Economic Development - Expansions and Relocations

[KJHburg]

I post this to show how important a megasite could be this region.  The Charlotte Regional Business Alliance needs to identify some sites in the region for one of these megasites.  

This Toyota win for the Greensboro Randolph County megasite keeps getting bigger and bigger.  Another $2 Billion in investment bringing Toyota's investment to $5.9 BILLION 

https://wraltechwire.com/2023/06/01/toyota-to-invest-2-1b-more-in-nc-factory-upping-total-to-5-9b/

Surely there is a couple of thousand acres in the Charlotte metro area.  I even think Mecklenburg county in and around the airport land could land a pretty significant project if the CLT airport does not sell it all to warehouse developers.  

[rancenc]

Jobs and investment coming to Lincoln County.

https://www.commerce.nc.gov/news/press-releases/2023/06/01/bosch-expand-400-new-jobs-and-130-million-investment-lincolnton

[KJHburg]

5 hours ago, rancenc said:

Jobs and investment coming to Lincoln County.

https://www.commerce.nc.gov/news/press-releases/2023/06/01/bosch-expand-400-new-jobs-and-130-million-investment-lincolnton

400 new jobs in a county the size of Lincoln County about 97,000 in population is equivalent to a 4400 job announcement in Charlotte Mecklenburg county based on our population.

a little more from the Biz Journal today:

""The expansion calls for developing a new building of around 325,000 square feet in Lincolnton, where Bosch has long operated a manufacturing facility. The new building will include space for manufacturing, logistics and warehouse operations. The investment would take place by the end of 2027, the committee said.

The expansion also calls for the retention of 551 jobs, state documents show.

“Bosch does not have suitable land to build a building of this size at its current Lincoln County location,” a state executive summary sheet for the Bosch project states. “Therefore, property would need to be acquired. … This new building site could become the centerpiece for establishing a manufacturing campus supporting the future growth of Bosch’s power tool accessories in North America.”"

https://www.bizjournals.com/charlotte/news/2023/06/01/robert-bosch-tool-corp-lincolnton-expansion.html

great win for the region! 

 

[U_R_]

Does anyone know why the Fortune 500 and 1000 is now behind an annoying paywall? Either way, looks like NC had a good showing as usual. 

[CLT2014]

44 minutes ago, U_R_ said:

Does anyone know why the Fortune 500 and 1000 is now behind an annoying paywall? Either way, looks like NC had a good showing as usual. 

It is a business and they need to pay their reporters, analysts, and try to make a profit as print subscriptions continue to decline. The ad revenue from display advertising on the site does not offset the decline in subscriptions. 

[Rufus]

Charlotte has 9 companies on the F500, with Albemarle being a surprise entry at #493. 

The Triangle has 2 with IQVIA and Advanced Auto Parts. Triad gets one with Labcorp (which will be splitting into two companies next year). And Hickory gets one with CommScope. 

Overall F1000 Numbers are as follows: 

CLT - 16

Triangle - 7

Triad - 5

Hickory - 1

Asheville - 1

[KJHburg]

52 minutes ago, Rufus said:

Charlotte has 9 companies on the F500, with Albemarle being a surprise entry at #493. 

The Triangle has 2 with IQVIA and Advanced Auto Parts. Triad gets one with Labcorp (which will be splitting into two companies next year). And Hickory gets one with CommScope. 

Overall F1000 Numbers are as follows: 

CLT - 16

Triangle - 7

Triad - 5

Hickory - 1

Asheville - 1

How many F500 and F1000 in South Carolina?  I dont think they had a F500 company HQed there last year.  And their biggest company is in Fort Mill I think Domtar. 

[RANYC]

17 minutes ago, KJHburg said:

How many F500 and F1000 in South Carolina?  I dont think they had a F500 company HQed there last year.  And their biggest company is in Fort Mill I think Domtar. 

 

1 hour ago, Rufus said:

Charlotte has 9 companies on the F500, with Albemarle being a surprise entry at #493. 

The Triangle has 2 with IQVIA and Advanced Auto Parts. Triad gets one with Labcorp (which will be splitting into two companies next year). And Hickory gets one with CommScope. 

Overall F1000 Numbers are as follows: 

CLT - 16

Triangle - 7

Triad - 5

Hickory - 1

Asheville - 1

In conversation, I've been adding Ally to the F500 HQ list given its corporate center is here:).  Officially, it discloses HQ locations for Ally Bank (Utah), and a separate HQ location for Ally Financial (Detroit), but Charlotte is in its own category, singularly branded as "Corporate Center."  That was good enough for me to claim for Charlotte. 

Edited June 5, 2023 by RANYC

[TCLT]

Charlotte Alliance keeps a list of F500 and F1000 companies in the region as well.

[RANYC]

55 minutes ago, TCLT said:

Charlotte Alliance keeps a list of F500 and F1000 companies in the region as well.

