, Wells Fargo,  and Chase announce they're moving here within the next few months y'all are gonna lose your minds. This will all be due to companies leaving coastal cities as to not worry about sea level rise

SMH

[J-Rob]

This article is potentially good news and/or bad news for Charlotte ( as BankTown, USA) depending on the way you look at it, but I look at this as good news because of the "companies are being implored to do things now..." comment.   Please note: This IS NOT a political post.  I am posting about the potential local economic ramifications from the coming presidential election. 

Specifically, I am curious if the possibility of a far left democratic president might push for banking mergers and relocations before Q2 2020.   A few have alluded to a coming announcement in mid-October, and I can't wait to see what it is because I think the political uncertainty might drive Charlotte expansion in the short-term.   Might Regions merge with a similar size firm and locate their HQ in CLT?  Might Ally announce an HQ relocation and expansion to grab incentive dollars before the regulatory environment sways?  Just some possibilities.  I am sure there are other possibilities, and I can't wait to find out.

https://www.cnbc.com/2019/09/10/jim-cramer-wall-street-saying-elizabeth-warren-must-be-stopped.html

Edited September 10, 2019 by J-Rob

[QClifer]

Ally is not moving before the election or have anything in the works right now

[SydneyCarton]

On 9/6/2019 at 1:24 PM, Madison Parkitect said:

Charlotte is the new Manhattan you heard it here first

Manhattan, London, and Hong Kong combined!

[kermit]

Honestly if banks are required to 'get small' then Charlotte becomes a very attractive location for them. We are a really good place to run a retail bank (low costs, gobs of expertise,  and great connections to most of US / East Canada). We are a  less good place for a  massive global investment bank due to weak global connections and labor-force skill deficits (which include language and international regulatory knowledge). This is doubly true as London (the one international financial center we are decently connected to) fades into financial-center irrelevance.

Edited September 10, 2019 by kermit

[SydneyCarton]

3 hours ago, kermit said:

Honestly if banks are required to 'get small' then Charlotte becomes a very attractive location. We are really good at reatail banking, less good with  massive global investment banks (doubly so as London fades into financial center irrelevance).

London’s and HK’s fade is a good thing.  Charlotte and NY will basically be the only global financial centers, and it’s a matter of time before Charlotte overtakes N.Y.

Before we know it, IPOs will list on the Charlotte Stock Exchange!

Edited September 11, 2019 by SydneyCarton

[KJHburg]

 

NC is ranked as the 5th best state to do business in the USA bested only by southern rivals (Georgia is #1)  but NC as noted in the article in perpetually on the top of the list in the top 5 or so. 

https://www.areadevelopment.com/Top-States-for-Doing-Business/Q3-2019/overall-results-georgia-ranked-top-state-by-site-selection-c.shtml

and remember the 4th Quarter is coming usually a good time for NC and Charlotte region.  

Georiga's ports (Savannah and Brunswick) and ATL airport really are big drivers to that state for sure. 

NC has been in the top  10 for 10 years!

https://www.areadevelopment.com/Top-States-for-Doing-Business/Q3-2019/commentary-les-cranmer-art-wegfahrt-savills.shtml

Edited September 11, 2019 by KJHburg

[SydneyCarton]

25 minutes ago, KJHburg said:

 

NC is ranked as the 5th best state to do business in the USA bested only by southern rivals (Georgia is #1)  but NC as noted in the article in perpetually on the top of the list in the top 5 or so. 

https://www.areadevelopment.com/Top-States-for-Doing-Business/Q3-2019/overall-results-georgia-ranked-top-state-by-site-selection-c.shtml

and remember the 4th Quarter is coming usually a good time for NC and Charlotte region.  

Georiga's ports (Savannah and Brunswick) and ATL airport really are big drivers to that state for sure. 

NC has been in the top  10 for 10 years!

https://www.areadevelopment.com/Top-States-for-Doing-Business/Q3-2019/commentary-les-cranmer-art-wegfahrt-savills.shtml

I think that NC should scrap the personal income tax.  That's a big lure for Texas, for example, and would get NC and advantage over Atl for corporate relocations.

[King of the Queen City]

9 hours ago, SydneyCarton said:

London’s and HK’s fade is a good thing.  Charlotte and NY will basically be the only global financial centers, and it’s a matter of time before Charlotte overtakes N.Y.

Before we know it, IPOs will list on the Charlotte Stock Exchange!

Made this GIF a while back. Was looking for the right opportunity to use it, haha.

[SydneyCarton]

6 hours ago, King of the Queen City said:

Made this GIF a while back. Was looking for the right opportunity to use it, haha.