Hmm, if the 2023 list has 9, and albemarle is now among the Fortune 500, I suppose it may mean that Brighthouse Financial dropped off?

[atlrvr]

CommScope, since Hickory is a generous definition on Charlotte metro, but since Catawba County helps funds Charlotte Alliance, they make their list.  

So, would be 10 F500 per their metro method.

[RANYC]

4 minutes ago, atlrvr said:

CommScope, since Hickory is a generous definition on Charlotte metro, but since Catawba County helps funds Charlotte Alliance, they make their list.  

So, would be 10 F500 per their metro method.

and adding Ally, we get 11

[Boricua]

2 hours ago, TCLT said:

Charlotte Alliance keeps a list of F500 and F1000 companies in the region as well.

Wow a home improvement store  is higher on the list then a bank in Charlotte.

[RANYC]

2 minutes ago, Boricua said:

Wow a home improvement store  is higher on the list then a bank in Charlotte.

According to bizjournals, Bank of America is back on top in Charlotte in the 2023 ranking.

[kermit]

On 6/5/2023 at 11:48 AM, Rufus said:

…

The Triangle has 2 with IQVIA and Advanced Auto Parts. Triad gets one with Labcorp (which will be splitting into two companies next year)….

In cultural terms Labcorp is much more of a Triangle company (HQ is listed as Burlington which is technically part of Greensboro MSA). But, most of the folks working at the HQ live in Durham or Chapel Hill, many have partners at UNC or Duke med. I’ll bet fewer than 25% of Labcorp HQ employees live in Burlington or Greensboro.

While Labcorp is not the driver of the change, I would not be surprised to see Alamance get added to the Durham-CH metro in the next definition as super high housing costs in Orange and (in some of) Durham counties displace folks.

 

Edited June 6, 2023 by kermit

[KJHburg]

Here is the list the Biz Journal did of the Carolinas Fortune 500 companies based in the Carolinas.  6 Fortune 250 companies in Charlotte metro total of 9  Fortune 500 HQs in the metro not counting Commscope up in Hickory.  SONOCO down in Hartsville actually has an office in Charlotte in case people fly in to visit their HQ by the airport.  It is Sonoco Trident Graphics one of their divisions based here.    9 Fortune 500 HQs is great for this city and there are more F1000 companies based in the metro too.  

No. 32: Bank of America, Charlotte — $115.05 billion in revenue, up 22.6% from the previous year; up four spots

No. 39: Lowe's, Mooresville — $97.06 billion in revenue, up 0.8% from the previous year; down four spots

No. 102: Nucor, Charlotte — $41.51 billion in revenue, up 13.8% from the previous year; down four spots

No. 115: Honeywell International (NASDAQ: HON), Charlotte — $35.46 billion in revenue, up 3.1% from the previous year; down 10 spots

No. 141: Duke Energy (NYSE: DUK), Charlotte — $28.78 billion in revenue, up 16.6% from the previous year; up four spots

No. 157: Truist Financial (NYSE: TFC), Charlotte — $25.36 billion in revenue, up 9.9% from the previous year; down two spots

No. 278: Laboratory Corp. of America (NYSE: LH), Burlington — $14.88 billion in revenue, down 7.7% from the previous year; down 48 spots

No. 286: IQVIA Holdings (NYSE: IQV), Durham — $14.41 billion in revenue, up 3.9% from the previous year; down 17 spots

No. 299: Sonic Automotive (NYSE: SAH), Charlotte — $14 billion in revenue, up 12.9% from the previous year; up one spot

No. 368: Advance Auto Parts (NYSE: AAP), Raleigh — $11.15 billion in revenue, up 1.4% from the previous year; down 31 spots

No. 415: CommScope Holding (NASDAQ: COMM), Hickory — $9.23 billion in revenue, up 7.5% from the previous year; down 10 spots

No. 448: Brighthouse Financial (NASDAQ: BHF), Charlotte — $8.47 billion in revenue, up 18.6% from the previous year; up 20 spots

No. 493: Albemarle, Charlotte — $7.32 billion in revenue, up 120% from the previous year; unranked in 2022

No. 498: Sonoco Products, Hartville (South Carolina) — $7.25 billion in revenue, up 29.7% from the previous year; unranked in 2022

https://www.bizjournals.com/charlotte/news/2023/06/05/fortune-500-companies-bank-of-america-albemarle.html

Edited June 6, 2023 by KJHburg

[J-Rob]

I saw Albemarle was highlighted in a CNBC article today. https://www.cnbc.com/2023/06/03/the-rise-of-albemarle-the-worlds-largest-lithium-producer.html

[KJHburg]

Here is the Charlotte region's Fortune 500 and 1000 HQed companies.

https://charlotteregion.com/eco-dev/fortune-500-and-1000-companies-in-charlotte/

[RANYC]

3 hours ago, KJHburg said:

Here is the Charlotte region's Fortune 500 and 1000 HQed companies.

https://charlotteregion.com/eco-dev/fortune-500-and-1000-companies-in-charlotte/

In its Annual Report, Ally Financial names its Charlotte, NC location as its singular "corporate center."   It does, however, still name a Detroit address as its "Principal Executive Office" on its Schedule 10K/10Q filing with the SEC.  My understanding is the CEO is a Clemson grad and is in Charlotte.  By what standard does a company define its "principal executive offices," well it appears to be a somewhat nebulous SEC reporting requirement made a bit more nebulous with some publicly-traded companies identifying as "remote-first."  At any rate, if certain critical communications need to be hand-delivered to a company's principal executive offices, then the filing declaration matters for at least that receiving activity. 