JP Morgan is about to start a $4b 1,400' new HQ tower on Park Ave.  Personally, I think that's crazy.  They could build the same thing in the QC for $500-$750m.  They should move here now and maximize the shareholder's value.

Edited September 11, 2019 by SydneyCarton

[lancer22]

21 minutes ago, SydneyCarton said:

JP Morgan is about to start a $4b 1,400' new HQ tower on Park Ave.  Personally, I think that's crazy.  They could build the same thing in the QC for $500-$750m.  They should move here now and maximize the shareholder's value.

On a side note, this is one of the coolest construction projects in the world. They literally have to disassemble the current building because they can't demolish it.

[Matthew.Brendan]

 

Maybe they can ship it to Charlotte. Would instantly become our 3rd tallest.

[U_R_]

20 hours ago, KJHburg said:

Georiga's ports (Savannah and Brunswick) and ATL airport really are big drivers to that state for sure. 

I'm not so sure about the airport, I would say it's impact has been decreased by a bit, but no one in the ATL is complaining about it (unless you have AA status). The GPA is a MUCH bigger economic driver in the state though. 

http://gaports.com/about

As one of the state’s largest public employers, the GPA directly employs almost 1,100 trained logistics professionals. The GPA, however, is responsible for generating far more employment throughout the state. GPA operations, together with private sector, port-related operations, account for more than 369,000 jobs statewide, $84.1 billion dollars in revenue, and income exceeding $20.4 billion annually.

Don't y'all have a port in Wilmington. Savannah, Charleston, and Wilmington used to be pretty close with each other, what happened to Wilmington. Charleston and Savannah are both top 10 (I'm pretty sure), but I'm not sure where Wilmington is. Did they not just expand it?

 

 

[KJHburg]

8 minutes ago, Ric0_0 said:

I'm not so sure about the airport, I would say it's impact has been decreased by a bit, but no one in the ATL is complaining about it (unless you have AA status). The GPA is a MUCH bigger economic driver in the state though. 

http://gaports.com/about

As one of the state’s largest public employers, the GPA directly employs almost 1,100 trained logistics professionals. The GPA, however, is responsible for generating far more employment throughout the state. GPA operations, together with private sector, port-related operations, account for more than 369,000 jobs statewide, $84.1 billion dollars in revenue, and income exceeding $20.4 billion annually.

Don't y'all have a port in Wilmington. Savannah, Charleston, and Wilmington used to be pretty close with each other, what happened to Wilmington. Charleston and Savannah are both top 10 (I'm pretty sure), but I'm not sure where Wilmington is. Did they not just expand it?

 

 

Savannah is larger than Wilmington and Charleston combined and Wilmington is very small.  Georgia does an excellent jobs with their ports and pours money into them and NC just has not over the years.  They are starting to but Savannah is the dominate port in the southeast bar none.    This has cost NC auto manufacturers and others from our state unfortunately.  Caterpillar was looking at building a big plant near Wilmington but chose a site near Athens Georgia.  Why as it is further inland?  the Port of Savannah and its connections.   Most Charlotte area cargo goes out of Charleston and some through Wilmington even some through Savannah.  rest of the state sends a lot to Norfolk while big is still not as big as Savannah.  ATL airport is still a huge generator of jobs throughout the state as you have nonstops to Asia we do not.    NC has many many advantages as our corporate and personal taxes are lower than Georgia's and our community college and University systems is great too but Georgia wins the logistics card for sure.  But don't worry NC is winning jobs and more are to come by 12/31! 

[U_R_]

Allen Tate Companies has expanded its Charlotte-Ballantyne office to two locations.

The main office, which is home to more than 120 Realtors and employees, has relocated to the Cullman Park Building, at 14120 Ballantyne Corporate Place, suite 520.

A second Ballantyne location – the Welcome Center – faces Johnston Road at the entrance to the Ballantyne Corporate Park, at 15640 Don Lochman Lane, suite 170. The Welcome Center, which is staffed seven days a week, offers easy access for clients, as well as agents who need to hold meetings or drop off paperwork.

https://thecharlotteweekly.com/news/2019/09/business-roundup-new-digs-for-allen-tate-office-seasonal-jobs-available/

I look forward to a busy and good rest of 2019 for NC, GA, and the entire southeast. Let the games begin...

[QCxpat]

5 minutes ago, KJHburg said:

Savannah is larger than Wilmington and Charleston combined and Wilmington is very small.  Georgia does an excellent jobs with their ports and pours money into them and NC just has not over the years.  They are starting to but Savannah is the dominate port in the southeast bar none.    This has cost NC auto manufacturers and others from our state unfortunately.  Caterpillar was looking at building a big plant near Wilmington but chose a site near Athens Georgia.  Why as it is further inland?  the Port of Savannah and its connections.   Most Charlotte area cargo goes out of Charleston and some through Wilmington even some through Savannah.  rest of the state sends a lot to Norfolk while big is still not as big as Savannah.  ATL airport is still a huge generator of jobs throughout the state as you have nonstops to Asia we do not.    NC has many many advantages as our corporate and personal taxes are lower than Georgia's and our community college and University systems is great too but Georgia wins the logistics card for sure.  But don't worry NC is winning jobs and more are to come by 12/31! 