Yes, I'm looking to grow Charlotte's footprint in the Fortune 500 list by technicality. 

Edited June 8, 2023 by RANYC

[15895]

Looks like Bay Area gained 2 Fortune 500’s from 2022 to 2023 to bring it to a total of 38. Good lord. LA lost 2 bringing it to 12. 

Chicago lost 4 (for a total of 31), Seattle + 2 (12), Houston +1 (24), Dallas + 1 (23), NY - 3 (47), DC + 2 (19), Minneapolis -1 (14).

Atlanta (17) & Boston (15) remained the same. 

Haven’t seen the rest yet other than Charlotte. 

[Rufus]

3 hours ago, RANYC said:

In its Annual Report, Ally Financial names its Charlotte, NC location as its singular "corporate center."   It does, however, still name a Detroit address as its "Principal Executive Office" on its Schedule 10K/10Q filing with the SEC.  My understanding is the CEO is a Clemson grad and is in Charlotte.  By what standard does a company define its "principal executive offices," well it appears to be a somewhat nebulous SEC reporting requirement made a bit more nebulous with some publicly-traded companies identifying as "remote-first."  At any rate, if certain critical communications need to be hand-delivered to a company's principal executive offices, then the filing declaration matters for at least that receiving activity. 

Yes, I'm looking to grow Charlotte's footprint in the Fortune 500 list by technicality. 

I wonder if there is an optics issue of openly calling Charlotte the HQ over Detroit...like, what if Ally got incentives or something to have it call Detroit home. 

[RANYC]

25 minutes ago, Rufus said:

I wonder if there is an optics issue of openly calling Charlotte the HQ over Detroit...like, what if Ally got incentives or something to have it call Detroit home. 

Interesting point.  Quite possibly.  If someone gave me the option to have our current Wells Fargo operating footprint or the Wells HQ, or our current positioning as the corporate center for Ally versus what it has established in Detroit, in both cases I'd take what we've currently got and with the payroll we've got.  These lists/rankings offer a fairly limited value and are certainly no reflection on a city's momentum, but the bragging rights game can be amusing in some circles.

[CLT2014]

11 hours ago, Rufus said:

I wonder if there is an optics issue of openly calling Charlotte the HQ over Detroit...like, what if Ally got incentives or something to have it call Detroit home. 

Ally calling Charlotte the HQ would be a similar optics issue as Bank of America deciding to announce New York or Boston is the HQ. Can you imagine how everybody in CLT would feel if BofA did that even if we all know the major power players like Moynihan, Athanasia, Borthwick, O'Neill, Stewart, et.. live in New York and Boston? Moynihan has wisely not rocked that boat despite never moving to Charlotte. For Ally, it would be demoralizing to the Detroit workforce and history of the company versus just operating a "dual HQ" system where Detroit is the official HQ, but Charlotte functions as a major corporate center. No incentives are involved to keep the HQ in Detroit. 

While many Ally execs live in Charlotte, Detroit is the legacy HQ of the company and I think the CEO respects that, understands the vast majority of employees with 10+ years of service with the company are based in Detroit, and the majority of the employees associated with the Auto Finance division that produces nearly 85%+ of the company's revenue live in Detroit. The Charlotte jobs are largely in the emerging revenue businesses like Lending and Mortgage, support functions like IT / Digital, and the bank division that exists as a cheaper source of funds for the auto division and way to acquire customers for the emerging revenue divisions. The two major sites play well together and Charlotte has deeper talent in the jobs here, but there are many more auto finance companies in the Detroit region to source talent and general expertise with the auto industry. 

Edited June 9, 2023 by CLT2014

[KJHburg]

How the $1 Billion Eli Lilly plant looks today.  This is the biggest economic development single project in the last 2 years in this region in terms of investment.   This is going to be so good for the region and hopefully will attract more pharma companies especially with the new Wake Forest medical school.  Hwy 29 in Concord across from where the old Phillip Morris plant once stood.  

https://www.pharmaceutical-technology.com/projects/eli-lilly-parenteral-products-facility-concord/

 

[rancenc]

Review of the largest economic development projects in the last year throughout the state.

https://businessnc.com/north-carolinas-most-job-rich-economic-development-projects-of-2022-2023/