Here's a list of the 25 largest container ports in North America.  Savannah is 3rd with 7.8% North American market share.  Charleston is 10th with 4.5% market share.  Wilmington is 25th with 0.7% market share 

2018 Rank	North American port	Location	Coast	2018 North American market share	2017	2018	Year over year % change
1	Los Angeles	California	West	9.3%	1,634,101	1,589,527	-2.7%
2	New York-New Jersey	NY-NJ	East	8.4%	1,372,454	1,426,013	3.9%
3	Savannah	Georgia	East	7.8%	1,305,426	1,338,100	2.5%
4	Long Beach	California	West	7.4%	1,241,853	1,257,127	1.2%
5	Vancouver, British Columbia	Canada	West	6.6%	1,101,645	1,119,590	1.6%
6	Houston	Texas	Gulf	6.1%	948,371	1,034,105	9.0%
7	Northwest Seaport Alliance*	Washington	West	5.3%	910,717	901,362	-1.0%
8	Virginia ports	Virginia	East	5.2%	959,209	883,579	-7.9%
9	Manzanillo	Mexico	West	4.8%	773,876	822,916	6.3%
10	Montreal, Quebec	Canada	East	4.6%	793,738	794,995	0.2%
11	Charleston	South Carolina	East	4.5%	781,505	771,387	-1.3%
12	Oakland	California	West	4.4%	797,099	748,211	-6.1%
13	Jacksonville	Florida	East	3.1%	500,113	528,178	5.6%
14	Port Everglades	Florida	East	2.6%	434,612	443,569	2.1%
15	Veracruz	Mexico	Gulf	2.1%	344,732	358,950	4.1%
16	Miami	Florida	East	2.0%	350,347	346,531	-1.1%
17	Altamira	Mexico	Gulf	2.0%	340,489	344,514	1.2%
18	New Orleans	Louisiana	Gulf	1.6%	297,499	276,881	-6.9%
19	Halifax, Nova Scotia**	Canada	East	1.6%	279,640	266,750	-4.6%
20	Lazaro Cardenas	Mexico	West	1.5%	209,541	238,935	14.0%
21	Baltimore	Maryland	East	1.3%	234,912	216,383	-7.9%
22	Prince Rupert, British Columbia	Canada	West	1.3%	165,943	207,111	24.8%
23	Palm Beach	Florida	East	0.8%	135,295	136,619	1.0%
24	Mobile	Alabama	Gulf	0.7%	133,166	125,705	-5.6%
25	Wilmington, NC	North Carolina	East	0.7%	103,531	113,550	9.7%

 

Link:  https://www.joc.com/port-news/north-america-port-rankings-mexican-ports-grow-fastest_20190506.html

[kermit]

13 hours ago, Ric0_0 said:

Don't y'all have a port in Wilmington. Savannah, Charleston, and Wilmington used to be pretty close with each other, what happened to Wilmington. Charleston and Savannah are both top 10 (I'm pretty sure), but I'm not sure where Wilmington is. Did they not just expand it?

While the state deserves a large portion of the blame for what has happened to the port of Wilmington (like failing to build the new Southport terminal), its not all their fault. Only having a single railroad into Wilmington is a huge problem (shippers can't negotiate inland freight rates and the single line makes it vulnerable to shutdown). Unfortunately there is an even bigger problem, container ports benefit from increasing returns to scale -- as container ports get bigger they get more efficient -- Wilmington lost that battle 20+ years ago, they will never develop the critical mass necessary to become competitive with Charleston, Savannah or Norfolk.

Based on the data QCexpat posted (assuming its compatible with the USAC data) Wilmington's traffic was nearly halved since 2016.

It will never be a major port again.

Edited September 12, 2019 by kermit

[videtur quam contuor]

There is a state port in Morehead City but mostly for commodities such as Phosphate and wood products.

[kermit]

2 minutes ago, tarhoosier said:

There is a state port in Morehead City but mostly for commodities such as Phosphate and wood products.

yup, no containers. Just bulk.

[CarolinaDaydreamin]

1 hour ago, Ric0_0 said:

I'm not so sure about the airport, I would say it's impact has been decreased by a bit, but no one in the ATL is complaining about it (unless you have AA status).

 

How do you figure? It moves over 110m+ people per year and is growing about 3% per year